Chinese personal financial services platform Lufax racks up $2.4bn for IPO

Lufax, a Chinese personal financial services platform, has raised about $2.4 billion for its IPO after pricing its 175 million shares at $13.50 per share.

Lufax, a Chinese personal financial services platform, has raised about $2.4 billion for its IPO after pricing its 175 million shares at $13.50 per share. The stock began trading October 30, 2020 on the New York Stock Exchange under the ticker symbol “LU.” Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., UBS Securities LLC, HSBC Securities (USA) Inc. and China PA Securities (Hong Kong) Company Limited are the lead underwriters. Lufax’s pre-IPO backers included Primavera Capital, Qatar Investment Authority, JP Morgan, Macquarie Group, UBS, Goldman Sachs and LionRock Capital.

PRESS RELEASE

SHANGHAI–(BUSINESS WIRE)–Lufax Holding Ltd (“Lufax” or the “Company”), a leading technology-empowered personal financial services platform in China, today announced the pricing of its initial public offering of 175,000,000 American Depositary Shares (“ADSs”), each two ADSs representing one ordinary share of the Company, at a price to the public of US$13.50 per ADS for a total offering size of US$2.3625 billion, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange on October 30, 2020, under the symbol “LU.” The closing of the offering is expected to occur on November 3, 2020, subject to the satisfaction of customary closing conditions.

The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 26,250,000 additional ADSs at US$13.50 per ADS.

Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., UBS Securities LLC, HSBC Securities (USA) Inc. and China PA Securities (Hong Kong) Company Limited are acting as active joint bookrunners and representatives of the underwriters for the offering. Morgan Stanley & Co. LLC, CLSA Limited and Jefferies LLC are acting as joint bookrunners for the offering. J.P. Morgan Securities LLC, BOCI Asia Limited, Haitong International Securities Company Limited, Stifel, Nicolaus & Company, Incorporated, China Renaissance Securities (Hong Kong) Limited and KeyBanc Capital Markets Inc. are acting as co-managers for this offering.

The Company’s registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained, when available, by contacting the following underwriters:

Goldman Sachs & Co. LLC
Prospectus Department
200 West Street
New York, NY 10282, United States
Tel: +1 (866) 471-2526
Email: prospectus-ny@ny.email.gs.com

BofA Securities, Inc.
Prospectus Department
NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Tel: +1 800 294 1322
Email: dg.prospectus_requests@bofa.com

UBS Securities LLC
Prospectus Department
1285 Avenue of the Americas, New York
New York 10019, United States
Tel: +1 888 827 7275
Email: ol-prospectus-request@ubs.com

HSBC Securities (USA) Inc.
Prospectus Department
452 Fifth Avenue, T8, New York
NY, 10018, United States
Tel: +1 877 429 7459
Email: ny.equity.syndicate@us.hsbc.com

China PA Securities (Hong Kong) Company Limited
GCM Department
Units 3601, 07 & 11-13, 36/F, The Center, 99 Queen’s Road
Central, Hong Kong
Tel: +852 3762 9778
Email: pub_prospectus@pingan.com

Morgan Stanley & Co. LLC
Prospectus Department
Room 214, 180 Varick Street
New York, NY 10014, United States
Tel: +1 866 718 1649

CLSA Limited
18/F, One Pacific Place, 88 Queensway
Hong Kong
Tel: +852 2600 8888

Jefferies LLC
Equity Syndicate Prospectus Department
520 Madison Avenue, 2nd Floor
New York, NY 10022, United States
Tel: +1 877 821 7388
Email: prospectus_department@jefferies.com

About Lufax Holding Ltd
Lufax Holding Ltd is a leading technology-empowered personal financial services platform in China. Lufax Holding Ltd primarily utilizes its customer-centric product offerings and offline-to-online channels to provide retail credit facilitation services to small business owners and salaried workers in China as well as tailor-made wealth management solutions to China’s rapidly growing middle class. The Company has implemented a unique, capital-light, hub-and-spoke business model combining purpose-built technology applications, extensive data, and financial services expertise to effectively facilitate the right products to the right customers.