As the government cracks down on riskier lenders the more established brands of Ant Financial and Lufax look to become even more dominant; China’s top ten online lenders account for 36 percent of all loans and that number looks to continue to rise as smaller lenders look to be on their way out; the top lenders use spending analysis, AI and more to determine creditworthiness of borrowers; with the rise in wealth and spending power in China the dominant fintech firms are ideally positioned. Source.
One of China’s leading online wealth management companies Lufax is looking to go public in Hong Kong at a $60bn valuation; the South China Morning Post reports the company intends to file their application by the end of January; Lufax was last valued at $18bn in 2016, they have more than 33 million users and over $75bn in assets under management. Source.
On the heels of the Ant Financial IPO news earlier this week leading Chinese online wealth management platform Lufax is...
Ping An Insurance has seen their market value double in the past year due to new business and their growing affiliate brands; online lender Lufax is valued at more than $18.5bn and Ping An Good Doctor is valued at more that $5.4bn; their growing portfolio is getting investors to ask if they are really an insurer or are they a technology company. Source.
Peter Renton, Founder of Lend Academy and Co-Founder of LendIt shares his perspective on the likely fintech IPOs in 2018. Source
A couple of weeks from now Greg Gibb, the Chairman of Lufax, will be taking the main stage at LendIt...
Lend Academy talks with Greg Gibb, CEO and co-chairman of Lufax; Greg Gibb talks about the founding of the business as a P2P platform, its relationship with Ping An and how it has evolved to become a broader provider of wealth management product offerings; the podcast interview also discusses Lufax's future plans for international expansion and a potential IPO. Source
Ping An Insurance Group's online lender Lufax reported that it is now profitable and is hoping to keep that trend for the rest of the year; "Lufax's development is extremely robust. It actually turned around in the first half. We are very confident that it could stay profitable for the full-year," said Jessica Tan Sin-Yin, Ping An's chief operating officer and chief information officer, during the Chinese insurance group's earnings announcement; Lufax is the largest P2P lending platform in China with $225 billion of outstanding loans; according to their latest funding round in January the company is valued at $18.5 billion with 43% being held by Ping An; the company is planning to go public soon and according to CEO Gregory Gibb they have done a lot of homework for Hong Kong ahead of the potential listing. Source
Lufax is one of China's leading P2P lenders with support from Ping An Insurance; it is currently planning to launch a global asset allocation platform to facilitate investment for middle income earners across Asia in 2017; the platform will build on the company's offerings in P2P lending and wealth management; Lufax is also working with four investment banks on an initial public offering in Hong Kong. Source
In an interview on November 7, CEO Gregory Gibb of Lufax, China's largest P2P lender and wealth management platform, said he could envision an IPO to support worldwide expansion; he did not provide further details; reporting elsewhere claims that four banks have been selected to sponsor an IPO on the Hong Kong stock exchange; when Lufax raised US$1.2 billion in January, the company was valued at $18 billion; while the market as a whole is expected to grow between 30% and 40% in 2016, Gibb noted that increasing regulation of the industry in China should give added momentum to leaders like Lufax, which Gibb expects to grow "north of 50%" in the next year. Source