Chinese Lufax fintech starts trading on New York Stock Exchange

Monday 2 November 2020 14:07 CET | News

China-based fintech Lufax has started trading on New York Stock Exchange on 30 October 2020 raising around USD 2.36 billion in a day.

The company, which partners with financial institutions to offer small business loans and wealth management products via its platform, is starting to weigh a bigger overseas push after a small initial foray, according to CNBC.

The stock fell as much as 14.3% on debut but pared some of those losses to close at USD 12.85 per share, around 4.8% lower than the USD 13.50 offering price. US stock markets sold off last week.

Lufax went public in New York despite the tensions between the US and China. Lawmakers in Washington are pushing for greater scrutiny of Chinese companies through proposed legislation that threatens to delist some firms in the US.

The company said that the push overseas will involve partnering with local brands but with Lufax technology behind the product.

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Keywords: Lufax, China, US, New York stock exchange, fintech, SME, IPO
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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