Welcome to our dedicated page for Lufax Holding news (Ticker: LU), a resource for investors and traders seeking the latest updates and insights on Lufax Holding stock.
Lufax Holding Ltd (NYSE: LU) generates a steady flow of corporate and regulatory news as a technology-empowered personal financial services platform and financial services enabler for small business owners in China. This news page focuses on announcements and disclosures that the company releases to investors, regulators and the market.
According to its press releases, Lufax frequently reports on extraordinary general meetings, including meeting notices, circulars, and the results of shareholder votes on framework agreements and collaboration arrangements. These items often involve services and products purchasing framework agreements, financial services framework agreements, consumer finance collaboration agreements, and account management agreements, many of which relate to connected transactions with Ping An Insurance (Group) Company of China, Ltd. and its subsidiaries and associates.
Visitors can also expect news on corporate governance and management changes, such as appointments and resignations of independent non-executive directors, changes in board committee composition, and senior management hires. Recent disclosures have covered the appointment of new senior executives, including a Co-Chief Executive Officer, an Executive Deputy General Manager and Chief Marketing Officer, and a new Chief Risk Officer.
Another important category of news concerns auditor changes and listing compliance. Lufax has announced shareholder approval to remove and appoint auditors and has reported on communications with the New York Stock Exchange regarding its continued listing standards and extensions to file its annual report on Form 20-F.
By following LU news, investors and observers can track how Lufax manages its framework agreements, connected transactions, board and management structure, and regulatory obligations across the New York and Hong Kong markets.
Lufax Holding Ltd (LU) reported strong financial results for Q2 2021, with total income rising 17.3% to RMB14.8 billion (US$2.3 billion) and net profit increasing 53.2% to RMB4.7 billion (US$732 million). The retail credit facilitation segment experienced a 16.8% growth in loan balances, totaling RMB606.8 billion (US$94 billion). Notably, the company announced a new US$700 million share repurchase program. For H2 2021, Lufax anticipates continued growth, projecting total income to rise 18% to 19% year-over-year, with net profit expected to grow by 32% to 36% year-over-year.
Lufax Holding Ltd (NYSE: LU) plans to release its second quarter 2021 financial results on August 9, 2021, after market close. An earnings conference call will follow at 9:00 P.M. U.S. Eastern Time. Participants must register in advance to receive dial-in details. A replay will be available until August 16, 2021, and an archived webcast can be accessed on the company's investor relations website. Lufax is known for its technology-driven personal financial services, focusing on retail credit and wealth management for the growing middle class in China.
Lufax Holding Ltd (NYSE: LU) announced the launch of its AI-powered smart loan solution, Xingyun, through its subsidiary Ping An Puhui. This innovation simplifies the loan application process for small and micro enterprises, reducing application time by 44% and customer complaints by 50%. Key features include AI imaging technology for seamless interaction, automation of text input, real-time risk assessments, and enhanced data security for users. Puhui aims to broaden Xingyun’s reach, reinforcing its position as a leading retail credit facilitator in China.
Lufax Holding Ltd (NYSE: LU) has announced a share repurchase program authorizing the buyback of up to US$300 million of its American depositary shares (ADSs) over the next six months. The repurchases will be funded from the company's existing cash balance and may occur through various trading methods, depending on market conditions. Additionally, senior management plans to use personal funds to purchase up to US$5 million in ADSs, demonstrating confidence in the company's long-term growth and aligning management's interests with shareholders.
Lufax Holding Ltd (NYSE: LU) reported a strong performance for Q1 2021, with total income rising by 16.9% year-over-year to RMB 15,251 million (US $2,328 million). Net profit also increased by 18.7% to RMB 4,969 million (US $758 million), maintaining a net margin of 32.6%. Key operational metrics include a 15.1% rise in loan balances and a 17.1% increase in the cumulative number of borrowers. The company saw improved loan quality with a more substantial share of new loans going to high-quality borrowers. These results reflect Lufax's effective risk management and growth strategy amidst regulatory changes.
Lufax Holding Ltd (NYSE: LU) will release its first quarter 2021 financial results on April 26, 2021, after market close. An earnings conference call will follow at 9:00 PM ET the same day. Participants can register online to receive dial-in details. A replay of the call will be available until May 3, 2021. Lufax is noted for its technology-driven personal financial services in China, focusing on retail credit and wealth management solutions tailored for small business owners and the growing middle class.
Lufax Holding Ltd (NYSE: LU) has filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2020, with the SEC on March 11, 2021. This report is available on the Company’s investor relations website. Shareholders can request a hard copy of the report, which includes audited consolidated financial statements, free of charge. Lufax is a leading technology-driven personal financial services platform in China, catering to small businesses and the growing middle class through innovative financial solutions.
Lufax Holding Ltd (NYSE: LU) reported its unaudited financial results for Q4 and FY 2020. Total income rose by 5.9% to RMB13,286 million (US$2,036 million), while net profit increased by 17.4% to RMB2,847 million (US$436 million). Retail credit facilitation saw a 17.9% increase in loan balances, totaling RMB545.1 billion (US$83.5 billion). However, the revenue take rate for retail credit facilitation declined to 9.1%. The company also announced future guidance, expecting new loan sales of RMB175-180 billion for Q1 2021 and total income of RMB14.3-14.6 billion.
Lufax Holding Ltd (NYSE: LU) plans to release its fourth quarter 2020 financial results on February 2, 2021, after market close. An earnings conference call will take place at 9:00 P.M. U.S. Eastern Time the same day, accessible via pre-registration. The call will discuss the Company’s financial performance, focusing on retail credit and wealth management services tailored for China's middle class. A replay will be available until February 10, 2021, and can be accessed through the investor relations website.
Lufax Holding Ltd (NYSE: LU) reported its third-quarter 2020 financial results, showing total income rose by 10.5% year-over-year to RMB 13,076 million (US$1,926 million). However, net profit plummeted by 36.8% to RMB 2,157 million (US$318 million), heavily impacted by a RMB 1,326 million non-recurring expense associated with convertible notes restructuring. Non-IFRS adjusted net profit increased slightly by 2.0% to RMB 3,483 million (US$513 million). The company's total expenses surged by 32.3% to RMB 9,455 million (US$1,393 million). Lufax expects new loan sales to reach RMB 558 billion to RMB 568 billion for 2020.
FAQ
What is the current stock price of Lufax Holding (LU)?
What is the market cap of Lufax Holding (LU)?
