Lufax is an arm of Ping An, China’s largest insurer by market value. Chinese financial technology company Lufax Holding, backed by Ping An Insurance Group, is looking to raise US$2.36 billion in an initial public offering that would be one of the biggest by a Chinese company this year on a U.S. exchange. Lufax, which was once among China’s largest peer-to-peer lenders, has morphed into a financial giant offering wealth management and retail lending services. Lufax is now an arm of Ping An, China’s largest insurer by market value. For the six months ended June 30, Lufax had a net profit of more than US$1 billion on total income of US$3.64 billion, according to its filing.

Source: The Standard October 23, 2020 00:45 UTC