(Yicai Global) Feb. 2 -- Lufax Holding’s New York-traded shares surged yesterday after the fintech unit of Ping An Insurance Group applied to the Hong Kong bourse for dual primary listing status, which would make its US and Hong Kong shares interchangeable and give the firm access to mainland investors through the Hong Kong stock connect programs.

Lufax’s share price [NYSE:LU] soared 7.8 percent to end the day at USD3.29.

The listing will be done by way of introduction, which means no new shares will be issued and no extra funds raised, rather they will be fully convertible with the New York stock, Lufax said yesterday. Dual primary listing means the company has the same listing status on two stock exchanges. Should it delist from one of the bourses, this will not affect trading on the other.

Going public in Hong Kong aligns with Lufax’s business focus on China and is critical to long-term strategic development, the wealth management platform said. The company is aiming to be included in the Hong Kong stock connect mechanisms with the Shanghai and Shenzhen bourses which allow investors to trade in each other’s markets through their home exchange.

It is appropriate and will be advantageous to Lufax to have dual primary listing status both in Hong Kong and New York, the Shanghai-based firm said. The two markets attract investors from different backgrounds and this will help broaden the company’s investor base and enhance the liquidity of its shares, it added.

Lufax, in which Ping An holds a 41.4 percent stake, had extended CNY493.4 billion (USD73.5 billion) worth of loans as of Sept. 30 last year, and had served 6.6 million micro and small business owners, according to the prospectus.

Editor: Kim Taylor