The story of former fintech highflyer OneConnect Financial Technology Co. Ltd. (OCFT.US; 6638.HK) is rapidly shaping up as a tale of an incredible shrinking company. It also offers a valuable corporate lesson on the dangers of relying too heavily on business from related companies.
OneConnect made headlines late last week when it announced it would shutter its cloud services division, its largest breadwinner, accounting for 44% of its revenue in the first quarter. The company first hinted at such a development in May when it warned that some of its cloud customers intended to stop using the services.
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071101007.pdf
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