Lufax CEO on why the Chinese fintech giant is listing in New York and how it’s revenue per user is higher than Ant Group’s
- Lufax priced its US IPO at top end of range, raising US$2.4 billion
- Lufax will be the biggest IPO by a Chinese company on NYSE since Alibaba’s 2014 listing
Fintech giant Lufax Holding is raising about US$2.36 billion in its initial public offering, the largest share sale by a Chinese company making its debut on the New York Stock Exchange since e-commerce giant Alibaba’s float in 2014.
The Shanghai-based company is backed by China’s biggest insurer Ping An Insurance (Group) and follows in the footsteps of the insurer’s unit OneConnect Financial Technology, which raised US$312 million in its NYSE debut in December.
“New York is still a very good place for us to start in terms of the investor access, the analyst coverage, the market liquidity and the branding,” said Gregory Gibb, Lufax CEO in an interview with the South China Morning Post.
The Trump administration threatened in August to delist Chinese companies from US bourses and urged American college and university endowments to sell their holdings of Chinese stocks.
“Not a major concern,” said Gibb, who is hopeful that the financial regulators on both sides will reach an accommodation.