(Yicai Global) Nov. 21 -- Ping An Insurance (Group) Company of China [SHA:601318; HKG2318] is considering spinning off its fintech subsidiaries Lujiazui International Financial Asset Exchange Co. (Lufax) and Ping An Health Cloud Co. (Ping An Health) for independent listings, with potentially higher market-caps than sister company Ping An Bank Co. [SHE:000001], Hong Kong Economic Times reported yesterday.
Assets under management (AUM) at Lufax, China's largest online wealth management platform, reached CNY476.2 billion as of the end of September, with loans under management standing at CNY269.2 billion.
Lufax achieved preliminary profitability in the first half of year, and also expanded its business into Singapore. In future, Lufax will focus on its business in Asia, said Chen Xinying, chief executive at Ping An.
Lufax has already obtained B-round financing, and boasts a valuation of USD50 billion (approximately HKD390 billion), while Ping An Health once raised proceeds through A-round funding, and is currently valued at USD3 billion (approximately HKD23.4 billion). Ping An Bank Co. closed with a market capitalization of about CNY288.7 billion yesterday.