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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Ping An Insurance (Group) Company of China, Ltd.    2318   CNE1000003X6

PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

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China's Lufax files for $3 billion U.S. IPO

10/08/2020 | 06:24am EST
FILE PHOTO: A sign of wealth management platform Lufax is seen during an expo in Beijing

(Reuters) - Lufax Holding Ltd, one of China's largest online wealth management platforms, on Wednesday filed to list its shares in the United States, the latest company looking to take advantage of a rebound in capital markets.

Lufax, backed by financial giant Ping An Insurance Group, aims to raise about $3 billion in its initial public offering (IPO), which could take place as soon as the end of October, said three people with direct knowledge of the matter.

The sources, who declined to be named as the information was private, added the size of the offering had yet to be finalized and was subject to Lufax's valuation.

The company, which is looking to list its American depositary shares on the New York Stock Exchange, did not disclose the size of the IPO, but set a placeholder amount of $100 million.

Lufax didn't immediately respond to a request for comment on its IPO size and timetable.

Lufax was valued at $38 billion before its latest fundraising in 2018.

The company's filing follows the listing of OneConnect Financial Technology, another fintech company backed by Ping An, which raised $312 million in December 2019.

It also comes against the backdrop of a number of Chinese companies looking to reconsider their listings on U.S. exchanges amid rising U.S.-China tensions.

Set up in 2011 as a P2P (peer to peer) platform by Ping An, Lufax has, however, been exiting the once core business as China cracked down on the sector to contain financial risks.

Lufax postponed a Hong Kong listing slated for the first half of 2018 amid uncertainty over China's consumer lending regulation.

The company posted a net profit of 7.27 billion yuan ($1.07 billion) for the six months ended June 30, compared with 7.48 billion yuan a year earlier.

Net interest income during the same period rose 38% to 2.99 billion yuan.

Goldman Sachs, BofA Securities, UBS, HSBC and PA Securities are the lead underwriters to the IPO.

($1 = 6.7898 Chinese yuan renminbi)

(Reporting by Abhishek Manikandan in Bengaluru; Additional reporting by Julie Zhu and Kane Wu in Hong Kong; Editing by Anil D'Silva and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC -0.34% 398.3 Delayed Quote.-32.48%
ONECONNECT FINANCIAL TECHNOLOGY CO., LTD. -0.98% 20.11 Delayed Quote.102.49%
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. 2.00% 89.4 End-of-day quote.-2.93%
THE GOLDMAN SACHS GROUP, INC. -0.39% 236.59 Delayed Quote.-0.48%
UBS GROUP AG -1.12% 13.25 Delayed Quote.9.61%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.11% 6.56694 Delayed Quote.-5.45%
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Financials
Sales 2020 778 B 118 B 118 B
Net income 2020 131 B 19 985 M 19 985 M
Net Debt 2020 - - -
P/E ratio 2020 10,2x
Yield 2020 2,90%
Capitalization 1 470 B 223 B 224 B
Capi. / Sales 2020 1,89x
Capi. / Sales 2021 1,79x
Nbr of Employees 372 194
Free-Float 82,4%
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Technical analysis trends PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 27
Average target price 89,99 CNY
Last Close Price 74,53 CNY
Spread / Highest target 37,1%
Spread / Average Target 20,7%
Spread / Lowest Target -1,23%
EPS Revisions
Managers
NameTitle
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board