Ping An Insurance-backed fintech unicorn Lufax files for US stock offering

Lufax plans to seek a listing on the New York Stock Exchange amid fraying US-China relations

Company did not disclose the size of the offering in its regulatory filing but sources have put it at US$2 billion to US$3 billion

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LU.com is a wealth management platform operated by Lufax, which is seen here during an expo in Beijing, China in December 2015. Photo: Reuters

Published: 12:08pm, 8 Oct 2020Updated: 9:40pm, 8 Oct 2020

Lufax Holding, the operator of one of China’s biggest online wealth management platform, filed to go public in the US market, the latest Chinese company to shrug off concerns about worsening relations between the world’s two largest economies.

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 New York Stock Exchange (NYSE) debut in December.

Lufax said it plans to list its American depositary shares on the NYSE under the symbol, LU, it said in a regulatory filing early Thursday.

Lufax did not disclose the size of its offering, using a common place holder figure of US$100 million in its filing with the US Securities and Exchange Commission. But sources have said the IPO could raise between US$2 billion and US$3 billion.

Lufax was valued at US$39.4 billion during its last-known funding round at the end of 2018. It previously considered a Hong Kong listing in 2018, but that never materialised. Details of potential US listing by Cayman Island-registered Lufax first emerged in July.

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