Chinese on the net wealth management firm Lufax Holding Ltd is trying to get an original public presenting in the United States and listing American Depositary Shares on the New York Stock Exchange.

What Transpired: The firm, backed by Ping An Insurance policy (Team) of China, has not disclosed the size of the presenting but proposed a placeholder amount of $one hundred million in a filing with the U.S. Securities and Exchange Fee.

The shares would be stated beneath the image “LU.”

Goldman Sachs Team, Bank of America’s Expenditure banking arm BofA Securities, UBS Team, HSBC Holdings, and China PA Securities are serving as the direct underwriters for Lufax’s IPO.

The firm arrived into existence in 2011 as a peer-to-peer system but has been exiting individuals functions because of to regulatory constraints in China, stories Reuters.

It recorded a net gain of $1.07 billion for six months top up to June thirty, compared with $1.01 billion in a related time period a calendar year previously.

Why It Issues: The listing of the wealth management firm comes soon after the December 2018 listing of OneConnect Fiscal Tech Co Ltd, a further fintech backed by Ping An that elevated $312 million, Reuters noted.

Lufax reportedly postponed its 2018 Hong Kong listing because of to prevalent uncertainty around lending laws in China.

In May well, the United States Senate handed new laws that could direct to the delisting of Chinese providers from domestic exchanges.

Worsening U.S.-China relations indicate some providers are pursuing dual listings on the mainland and Hong Kong exchanges.

Alibaba Team Holding Ltd subsidiary Ant Fiscal is aiming to increase the world’s premier IPO valued at $35B and options to simultaneously listing on Hong Kong and Shanghai exchanges.

Price tag Action: Ping An OTC shares shut pretty much .three% decrease at $20.74 on Wednesday.

This tale at first appeared on Benzinga.

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