Lufax Receives NYSE Notice Regarding Late Filing of Annual Report on Form 20-F
- None.
- Failure to file annual report on time raises compliance concerns with NYSE listing standards
- Risk of potential NYSE delisting if compliance deadlines are not met
- Change in auditors causing reporting delays indicates potential internal control or financial reporting issues
Insights
Lufax faces NYSE non-compliance notice for late filing, with auditor change causing delay but limited immediate consequences.
Lufax's NYSE notice regarding its delayed annual report filing represents a significant regulatory development that investors should monitor carefully. The company has until October 30, 2025 to file its Form 20-F and regain compliance, with potential extension to April 30, 2026 if necessary. The critical aspect here is that while concerning, this notice has no immediate impact on Lufax's listing status - delisting procedures would only commence if they fail to meet extended deadlines.
The underlying cause - a pending auditor change to Ernst & Young requiring shareholder approval at a June 25th extraordinary meeting - points to corporate governance changes rather than acute financial distress. This type of auditor transition delay is not uncommon for foreign issuers, particularly Chinese companies with complex reporting requirements.
However, the situation does create uncertainty around Lufax's financial condition. Without current audited financial statements, investors face an information gap about the company's performance. The timing is noteworthy - the company must navigate both the auditor approval process and then allow sufficient time for E&Y to conduct a thorough audit of a complex financial institution, creating a compressed timeline to meet the October deadline.
Multiple outcomes remain possible: prompt filing after the auditor change, utilization of the extended timeline, or in a worst-case scenario, failure to meet requirements leading to potential delisting proceedings. Compliance history will likely influence NYSE's willingness to grant the maximum extension period if needed.
The Company will have until October 30, 2025 to file the annual report with the SEC and regain compliance with the NYSE's continued listing standards. If the Company fails to file the annual report by October 30, 2025, the NYSE may grant the Company an extension until April 30, 2026. If the NYSE does not grant an extension after the Company fails to file the annual report by October 30, 2025, suspension and delisting procedures will commence pursuant to the procedures set out in Section 804.00 of the Listed Company Manual. If the NYSE grants an extension but the Company fails to file the annual report by the end of the extension period, suspension and delisting procedures will also commence. The Company intends to regain compliance with the NYSE's continued listing standards by filing the annual report within the NYSE's prescribed timelines.
The notice from the NYSE has no immediate impact on the listing of the Company's American depositary shares on the NYSE.
The Company was unable to file the annual report by the prescribed due date due to the proposed change in the Company's auditors. The board of directors of the Company has resolved to appoint Ernst & Young and Ernst & Young Hua Ming LLP as the new auditors of the Company, subject to the passing of an ordinary resolution at an extraordinary general meeting currently scheduled for June 25, 2025. The Company expects to file its 2024 annual report promptly after the new auditors have completed their audit of the financial statements required to be included therein.
About Lufax
Lufax is a leading financial services enabler for small business owners in
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Lufax's beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. These forward-looking statements include, but are not limited to, statements about Lufax's goals and strategies; Lufax's future business development, financial condition and results of operations; expected changes in Lufax's income, expenses or expenditures; expected growth of the retail credit enablement; Lufax's expectations regarding demand for, and market acceptance of, its services; Lufax's expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax's filings with the
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
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SOURCE Lufax Holding Ltd
FAQ
Why did Lufax (LU) receive a notice from NYSE in May 2025?
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