Financial technology firm Lufax has raised $2.4 billion and has been marked as one of the best US initial public offerings by a Chinese company this year despite big tensions and trade war between China and the USA.
Lufax is one of the leading technology-empowered personal financial services companies in China which offers products in the retail borrowing and wealth management segments. It was launched in Shanghai in 2011 as one of a host of fintech start-ups focused on online lending services. It seeks to meet the needs of small business owners and middle-class investors in China who have been ignored by rival companies.
Lufax rival Ant Group is executed to begin its trading in Hongk and Shanghai with a world record IPO. Several high profile companies are in the markets of Hong Kong and China to raise funds as the trade war and tensions between the two superpowers has become a matter of concern and the COVID-19 and US elections have caused uncertainty.
