China Fintech Platform & NYSE Listed Lufax with $6.8 Billion Market Value Files for Dual Listing in Hong Kong, IPO in 2020 on NYSE at $32.9 Billion Market Value
4th February 2023 | Hong Kong
China fintech platform & NYSE (New York Stock Exchange) listed Lufax with $6.8 billion market value has filed for dual listing in Hong Kong, having IPO (Initial Public Offering) in 2020 (30/10/20) on NYSE at $32.9 billion market value. Lufax largest shareholder is Ping An Insurance with 41.4% shareholdings, which is China’s largest insurance company. Lufax is a leading technology-empowered personal financial services platform in China. Lufax: “In wealth management, Lufax Holding Ltd is dedicated to providing diverse and customized products and services for the middle class and affluent population. As of September 30, 2021, Lufax Holding Ltd had 48.7 million registered users, and offered various products and tailor-made financial services to 15.3 million active investors; total client assets generated through its online wealth management platform reached RMB425.1 billion. In retail credit facilitation, as a leading technology-empowered retail credit facilitation services platform in China, Lufax Holding Ltd has access to valuable resources in the financial services ecosystem. With 16 years’ experience in retail credit facilitation, Lufax Holding Ltd provided O2O end-to-end lending services from offline consultation to online application to borrowers including small business owners and individuals. As of September 30, 2021, the total balance of loans facilitated reached RMB645.1 billion, and cumulative number of borrowers increased to approximately 16.2 million”. See Lufax 2020 IPO info below.
“ China Fintech Platform & NYSE Listed Lufax with $6.8 Billion Market Value Files for Dual Listing in Hong Kong, IPO in 2020 on NYSE at $32.9 Billion Market Value “
Lufax Holding Ltd is a leading technology-empowered personal financial services platform in China and an associate company of Ping An Insurance (Group) Company of China, Ltd. It operates in multiple businesses, including wealth management, and retail credit facilitation. Operating through ‘Hub and Spoke’ business model, Lufax Holding Ltd combines its financial DNA and advanced technology, integrates online and offline resources, and leverages on technology solutions to improve wealth management experience, foster financial inclusion, supports real economy, and helps financial institutions become more digitized. In wealth management, Lufax Holding Ltd is dedicated to providing diverse and customized products and services for the middle class and affluent population. As of September 30, 2021, Lufax Holding Ltd had 48.7 million registered users, and offered various products and tailor-made financial services to 15.3 million active investors; total client assets generated through its online wealth management platform reached RMB425.1 billion. In retail credit facilitation, as a leading technology-empowered retail credit facilitation services platform in China, Lufax Holding Ltd has access to valuable resources in the financial services ecosystem. With 16 years’ experience in retail credit facilitation, Lufax Holding Ltd provided O2O end-to-end lending services from offline consultation to online application to borrowers including small business owners and individuals. As of September 30, 2021, the total balance of loans facilitated reached RMB645.1 billion, and cumulative number of borrowers increased to approximately 16.2 million.
China Fintech Platform Lufax IPO on NYSE, Falls 4.81% on Day 1 with $31 Billion Market Value
2nd November 2020 – 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, 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 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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