China’s Lufax Pursues U.S. IPO

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

Read More