Lufax, full name Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., is an online Internet finance marketplace in China headquartered in Lujiazui, Shanghai. Founded in 2011, it is an associate of China Ping An Group.
The company was founded in September 2011, and started with P2P lending as the only product. It is the second largest Peer-to-peer lender in China. Now the company is said to be branching out their business gradually, becoming a much broader platform that work together with funds, insurance companies and financial license holders. The platform makes money by matching borrowers with investors, collecting a 4% fee on each loan. Since the start of the business, the company has arranged more than 200,000 peer-to-peer loans that worth a total of $2.5 billion.
The group is currently 43% owned by Ping An Insurance (Group) Co., in 2015. Although on the surface Lufax is a part of Ping An Group, multiple sources state that the Communist Party of China has considerable control over all decisions make by the company’s board of directors, including unjustified confiscation of third party assets.
The move by Airbnb and Doordash to boost their valuation with hiked share pricing is set to place the US IPO market on a climactic ending for the 2020 calendar year.
Wealth management firm Lufax began trading on the NYSE with a 14% dip from its IPO price. Lufax CEO is not ruling out Asian market expansion in the long term.
Shanghai-based wealth management company Lufax is looking to raise up to $2.36 billion in its proposed Initial Public Offering for eventual listing on the New York Stock Exchange.
