Lufax sells stakes to overseas investors
Print Edition
SHANGHAI-BASED online lending platform Lufax.com has sold stakes worth 3 billion yuan (US$483 million) in a private placement to overseas investors, the company’s chairman said yesterday.
The shares were sold on Monday to institutional investors including private equity firms and individuals with a background in Internet investing, Chairman Gregory Gibb said in Boao in Hainan Province.
Gibb added that the stakes sold represented a “relatively small percentage” of Lufax, according to Bloomberg News.
Backed by China’s second-largest insurer Ping An Insurance (Group) Co, Lufax has more than 8 million customers, and claims to be the biggest peer-to-peer platform by trading volume, according to Ping An’s annual report released last week.
Ren Huichuan, president of Ping An, said Lufax aims to be the “shopping mall of the financial world.”
“The ratio of own-brand P2P products will decline, and we want it to be an open platform, including letting other P2P products to sell on Lufax.com.” Ren said last Friday.
The insurer is forming an inclusive finance business group, combining three subsidiaries — direct loans, P2P lending and credit and bonds insurance — to be one of the largest consumer financial services providers in the future, according to a statement released earlier this month.
Lufax plans to list, a company official surnamed Zhang told Shanghai Daily.
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