Fri. Oct 30th, 2020

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Lufax files for U.S. IPO

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Lufax

Lufax, one of China’s biggest wealth management platforms, has filed to go public in the U.S., amid a flurry of capital market activity by Chinese companies.

The Shanghai-headquartered firm, which is backed by financial giant Ping An Group, plans to list on the New York Stock Exchange under the ticker “LU,” according to a filing with the Securities and Exchange Commission.

Lufax has not yet priced its shares or said how many it will offer during the listing.

Chinese technology companies have been looking to take advantage of a rebound in stock markets to go public, including on Wall Street, despite the geopolitical tensions between the U.S. and China.

Electric carmakers Xpeng Motors and Li Auto both went public in the U.S. earlier this year.

Ant Group, the financial technology giant still controlled by Alibaba founder Jack Ma, is gearing up for an concurrent initial public offering (IPO) on the Hong Kong stock exchange and the Shanghai stock exchange’s STAR market, which is a Nasdaq-style tech board.

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