Ping An Insurance has seen their market value double in the past year due to new business and their growing affiliate brands; online lender Lufax is valued at more than $18.5bn and Ping An Good Doctor is valued at more that $5.4bn; their growing portfolio is getting investors to ask if they are really an insurer or are they a technology company. Source.
A couple of weeks from now Greg Gibb, the Chairman of Lufax, will be taking the main stage at LendIt...
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On the heels of the Ant Financial IPO news earlier this week leading Chinese online wealth management platform Lufax is...
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In an interview on November 7, CEO Gregory Gibb of Lufax, China's largest P2P lender and wealth management platform, said he could envision an IPO to support worldwide expansion; he did not provide further details; reporting elsewhere claims that four banks have been selected to sponsor an IPO on the Hong Kong stock exchange; when Lufax raised US$1.2 billion in January, the company was valued at $18 billion; while the market as a whole is expected to grow between 30% and 40% in 2016, Gibb noted that increasing regulation of the industry in China should give added momentum to leaders like Lufax, which Gibb expects to grow "north of 50%" in the next year. Source
Peter Renton, Founder of Lend Academy and Co-Founder of LendIt shares his perspective on the likely fintech IPOs in 2018. Source
In business for six years, Lufax has expanded to meet a growing market demand for fintech products in China with a number of factors helping its success; beginning as a P2P lending firm with the support of Ping An the firm has been able to expand its business to wealth management and overall sees an underserved domestic market of over one billion people interested in the firm's solutions; it now has over 25.5 million registered users, RMB390.92 billion ($57 billion) of retail assets and RMB111.65 billion ($16 billion) of loans under management; it has been able to successfully navigate the market challenges with help from Ping An and is now approaching an even more global introduction through its potential initial public offering expected for later this year in Hong Kong which could raise approximately $5 billion for the firm. Source
According to a new report by BCG and Lufax there is a significant opportunity for digital wealth management firms; market...