Chinese fintech is is currently working on laying the groundwork for its expansion plans for the next five years after securing $2.36 billion through its U.S. initial public offering.
Lufax was once a top peer-to-peer lending platform but has since shifted focus into other financial areas including online lending according to a report on Crowdfundinsider.com.
The company began trading on the New York Stock Exchange on Oct. 30, 2020, raising approximately $2.36 billion. But the company’s stock price dropped by 14.3% on debut and then it managed to recover some of the losses to close out trading activity at $12.85 per share (which is 4.8% lower than the stock’s $13.50 offering price).It managed to successfully launch its IPO despite political tensions between China and the U.S.
Lufax works with financial institutions to provide loans to small companies and offers wealth management products through its platform.