The largest wealth management platform in China has received regulatory approvals to provide online investment and wealth management services to retail customers in Hong Kong, adding to its Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses previously granted.
Lu International Hong Kong (LUI HK), a subsidiary of Shanghai-headquartered online finance marketplace Lufax has received a Type 1 (Dealing in Securities) license from the Hong Kong Securities and Futures Commission (SFC), the company said in a media statement on Wednesday.
Lufax said it hopes to attract clients from the growing wealth management market in the Guangdong-Hong Kong-Macao Greater Bay Area.
Its LUI HK app is expected to go live in Hong Kong in August, and the company plans to introduce more Hong Kong dollar and US dollar wealth management products, Cai Hua, the head of LUI HK said.
Overseas Expansion
«Hong Kong ranks top among international financial markets for its sophisticated regulatory framework, open markets and diverse financial products. Hong Kong is also an important global asset allocation center and a personal wealth management center,» the company said about its expansion.
The special administrative regionis the second overseas foray for the Ping An Insurance-owned firm. In 2017, it established operations in Singapore, targeting accredited investors in the country and mass affluent investors in Southeast Asia. The following year, it announced plans to expand its client segment to include corporate clients.
