Bo Yu Limited and OneConnect Financial Technology Co., Ltd. (OCFT: 6638) issued a joint announcement on October 27, 2025, to provide an update regarding non-binding letters of support for the proposed privatization of OneConnect. The scheme of arrangement aims to implement the privatization under Section 86 of the Companies Act, along with plans to withdraw OneConnect from its current listing.

According to the announcement, M&G has sent non-binding letters of support covering 26,412,000 shares, represented by 880,400 ADSs, which constitutes approximately 2.26% of OneConnect’s issued share capital. SVF, holding 11,555,097 shares (about 0.99% of OneConnect’s issued share capital), has also expressed non-binding support and agreed not to deal in the relevant securities from October 22, 2025, to the conclusion of the upcoming shareholder meetings. Together, these non-binding letters of support represent 37,967,097 shares—about 3.25% of the total issued share capital and 13.07% when considering only disinterested holders.

The announcement cautions that, despite these letters, M&G and SVF may still vote against the resolutions. The final outcome depends on whether conditions for the scheme’s implementation are satisfied or waived. The companies have urged shareholders and ADS holders to closely monitor developments and exercise caution when dealing in OneConnect’s securities, as there is no guarantee the proposal will become effective.