U.S.-listed Chinese online lender Lufax reported strong earnings, yet shares trade abysmally as it fights through a thicket of new rules. Like many peers, it’s mulling a Hong Kong ticker. The sooner the better, says JennHughes13
U.S.-listed Lufax, a Chinese online lender, on March 10 reported net profit of $2.6 billion for 2021, representing a 36% rise year-on-year, on revenue that rose 19% to reach $9.7 billion. The $14 billion company, which went public in October 2020, also reported its first dividend of 34 cents per American Depository Receipt as well as plans to buy back up to $500 million of its ADRs, following buybacks worth $864 million last year.
On an investor call the company said it had held preliminary discussions with the relevant authorities about listing its shares in Hong Kong.The logo of Hong Kong Exchanges & Clearing Ltd. is seen at the financial Central district in Hong Kong, China September 14, 2020. REUTERS/Tyrone Siu - RC28YI9XV0E2
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