Anzeige
Mehr »
Login
Freitag, 14.05.2021 Börsentäglich über 12.000 News von 658 internationalen Medien
InnoCan Pharma liefert echte Sensation ab!
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A2QGE5 ISIN: US54975P1021 Ticker-Symbol:  
Branche
Finanzdienstleistungen
Aktienmarkt
ASIEN
1-Jahres-Chart
LUFAX HOLDING LTD ADR Chart 1 Jahr
5-Tage-Chart
LUFAX HOLDING LTD ADR 5-Tage-Chart
ACCESSWIRE
632 Leser
Artikel bewerten:
(2)

Woori BMO Group Comments on Chinese Fintech Giant Lufax Seeking $2.4 Billion in U.S. IPO

TORONTO, ON / ACCESSWIRE / October 30, 2020 / Woori BMO Group has today commented on Chinese fintech giant Lufax Holding Ltd. as they raise $2.4 billion in a U.S. initial public offering which was priced at the top of its indicative range.

"Lufax sold 175 million American depositary shares at $13.50 apiece," commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group. "The amount raised makes the offering one of the biggest IPOs by a Chinese company in the U.S. this year," he added.

The business, controlled by China's largest insurer Ping An Insurance, marketed its American depositary shares at $11.50 to $13.50 apiece. Two ADS represents one regular share.

Originally launched as a peer-to-peer lending platform in 2011, Lufax has now evolved into a popular online wealth manager that facilitates loans from banks to retail borrowers, including small business owners.

According to researchers at Woori BMO Group, three years ago, Chinese authorities initiated a widespread crackdown on the unruly peer-to-peer industry, which forced Lufax to reinvent its business. In 2019, the company's assets under management fell by 6.1% due to "asset portfolio adjustment and restrictions on consumer finance products," Ping An said in February. Wealth management transaction volumes dropped by nearly 30%.

"In the six months to June, the company's net profits amounted to just over $1 billion, on a total income of $3.6 billion," commented Andrew Williams, Director of Institutional Equity at Woori BMO Group. "At $13.50 a share, Lufax has a valuation of $33 billion based on the outstanding shares listed in its prospectus," he added.

Lufax intends to use the IPO funds for investment in product development, sales and marketing initiatives, technology infrastructure, and acquisitions or investments, according to the company's prospectus.

Goldman Sachs, BofA Securities, UBS, HSBC and China PA Securities are the lead underwriters on the deal. Lufax shares are scheduled to begin trading Friday on the New York Stock Exchange under the ticker LU.

About Woori BMO Group

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

Media Contact

Company: Woori BMO Group

Contact: Mr. Shinsato Masao, Chief Economist

Telephone: +1-647-946-8880

Email: shinsato.masao@wbginternational.com

Address: 25F Exchange Tower, 130 King Street West, Toronto, ON, Canada M5X 1E3

SOURCE: Woori BMO Group



View source version on accesswire.com:
https://www.accesswire.com/613521/Woori-BMO-Group-Comments-on-Chinese-Fintech-Giant-Lufax-Seeking-24-Billion-in-US-IPO

LUFAX-Aktie komplett kostenlos handeln - auf Smartbroker.de
© 2020 ACCESSWIRE
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.