One of China’s largest online lenders, Lufax Holding, has completed its Series C financing, giving it a total estimated valuation of $39.4 billion.
Parent company Ping An Insurance announced the news Tuesday in an annual report, pointing out that Lufax — an online wealth management and retail lending technology platform — has established asset partnerships with over 300 institutions, and provided 11 million active investors with over 5,000 products and customized financial services.
In retail lending, Lufax Holding has provided financing services to over 10 million customers, with 375 billion yuan ($56 billion) in balance of loans under management, according to the report.
The online lender had planned for an IPO in Hong Kong last year, but postponed the listing as regulators tightened online lending rules. However, multiple senior executives at Lufax told Caixin that the company has not given up its plan to go public. It remains unclear when the IPO plan will resume.
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