Chinese Fintech Giant Lufax Files for New York IPO

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By Tang Ziyi / Oct 09, 2020 12:07 PM / Finance

One of China’s largest wealth management platforms has filed for a U.S. IPO to tap the American capital market despite rising geopolitical tensions.

Shanghai-headquartered Lufax Holding Ltd., which is backed by financial conglomerate Ping An Insurance (Group) Co. of China Ltd., plans to list American depositary shares on the New York Stock Exchange under the “LU” ticker, according to its prospectus filed Wednesday.

Lufax didn’t disclose how many shares it will offer, but set a placeholder amount of $100 million. The company said it plans to use the net proceeds for product and technology development, global expansion and other business expenditures.

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Contact reporter Tang Ziyi (ziyitang@caixin.com)

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