Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
SMIC Profits Soar to $138m in Second Quarter
Foldable Phone-Maker Plans Shenzhen IPO, Dispelling Rumors of U.S. Listing
Astra Inks Oxford Vaccine Production Deal with China’s Kangtai
Trending Story: Are Any New Graduates Really Worth 2 Million Yuan a Year? Netizens Discuss!
Trending in China: Popcorn or Cheaper Tickets - What Would Make You Return to the Cinema?
Tesla Challenger Xpeng Raises $400 Million Before Planned U.S. IPO
CATL Announces it Will Supply Batteries for Mercedes-Benz New Electric Sedan
TikTok Sees No Slowdown in Global Popularity Despite Indian Ban and U.S. Threats
Baidu Search, Sina Weibo on ‘Secret List’ of Chinese Apps Banned in India’s Latest Purge
Trending in China: Choosing a College Major - For Love or Money?
Evergrande Health Forges Ahead With Six New Electric Vehicles
Trending in China: How Cute Rabbit Ears Are On the Frontline in Fight Between Delivery Firms
Chinese Company Files Lawsuit Against Apple’s Siri for Patent Infringement Worth Billions
China Home to Six of the World’s Top 10 Unicorns, Hurun Report Says
Trending in China: Can Music Streamers Help Users’ Depression?
Core Parts of China’s Beidou Satellite System ‘100% Made in China’
Trending in China: Xiaomi CEO’s Shows How Best To Harness China’s Social Media Humor for Serious Business
Apple Takes Down Over 30,000 Apps from China Store Amid Government Crackdown
Chinese Chipmaker SMIC to Establish Joint Venture for Wafer Production
Microsoft Said Plan to Acquire TikTok Will Continue
Exclusive: Fintech Unicorn Lufax May Turn to Plan B if IPO Attempts Flop

By Wu Yujian, Zhang Yu and Lin Jinbing / Aug 23, 2019 06:12 PM / Finance

Photo: VCG

Photo: VCG

Financial conglomerate Ping An Insurance (Group) Co. of China Ltd. may consider merging Lufax Holding Ltd. into itself if the fintech unicorn fails to achieve a long-held goal of going public, Caixin has learned from multiple sources with knowledge of the matter.

The possibility that Ping An will absorb Lufax Holding, its associate company, would provide the latter’s shareholders, including Swiss financial titan UBS Group AG and sovereign wealth fund Qatar Investment Authority, with an exit for their investments that’s an alternative to an initial public offering (IPO).

Set up by Hong Kong- and Shanghai-listed Ping An, China’s largest financial holding group by revenue, Lufax Holding has long sought an IPO, but has yet to succeed due in part to its controversial financial asset exchanges and peer-to-peer lending businesses.

Read the full story on Caixin Global later today.

Contact reporter Lin Jinbing (jinbinglin@caixin.com)

Related: Fintech Unicorn Lufax Considers Shedding Peer-to-Peer Lending Business

Share this article
Open WeChat and scan the QR code