Lufax Holding Ltd Stock Price, News & Analysis

Lufax Holding Ltd (NYSE: LU), a leading financial services provider for small businesses in China, has successfully listed its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX) as of April 14, 2023. The shares, traded under the stock code '6623,' are fully fungible with the American depositary shares (ADSs) listed on the NYSE. This move potentially enhances Lufax's visibility in the Asian market and broadens its investor base. The company has established strong relationships with over 550 financial institutions, facilitating tailor-made financing solutions for small business owners.

Lufax Holding Ltd (NYSE: LU) held an extraordinary general meeting (EGM) on April 12, 2023, in Shanghai, where shareholders approved significant resolutions. These included the amendment and restatement of the company's Memorandum and Articles of Association, contingent on its upcoming listing on the Stock Exchange of Hong Kong Limited. Additionally, the Phase II Share Incentive Plan was terminated, merging it with the Phase I plan, which was also amended to comply with new listing rules. The EGM also addressed the adjournment of several proposals initially set for discussion.

Lufax is a key financial services provider for small business owners in China, partnering with over 550 financial institutions to meet their financing needs.

Lufax Holding Ltd (NYSE: LU), a key financial services provider for small businesses in China, has announced a proposed dual primary listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). This decision follows the receipt of in-principle approval from the HKEX on April 6, 2023, after a hearing on March 30, 2023. The listing document has been published as of April 11, 2023, and trading is expected to begin on April 14, 2023, under the stock code '6623'. The company aims to facilitate a smoother conversion process from American depositary shares (ADSs) to shares traded in Hong Kong, enhancing liquidity for investors. Joint sponsors for this listing include J.P. Morgan, Morgan Stanley, and UBS Securities.

Lufax Holding Ltd (NYSE: LU) announced the adjournment of proposals 3, 4, and 5 for its upcoming extraordinary general meeting (EGM) scheduled for April 12, 2023. This decision was made after careful consideration by the board of directors and will be subject to further notice. The EGM is set to take place at 9:00 a.m. local time in Shanghai, China. Other matters regarding the EGM will remain unchanged as per the notice published on March 13, 2023. Lufax, a leading financial services provider in China, facilitates financing products tailored to small business owners, maintaining relationships with over 550 financial institutions to address their unmet needs.

Lufax Holding Ltd (NYSE: LU) announced the filing of its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the Securities and Exchange Commission on April 7, 2023. The report is available on Lufax's investor relations website, and shareholders can request a hard copy containing audited financial statements at no cost. Lufax is recognized as a key financial services partner for small business owners in China, offering tailored financing solutions and having established relationships with over 550 financial institutions.

Ping An Insurance announced its 2022 financial results, achieving an operating profit of RMB148,365 million, a 0.3% year-on-year increase. Net profit totaled RMB107,432 million, with RMB83,774 million attributed to shareholders. The annual cash dividend per share grew by 1.7% to RMB2.42. The company reported a stable operating ROE of 17.9% and highlighted steady growth in its integrated financial services model, expanding its retail customer base to 227 million. Despite challenges, Ping An expects positive growth momentum in 2023, focusing on enhancing financial services.

Lufax Holding Ltd (NYSE: LU) reported its financial results for Q4 and the full year ended December 31, 2022, revealing a net loss of RMB 806 million (US$117 million), a significant decline from a profit of RMB 2,896 million in Q4 2021. Total income fell by 22.2% to RMB 12,318 million (US$1,786 million), primarily due to decreased loan sales and a drop in retail credit service fees. Total expenses rose 12.4% to RMB 12,922 million (US$1,874 million), largely attributed to a 147.1% increase in credit impairment losses. In contrast, net interest income increased by 3.2% to RMB 4,369 million (US$633 million). Lufax declared a cash dividend of US$0.05 per ADS for the six-month period ending December 31, 2022.