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Lufax is an Internet based lending and wealth management platform, which is owned by Ping An Group. Required fields are marked We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. Tesla Says Short Seller Is Funding Ex-Employee’s Lawsuit The startup, which has explored an IPO for some years, transformed its business after Chinese authorities launched a sweeping crackdown of the once-unruly P2P lending sector.
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The company is an associate of China Ping An Group, the largest and most innovative non-SOE financial institution in China.
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Lufax aims to provide one of the most comprehensive wealth management platforms globally. By continuing to use our site, you accept our Israel Says It Thwarted Cyber Attack Targeting Defense Indus... Tencent Plays Down WeChat Ban After Results Beat Estimates TikTok Signs Deal With Yankees Even as Trump Threatens U.S....
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Lufax was incorporated in September, 2011 in Shanghai with the support of Shanghai’s Municipal Government, and has grown into China’s largest internet finance company in less than four years. Lufax morphed into a financial giant offering wealth management and retail lending services. Video-Game Stocks and ETFs Ride Covid Rally to Gains Topping... Please tell us what we can do to improve this article.Your email address will not be published.
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Lufax, one of China’s largest online wealth management platforms that is backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters.The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, two of the sources said, and comes amid China’s crackdown on the business to contain broader financial risks.The sources said they did not know exactly when Lufax’s P2P business would be shuttered, or how the outstanding business will be handled, but added that the company has already started the process of applying for a license in consumer finance, a business which it intends to focus on.A ditching of the P2P business and a focus on consumer finance could smoothen the path for Lufax to again pursue a stock market listing.
After a Curious Stock Surge, the News Report Behind It Vanis... That focus will involve the company using the group’s banking unit, Ping An Bank , as the hub, another source said.Consumer finance – the business of lending for the purchase of products including mobile phones, electronics and home appliances – is growing fast in China with 24 companies licensed currently, according to data from CBIRC.Lufax has already diversified into wealth management products, although such products under its management shrank by 20% to 369.41 billion yuan ($53.72 billion) in 2018 as new rules curbing leveraged investments were introduced, according to Ping An’s annual report.Outstanding loans on the balance sheet of Lufax reached 375 billion yuan by the end of 2018, up 30% from a year earlier.In December, Lufax raised $1.33 billion in a funding round from a dozen investors that valued it at $38 billion prior to closing. Adds Ping An Insurance shares in the fifth paragraph. Israel Says It Thwarted Cyber Attack Targeting Defense Indus... Lufax (Chinese: 陆金所; pinyin: Lùjīnsuŏ), full name Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., is an online Internet finance marketplace headquartered in Lujiazui, Shanghai.