Lufax was last valued at about $39.4 billion. The listing follows Ping An's December 2019 filing of its OneConnect cloud fintech platform, which raised $312 million.
Despite ongoing geopolitical tensions between the U.S. and China, one of the middle kingdom's largest online wealth managers is seeking a listing on the New York Stock Exchange to take advantage of the rebound in stock markets, according to a filing with the Securities and Exchange Commission (SEC) on Wednesday.
Details on the number of shares or prices were not disclosed. While Lufax said it wanted to raise $100 million, this is likely a placeholder amount, and size of the deal could reach $3 billion, according to estimates.
Goldman Sachs, BofA Securities, UBS Investment Bank, HSBC, PingAn Securities, Morgan Stanley, Citic CLSA and Jefferies are the joint bookrunners on the deal.
Uncertainty Ahead
Lufax said that a severe or prolonged downturn in the Chinese or global economy could materially and adversely affect its business and financial condition.
«There is significant uncertainty about the future relationship between the United States and China with respect to trade policies, treaties, government regulations and tariffs. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China,» Lufax said in its SEC filing.
Founded in 2005, Lufax booked $7.4 billion in revenue for the 12 months ended June 30, 2020.
