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 (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.
Lufax Holding Ltd (NYSE: LU) has announced plans to release its third quarter 2020 financial results after market close on December 1, 2020. An earnings conference call will be held at 8:00 P.M. ET on the same day, intended to discuss these results. Interested participants can register online for the call to receive dial-in numbers and a unique access PIN. A replay of the call will be available until December 8, 2020, along with a live webcast on the company's investor relations website.
Lufax Holding Ltd (NYSE: LU) announced that the recent Interim Measures on Internet Micro Lending Loans released by Chinese regulatory bodies will not significantly impact its business. Following a shift in December 2017, Lufax's microloan subsidiaries have not engaged in direct funding at scale or partnered in joint lending. As of September 30, 2020, these subsidiaries provided less than 1% of total loans facilitated. Although the Company does not foresee immediate effects, future regulatory changes may necessitate a reassessment.
Lufax Holding Ltd has priced its initial public offering (IPO) of 175 million American Depositary Shares (ADSs) at $13.50 each, totaling approximately $2.36 billion. Each ADS represents two ordinary shares. The IPO is set to begin trading on the New York Stock Exchange under the symbol 'LU' on October 30, 2020, with expected closing on November 3, 2020. Underwriters have a 30-day option to purchase an additional 26.25 million ADSs at the same price. Major underwriters include Goldman Sachs and BofA Securities.