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. 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) 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.