Founded in 2011, Lufax was valued at USD 39.4 billion during its last-known funding round at the end of 2018. While it has previously contemplated a listing in Hong Kong in early 2018, the plan did not materialise. Earlier in 2020, just before the coronavirus outbreak, Lufax completed a USD 1.29 billion syndicated loan to help finance the company's restructuring and expansion.
The company aims to be listed in the US as many of its investors and creditors are based in New York, a person said for Yahoo Finance. The Chinese fintech will follow in the footsteps of OneConnect Financial Technology, which raised USD 312 million in its New York Stock Exchange debut in December 2019.
Both Lufax and OneConnect are backed by Ping An Insurance (Group), a large Chinese insurer.
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