(Yicai Global) Jan. 12 -- Shanghai Lujiazui International Financial Asset Exchange Co. (Lufax) is expected is scheduled to submit documentation to the Hong Kong Stock Exchange at the end of this month to undertake an initial public offering in April, financial media outlet WDZJ quoted a source close to an underwriter as saying today.
China's biggest internet finance marketplace, an affiliate of Ping An Insurance Co., is currently valued at USD60 billion, with an estimated price-earnings ratio of around 40.
The company will also sell a stake worth around USD30 million,
Lufax is the largest Internet wealth management platform in China, boasting 33 million registered users and serving over hundreds of thousands of high net worth individuals. It achieved asset management scale of nearly USD77 billion (CNY500 billion) last year, posting an annual net profit of CNY5 billion in 2017 and an expects net profit of CNY10 billion in 2018.