Lufax files for US$3b listing on NYSE
Print Edition
Lufax Holding, one of China鈥檚 largest online wealth management platforms, on Wednesday filed to list its shares in the United States, the latest company looking to take advantage of a rebound in capital markets.
Lufax, backed by financial giant Ping An Insurance Group, aims to raise about US$3 billion in its initial public offering, which could take place as soon as the end of October, said three people with direct knowledge of the matter.
The anonymous sources added the size of the offering had yet to be finalized and was subject to Lufax鈥檚 valuation.
The company, which is looking to list its American depositary shares on the New York Stock Exchange, did not disclose the size of the IPO, but set a placeholder amount of US$100 million.
Lufax didn鈥檛 respond to a request for comment on its IPO size and timetable. Lufax was valued at US$38 billion before its latest fundraising in 2018.
The company鈥檚 filing follows the listing of OneConnect Financial Technology, another fintech company backed by Ping An, which raised US$312 million in December 2019.
It also comes against the backdrop of a number of Chinese companies looking to reconsider their listings on US exchanges amid rising US-China tensions.
Set up in 2011 as a peer-to -peer platform by Ping An, Lufax has, however, been exiting the once core business as China cracked down on the sector to contain financial risks.
Lufax postponed a Hong Kong listing slated for the first half of 2018 amid uncertainty over China鈥檚 consumer lending regulation.
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