Date
20 September 2017
Ping An's P2P lending business could be worth up to 25 billion yuan, according to estimates. Photo: Bloomberg
Ping An's P2P lending business could be worth up to 25 billion yuan, according to estimates. Photo: Bloomberg

Ping An eyes listing of P2P lending business

Ping An Insurance (Group) Holdings (02318.HK) may spin off of its peer-to-peer (P2P) lending business for a separate listing, Hong Kong Economic Times reported Wednesday, citing market sources.

The unit includes Shanghai Lujiazui International Financial Assets Exchange, which operates Lufax.com, and asset securitization exchange Lfex.com.

The assets could be worth up to 25 billion yuan (US$4.06 billion) based on a 10 times price-earnings ratio plus an expected net profit of up to 2.5 billion yuan this year, the paper said.

P2P lending, the practice of lending money to unrelated individuals without going through the banking system, was introduced in China in 2006.

Lufax expects P2P lending to hit 100 billion yuan this year, up from 70 billion in 2013, the report said.

– Contact us at [email protected]

KZ/AC/RA

 

EJI Weekly Newsletter

Please click here to unsubscribe