Commerce warfare and U.S.-China tensions be damned, Chinese language fintech firm Lufax (陆金所 lùjīnsuŏ) filed a prospectus yesterday to record on the New York Stock Alternate. The corporate “aims to raise about $3 billion in its initial public offering (IPO), which could take place as soon as the end of October,” in accordance with individuals with direct data of the matter cited by Reuters.
- The corporate says its “mission is to make retail borrowing and wealth management easier, safer and more efficient.”
- It goals to satisfy “the large unmet demand for personal lending among small business owners as well as salaried workers in China,” and to “provide tailor-made wealth management solutions to China’s fast growing middle class and affluent population.”
- Lufax says that as of September 30, 2020, its “total balance of retail credit facilitated reached 535.8 billion yuan ($75.8 billion),” and that the “complete shopper belongings generated by its on-line wealth administration platform reached 378.three billion yuan ($53.5 billion).
With funding from state-controlled insurance coverage large Ping An, Lufax was based in 2011 as China’s peer-to-peer (P2P) lending business was taking off.