China's Largest Online Investment and Financing Platform Lu.com Gets Set to List
Yicai Global
/SOURCE : Yicai
China's Largest Online Investment and Financing Platform Lu.com Gets Set to List

(Yicai Global) Nov. 1 -- Shanghai Lujiazui International Financial Asset Exchange Co., China's largest online investment and financing platforms, is set for an initial public offering (IPO), and is submitting its A1 (mainboard) application to the Hong Kong Stock Exchange (HKEX) in next year's first quarter. The four banks acting in this IPO, Citigroup Inc. [New York:C], Bank of America Merrill Lynch [NYSE:MER], Morgan Stanley [NYSE:MS] and CITIC Securities Co. [SHA:600030]have started their due diligence investigations.

Shanghai Lujiazui International Financial Asset Exchange Co. (lu.com) is a subsidiary of the Ping An Insurance (Group) Company of China[SHE:601318]. Ping An's recently published third-quarter earnings report shows that, as of September 30, lu.com had 25.5 million registered and 6.55 million active users -- up 39 percent and 80 percent, respectively from the beginning of 2016. The platform's trading volume has seen CNY1 trillion (USD147 billion) retail end volume completed in the first three quarters, up 24 percentage points from last year.

Mr. Zheng Xigui, Lu.com's chief executive, confirmed in an interview that the company is planning an IPO and may list on the HKEX by 2017's end.

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