What happened?

Shares of iFAST Corporation Limited (SGX: AIY) are up around 20% since the start of October.

As at the time of writing, the shares are trading around S$2.90, up almost 21% from its S$2.39 close on 1 October.

As a brief background, iFAST runs a financial technology platform that allows customers to buy and sell securities such as unit trusts, shares and bonds.

The group reported a record level of S$11.15 billion in assets under administration (AUA) in its recent second-quarter 2020 earnings report.

So what?

Two months ago, the news emerged that Hong Kong has shortlisted finalists to digitise its retirement funds system.

Two parties were shortlisted, a consortium led by Oneconnect Financial Technology, backed by Ping An Insurance Group (SEHK: 2318), and another group led by billionaire Richard Li’s PCCW Ltd (SEHK: 0008).

PCCW was rumoured to be working with iFAST.

The winner stood to reap around HK$37 billion in revenue over 10 years, while the technology partner would supposedly enjoy a cut of this revenue.