Chinese fintech giant Lufax has revealed more details on its plans to pursue an initial public offering (IPO) in the US despite escalating tensions between Beijing and Washington.
Lufax plans to raise up to USD$2.36 billion via a listing on the New Stock Exchange under the ticker “LU,” issuing 175,000,000 American depositary shares (ADS) priced between $11.50 and $13.50 per share.
Lufax (陆金所) (full Chinese name: (上海陆家嘴国际金融资产交易市场股份有限公司) is a Chinese fintech company that is an affiliate of China Ping An Group, and had its origins as an online P2P lender, before transforming into a lending and wealth management platform.
The company was established in Shanghai in September 2011 with registered capital of 837 million yuan, and is headquartered in the city’s Lujiazui financial district.
Another Chinese fintech giant – Alibaba-affiliate Ant Group – is also pursuing an IPO, with its listing on the Shanghai and Hong Kong Stock Exchanges scheduled for early November expected to raise around $35 billion.