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Lufax Holding Ltd. provides financial services enablement and financing products for small business owners and other borrowers in China through relationships with financial-institution funding partners. Its American depositary shares trade on the NYSE under LU, and the company also reports as a Hong Kong-listed issuer under 6623.
Company news commonly covers annual and interim financial reporting, Form 20-F filings, NYSE listing-compliance status, annual general meeting materials, board and committee composition, senior management changes, compliance appointments, and updates tied to its China financing and credit-enablement business.
Lufax Holding Ltd (NYSE: LU) announced it will release its fourth quarter 2022 financial results on March 12, 2023, at 4:30 P.M. U.S. Eastern Time. An earnings conference call will be held at 9:00 P.M. the same day, allowing management to discuss the results. Participants must register in advance for the call to obtain access details. The call will also be available for replay until March 20, 2023, and a webcast can be accessed on the company’s investor relations website. Lufax is a key financial services provider for small businesses in China, partnering with over 550 financial institutions to offer tailored financing solutions.
Lufax Holding Ltd (NYSE: LU) announced an extraordinary general meeting (EGM) for shareholders on April 12, 2023, at 9 a.m. in Shanghai. The meeting's agenda includes proposals detailed in the forthcoming EGM Notice. Shareholders must be on record by March 6, 2023, to attend and vote. The EGM Notice will be available on the Company's website, along with a proxy form. Additionally, Lufax has filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC, accessible on its website and the SEC's site.
Lufax Holding Ltd (NYSE: LU) reported a substantial decline in financial performance for Q3 2022, with total income falling by 17.2% to RMB13,193 million (US$1,855 million) compared to RMB15,924 million in Q3 2021. Net profit plummeted 67.1% to RMB1,355 million (US$190 million) from RMB4,115 million. Expenses increased 11.5% to RMB11,082 million driven by a 137.7% rise in credit impairment losses. The company anticipates a 23% to 24% decline in new loans facilitated for 2022 and a 47% to 49% drop in net profit year-over-year.
Lufax Holding Ltd (NYSE: LU) will announce its third quarter 2022 financial results on November 23, 2022, after market close. An earnings conference call is scheduled for the same day at 8:00 PM U.S. Eastern Time. Participants can register online for access details. The call will be available for replay until November 30, 2022. Lufax is a leading technology-empowered financial services platform in China, providing credit facilitation services and wealth management solutions to small businesses and the growing middle class.
OneConnect Financial Technology reported third quarter 2022 results, with revenue rising 0.4% to RMB1,069 million. The net loss attributable to shareholders improved to RMB133 million from RMB270 million year-over-year, resulting in a net profit margin of -12.4%. Gross margin slightly decreased to 35.1%. The company noted stable revenue despite macro challenges, with growth in AI customer service and international markets like Hong Kong and UAE. However, transaction-based product revenue declined due to pandemic restrictions. Operating expenses reduced, improving operational efficiency.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 17.2% increase in revenue for Q2 2022, reaching RMB 1,134 million, compared to RMB 968 million in the prior year. The company improved its adjusted net profit margin by 17.3 percentage points year-over-year, reaching -18.8%. Operating loss narrowed to RMB 278 million from RMB 395 million, while net loss attributable to shareholders decreased to RMB 245 million from RMB 349 million. The board authorized a share repurchase program, having repurchased approximately 2.1% of total shares as of June 30, 2022.
Lufax Holding Ltd (NYSE: LU) reported its Q2 2022 financial results on Aug 4, 2022, revealing a 3.1% increase in total income to RMB 15,288 million (US$2,282 million) but a significant 37.9% drop in net profit to RMB 2,936 million (US$438 million). Expenses surged by 29.0% to RMB 10,935 million, primarily due to heightened credit impairment losses. The company anticipates a decline in new loans facilitated and net profit for H2 2022, reflecting ongoing challenges in the market.
Lufax Holding Ltd (NYSE: LU) announced it will release its second quarter 2022 financial results on August 4, 2022, after market close. Management will host an earnings call at 9:00 P.M. EDT on the same day to discuss the results. Investors can register online to join the call and will receive a unique access PIN. A recording will be available until August 11, 2022. Lufax, a technology-driven financial services platform in China, offers retail credit and wealth management solutions through a capital-light, technology-focused model.
OneConnect Financial Technology (NYSE: OCFT) reported a 24.3% revenue increase year-over-year, reaching RMB1,019 million for Q1 2022. Despite this growth, the operating loss widened slightly to RMB355 million, resulting in a net loss of RMB318 million. The adjusted net loss ratio improved by 9.6 percentage points to 27.6%. Revenue drivers included a 63.9% rise in cloud service revenue. The company's focus on premium-plus customers led to a 16% increase in their numbers, despite ongoing economic uncertainties.
Lufax Holding Ltd (NYSE: LU) reported a 13.5% increase in total income for Q1 2022, reaching RMB17,316 million (US$2,732 million) and a 6.5% rise in net profit to RMB5,290 million (US$834 million). The company faced a 168.2% surge in credit impairment losses, totaling RMB2,824 million (US$445 million). Despite operational challenges due to COVID-related lockdowns in China, Lufax saw its retail credit facilitation loans grow by 16.1%. However, it revised guidance, projecting a 7-10% decrease in new loans facilitated for H1 2022, while anticipating an 11-13% dip in net profit.