Date
29 March 2017
Ren Huichuan says Lufax is trying to attract investors before the planned public share sale but Ping An will remain its largest shareholder. Photo: HKEJ
Ren Huichuan says Lufax is trying to attract investors before the planned public share sale but Ping An will remain its largest shareholder. Photo: HKEJ

Ping An eyes listing for online finance unit

Ping An Insurance (Group) Co. of China Ltd. (02318.HK) is planning to list its online financing unit, Shanghai Lujiazui International Financial Asset Exchange Co. Ltd. (Lufax).

The insurer has recently injected its micro finance business, Puhui Finance, into Lufax, the Hong Kong Economic Journal reports, citing general manager Ren Huichuan.

Lufax is trying to attract investors before the planned public share sale but Ping An will remain its largest shareholder, Ren said.

Earlier, Ping An restructured Lufax by hiving it off and packaging it with Puhui Finance and other personal financing and micro lending businesses of the group.

Ren said the move was intended to turn Lufax into a sales channel for products of other insurers and banks.

Lufax posted 512.2 billion yuan (US$80.47 billion) worth of transactions in the first half, up tenfold from the same period last year.

It has done 801.5 billion yuan worth of business since its inception three years ago.

Ping An holds a 47.49 percent stake in the company, down from 74.91 percent last year, after it brought in new investors.

[Chinese version中文版]

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