Why OneConnect Financial Technology Rocketed 103.6% Higher in 2020
Shares of OneConnect Financial Technology (NYSE: OCFT) rocketed 103.6% higher in 2020, according to data provided by S&P Global Market Intelligence. The Chinese fintech player actually had its IPO back in December of 2019, so 2020 marked its first year as a public company. Like many software stocks, OneConnect rocketed higher beginning in April, as investors anticipated the acceleration of the digital economy, which was soon borne out by strong financial results.
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Although the COVID-19 pandemic caused the world economy to plunge into a recession, with financial companies pulling back on lending and other activity, OneConnect still put up impressive numbers, with revenue accelerating throughout the year to last quarter's impressive 50.7% growth.
Source Fool.com
