Chinese Fintech Company Lufax Considering a US IPO This Year

On the heels of the Ant Financial IPO news earlier this week leading Chinese online wealth management platform Lufax is seeking a US IPO as soon as this year; the former peer to peer lending platform is now one of the leading fintech companies in China and has been flirting with an IPO for years; Lufax initially planned to do an IPO in Hong Kong in 2018 but postponed those plans due to uncertainty over China’s consumer lending regulation; the company was valued at $38 billion at its latest fundraising in 2018; according to Reuters, Lufax has enlisted Bank of America, Goldman Sachs, HSBC, JP Morgan and UBS to work on the US offering. Reuters.