Lufax Announces Board and Management Changes

Rhea-AI Summary

Lufax (NYSE: LU; HKEX: 6623) announced multiple board and management changes effective July 25, 2026. Four directors, including CFO and executive director Tongzhuan Xi, resigned citing personal work arrangements, with no disagreement with the Board. Lufax has started searching for a new CFO, while an internal team will temporarily handle CFO duties. CEO Xiang Ji has been appointed as the Hong Kong Authorised Representative. The Board appointed Wai Kin Chim, a veteran banker with over 40 years’ experience in risk management and governance, as an independent non-executive director for an initial three‑year term, and adjusted committee memberships, including its Nomination and Remuneration Committee and Special Committee.

Positive

• Experienced INED appointed – Wai Kin Chim brings 40+ years in international banking, risk management and governance
• CFO transition plan in place – internal team to assume duties while search for new CFO begins
• Authorised Representative continuity – CEO Xiang Ji appointed as liaison to Hong Kong Stock Exchange
• Board committees reconstituted – Nomination and Remuneration Committee and Special Committee memberships updated

Negative

• Four directors resigning simultaneously – includes CFO and Authorised Representative effective July 25, 2026
• CFO position vacant – new chief financial officer not yet identified, only search announced

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHANGHAI, July 24, 2026 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or the "Company") (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai ("Ms. Cai"), Mr. Shibang Guo ("Mr. Guo") and Mr. Peifeng Li ("Mr. Li") have resigned as non-executive directors of the Company and from their respective positions on the Board's committees. Mr. Tongzhuan Xi ("Mr. Xi") has resigned as an executive director, the chief financial officer and the authorised representative of the Company ("Authorised Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Hong Kong Listing Rules"), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders' attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO's duties will be temporarily assumed by the Company's internal team to ensure continuity of the Company's financial functions. Mr. Xiang Ji, an executive director and the Company's chief executive officer, has been appointed as the Authorised Representative, the Company's designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim ("Mr. Chim") as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company's Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

View original content:https://www.prnewswire.com/news-releases/lufax-announces-board-and-management-changes-302834065.html

SOURCE Lufax Holding Ltd

FAQ

What board and management changes did Lufax (NYSE: LU) announce on July 24, 2026?

Lufax announced four director resignations, including CFO and executive director Tongzhuan Xi, effective July 25, 2026. According to Lufax, it also appointed new committee members and an independent non-executive director, and reassigned the Hong Kong Authorised Representative role.

Who is leaving Lufax’s board and management team in July 2026?

Fangfang Cai, Shibang Guo and Peifeng Li resigned as non-executive directors, while Tongzhuan Xi resigned as executive director, CFO and Authorised Representative. According to Lufax, all cited personal work arrangements and reported no disagreement with the Board.

Who will replace Lufax CFO Tongzhuan Xi after his resignation?

Lufax has not yet named a new CFO to replace Tongzhuan Xi. According to Lufax, an internal team will temporarily assume the chief financial officer’s duties while the company conducts a search for a new candidate.

Who is Lufax’s new independent non-executive director appointed in July 2026?

Lufax appointed Wai Kin Chim as an independent non-executive director for an initial three-year term starting July 25, 2026. According to Lufax, he has over 40 years’ international banking experience focused on risk management, internal control and corporate governance.

What is changing in Lufax’s Hong Kong Authorised Representative role under the HKEX rules?

Lufax’s CEO, Xiang Ji, has been appointed as the company’s Authorised Representative under Hong Kong Listing Rules, effective July 25, 2026. According to Lufax, he replaces departing executive director and CFO Tongzhuan Xi in this liaison role.

How are Lufax’s board committees changing after the July 2026 reshuffle?

Lufax said that, effective July 25, 2026, Ms. Cai will leave the Nomination and Remuneration Committee and Koon Wing Ernest Ip will join it. According to Lufax, the Special Committee will comprise Dicky Peter Yip, Koon Wing Ernest Ip and Siu Hong Cheng.

Does Lufax report any board disputes related to the July 2026 resignations?

According to Lufax, each of the four resigning directors confirmed there is no disagreement with the Board. The company also stated there is no matter relating to their departure that needs to be brought to shareholders’ attention.