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