Internet Finance Marketplace Lufax Aims to Float in Hong Kong in Carve-Out Listing

Internet Finance Marketplace Lufax Aims to Float in Hong Kong in Carve-Out Listing

Liao Shumin

Date: Fri, 12/08/2017 - 10:37 / source:Yicai
Internet Finance Marketplace Lufax Aims to Float in Hong Kong in Carve-Out Listing
Internet Finance Marketplace Lufax Aims to Float in Hong Kong in Carve-Out Listing

(Yicai Global) Dec. 8 -- Ping An Insurance (Group) Company of China Ltd. [SHA:601318; HK:2318] subsidiary Shanghai Lujiazui International Financial Asset Exchange Co. (Lufax) aims to float in Hong Kong in a carve-out listing as early as March.

The peer-to-peer loan matchmaker will submit an initial public offering application at the end of January or in February, Hong Kong media reported on Dec. 6. Lufax may go public in March or April.

The internet finance marketplace intends to raise HKD23.4 billion (USD3,000 million) to HKD39 billion in its IPO in the first half of next year. The company has appointed CITIC Securities Co. [SHA:600030], Citigroup Inc. [NYSE:C], JPMorgan Chase & Co. [NYSE:JPM], Morgan Stanley & Co. [NYSE:MS] and The Goldman Sachs Group Inc. [NYSE:GS] as joint sponsors, Thomson Reuters’ International Financing Review reported.

SoftBank Group Corp.’s [TYO:9984] Vision Fund, the world’s largest venture pool, is considering backing Lufax, business communications firm OneConnect Services Inc. and health-care portal Ping An Good Doctor, Bloomberg reported. The fund is in talks with the groups and may take stakes of 5 percent to 10 percent in them.

Ping An previously said that Lufax reaped profits in the first half of this year, and would focus on developing the Asian market in the future. Lufax was managing CNY476.2 billion (USD71.96 billion) of assets and CNY269.2 million of loans as of the end of the third quarter.

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Keywords: MSCI, IPO