China Lufax Valued at $60 Billion in Potential HK IPO

China Lufax Valued at $60 Billion in Potential HK IPO

China Ping An Group subsidiary, Lufax, is planning for a Hong Kong IPO in April 2018 that could value the firm around $60 billion.  Lufax (Shanghai Lujiazui International Financial Asset Exchange Co), is one of China’s largest online wealth management platform, has 33 million registered users and 500 billion yuan or in USD, $77.38 billion AUM.

” China Lufax Planning for HK IPO Valued at $60 Billion “

The IPO is expected to raised about $5 – $6 billion.  In 2017, Citic Securities, Citi Group, JP Morgan, Morgan Stanley and Goldman Sachs have been appointed joint sponsors for the IPO.  The international site can be visited via https://www.lu.com

Source: South China Morning Post, Reuters

 

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About Lufax

Shanghai Lujiazui International Financial Asset Exchange Co.,Ltd. owns and operates an online wealth management platform that provides investment and financing services. It also offers peer to peer lending services. The company provides financial assets management services. Additionally, it operates in advisory, development, design, and trading services of financial products and research and digital analysis of financial market. Shanghai Lujiazui International Financial Asset Exchange Co.,Ltd. was founded in 2012 and is based in Shanghai, China. – Bloomberg

Visit: lufax

 


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China’s New Facial Recognition Loan Technology

China’s New Facial Recognition Loan Technology

One of China’s leading financial services providers has released its new face recognition technology. Only six minutes will be required to complete a loan application. This will be the fastest lending platform in China. The new technology allows computers to achieve facial recognition with even greater accuracy than the human eye, 99 percent compared to 97.5 percent.

” Fastest lending platform in China “

Chinese group Ping An is planning to use this technology in its wealth management services offering.

Related Reports: China Daily, Finews Asia, Finextra

 

About Ping An Insurance Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company” or the “Group”) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has become a personal financial services group with three core businesses of insurance, banking and investment, enjoying the concurrent growth of its core and internet finance businesses. The Group’s shares are listed on the Hong Kong Stock Exchange (stock code: 2318) and on the Shanghai Stock Exchange (stock code: 601318).

Visit: Ping An Insurance Group


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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