Photo/Zhang Yun (NBD)

On February 1, Lufax Holding Ltd filed for a listing in Hong Kong.

The prospectus showed that the US-listed company plans to list by the way of introduction on the Main Board of the Hong Kong Stock Exchange through an introduction, through which it won't be raising any capital or issuing new shares. 

With regard to the dual listing, Lufax Holding Ltd believes that attracting investors with different backgrounds in two markets will help to expand the company's investor base and increase the liquidity of the shares. The company's directors believe that listing on the Hong Kong Stock Exchange can support the business focus of Lufax Holding Ltd in China, which is crucial for the growth and long-term strategic development of the company. 

J.P. Morgan, Morgan Stanley, and UBS Group are joint sponsors for this listing. 

According to the prospectus, Lufax Holding Ltd generated revenue of 45.8 billion yuan in the first three quarters of 2022. Since its establishment through September 30, 2022, Lufax Holding Ltd has provided services to approximately 6.6 million small and micro enterprises in China.  

Lufax Holding Ltd mentioned that driven by a large unmet demand, it aims to strengthen the connection between small and micro enterprises and between small and micro enterprises and institutional partners, creating greater value for customers. 

Lufax also plans to invest in artificial intelligence capabilities and expand its applications, mainly by establishing an AI open architecture to empower solutions and service recommendations for small and micro enterprise owners as well as sales and product approval systems for institutional partners, and deploying an AI collection assistant for post-loan monitoring and collection.