Credit extension

15 June 2018 By Alec Macfarlane

A mooted private fundraising of more than $1 bln makes sense. With regulatory change coming to peer-to-peer lenders, floating now could upset Beijing, and might only be doable at a bargain price. Abundant venture capital offers a way to keep growing without a distracting IPO.

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Lufax, a Chinese financial technology company backed by Ping An Insurance, plans to raise between $1 billion and $2 billion, Reuters reported on June 14, citing people familiar with the deal.

The private fundraising will value Lufax at $40 billion, Reuters said. The company seeks to fund growth while a planned initial public offering in Hong Kong is on hold due to changing rules on online consumer lending, the report added.

Founded in 2011, Lufax is a peer-to-peer lender and online wealth manager. It had planned to raise up to $5 billion through a listing in the first half of 2018.

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