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China Fintech Platform Lufax IPO on NYSE, Falls 4.81% on Day 1 with $31 Billion Market Value
2nd November 2020 | Hong Kong
China fast growing online fintech platform Lufax has IPO on New York Stock Exchange (NYSE) on Friday (30/10/20) at $13.50, falling 4.81% to close the first trading day at $12.85, with a market value of $31.3 billion.
” Lufax IPO on NYSE, falls 4.81% on Day 1 at $31.3 billion market value “
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Lufax IPO, Raises $2.36 Billion
In one of the largest IPO in 2020, Lufax raised$2.36 billion and priced its IPO at $13.50, the top range of its target IPO price range of $11.50 to $13.50.At $13.50, Lufax is valued $32.9 billion.The main underwriters for Lufax IPO are Goldman Sachs, Bank of America, UBS, HSBC and China PA Securities.
Lufax is backed by Ping An Insurance, China’s largest insurance company, which owns 39% and Tongjun Investment Company, which owns 39.4% of Lufax.
Lufax – a Chinese fintech giant
Lufax Website | Leading online fintech platform in China
Lufax was founded in 2011 as a peer-to-peer (P2P) lending platform.Lufax is a leading online fintech platform in China providing lending and wealth management services.In 2017, Lufax expanded into overseas market as LU Globa. The Chinese fintech giant also operates the Shanghai Lujiazui International Financial Asset Exchange, Chongqing Financial Assets Exchange, Qianhai Financial Assets Exchange and Ping An Puhui Enterprise Management.
Lufax stands for Shanghai Lujiazui International Financial Asset Exchange.
Lufax – Financial
In the first half of 2020, Lufax reported more than 44 million of registered users, 12.8 million active investors and $55.9 billion (CNY 374 billion) Assets under Management.In the first half of 2020, Lufax reported revenue of $3.8 billion (CNY25.7 billion) and net profit of $1.09 billion (CNY 7.3 billion).
Notes
IPO – Initial Public Offering
Market Value – Market Capitalization
USDCNY Exchange Rate – 6.69
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