Lufax Holdings submits a dual primary listing application to the Hong Kong Stock Exchange, which does not involve new share financing

Lufax Holdings (NYSE: LU), a U.S.-listed company under Ping An of China, officially submitted a listing application to the Hong Kong Stock Exchange.

On February 1, Lufax Holdings’ listing application (hereinafter referred to as the “document”) was published on the Hong Kong Stock Exchange. According to the document, Lufax Holdings conducts a dual primary listing on the main board of the Hong Kong Stock Exchange by way of introduction and listing, and does not issue new shares; JPMorgan Chase, Morgan Stanley, and UBS are the joint sponsors for the listing.

Dual primary listing means that the same company is listed on the stock exchanges of two places. The listed company will have the same listing status in the two listing places at the same time. If one of the listing places is delisted, it will not affect the listing of the other listing place. status.

The picture is from the listing application of Lufax Holdings

The document discloses that the introduction and listing of Lufax Holdings on the Hong Kong Stock Exchange does not involve the sale of any new shares or the public offering of any other securities, and will not raise new proceeds based on the introduction. The directors of the company believe that it is appropriate and beneficial for the company to have dual primary listing status in Hong Kong and New York Stock Exchange, “the two markets attract investors with different backgrounds, which will help expand the company’s investor base and increase the liquidity of shares. .Specifically, having dual primary listings on the Hong Kong and New York Stock Exchanges allows us to gain access to and benefit from a wider range of private and institutional investors. Listing in Hong Kong aligns with our business focus in China, which is important to us growth and long-term strategic development are critical.”

In terms of controlling shareholders, documents show that Ping An Group holds 41.4% of Lufax Holdings. As of January 27, Ping An Group indirectly held 285 million shares and 190 million shares of Lufax Holdings through Anke Technology and Ping An Overseas Holdings, respectively, accounting for about 41.4% of the company’s total issued and outstanding share capital (excluding and any Shares that may be issued pursuant to the Share Incentive Scheme or upon conversion of any outstanding Convertible Promissory Note). Therefore, Ping An Group, Ping An Financial Technology, Ping An Overseas Holdings and Anke Technology are a group of controlling shareholders of Lufax Holdings. Among them, Anke Technology is a wholly-owned subsidiary of Ping An Financial Technology, Ping An Financial Technology is a wholly-owned subsidiary of Ping An Group, and Ping An Overseas Holdings is a direct wholly-owned subsidiary of Ping An Group.

The picture is from the listing application of Lufax Holdings

According to the document, the total income of Lufax Holdings will increase from 52 billion yuan in 2020 to 61.8 billion yuan in 2021, and will decrease from 46 billion yuan in the nine months ended September 30, 2021 to September 30, 2022. 45.8 billion yuan for the nine months ended; the net profit for 2020 and 2021 will be 12.3 billion yuan and 16.7 billion yuan respectively, and the net profit for the nine months ended September 30, 2021 and 2022 will be 13.8 billion yuan respectively , 9.6 billion yuan; as of September 30, 2022, the company’s net assets were 95.1 billion yuan, including 45.8 billion yuan in bank deposits.

In terms of business operations, the document shows that as of September 30, 2022, Lufax Holdings has accumulatively served about 6.6 million small and micro business owners, and the balance of loans issued to small and micro business owners is 493.4 billion yuan. It has grown at a compound annual growth rate of 17.7% since the 31st, and accounted for 81.1% of the balance of loans empowered through the Ping An Pratt & Whitney brand. This ratio has increased by 12.6 percentage points since 2020. The company’s new loan scale increased from 565 billion yuan in 2020 to 648.4 billion yuan in 2021, and decreased from 496.8 billion yuan in the nine months ended September 30, 2021 to the nine months ended September 30, 2022 The balance of loans increased from 545.1 billion yuan in 2020 to 661 billion yuan in 2021, and then decreased to 636.5 billion yuan in the nine months ended September 30, 2022.

As a financial technology company “incubated” by Ping An of China, Lufax Holdings was listed on the New York Stock Exchange on October 30, 2020. The issue price was US$13.5 per share, and the total amount of funds raised was approximately US$2.363 billion. As of press time, Lufax Holdings (NYSE: LU) rose 4.92% to $3.2 before the market.