Lufax has reportedly hired five banks to work on a Hong Kong IPO which could raise as much as $5 billion; SoftBank’s vision fund is also in talks to invest in the company according to sources; Lufax is the 10th largest unicorn and has delayed IPO plans over the past few years. Source
Lufax sees a growing market opportunity in China's retail investment space and is planning to increase its focus on this area of the business; the firm is currently the world's highest valued P2P lender at $18.5 billion; it has $56.9 billion in client assets with P2P loans accounting for a third which is expected to decrease to 15%; it plans to expand the investments it offers through online brokerage accounts and also enhance its mobile and online trading capabilities; the firm is also rumored to have plans for an initial public offering in Hong Kong in the second half of 2017. Source
A couple of weeks from now Greg Gibb, the Chairman of Lufax, will be taking the main stage at LendIt...
Ping An Insurance has seen their market value double in the past year due to new business and their growing affiliate brands; online lender Lufax is valued at more than $18.5bn and Ping An Good Doctor is valued at more that $5.4bn; their growing portfolio is getting investors to ask if they are really an insurer or are they a technology company. Source.
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