Lufax: a New But Widely Recognized Stock  

Financials Author: Skye Lan Editor: Luke Sheehan Nov 03, 2020 02:37 AM (GMT+8)

MSCI takes Lufax to Global and Chinese indexes. 

Image credit: Frank Busch/Unsplash

October 30, the same day Lufax (LU:NYSE) went public on New York Stock  Exchange, MSCI announced that the company is being included in the MSCI Global Standard Index and the MSCI China Index, which will be officially effective on November 13. 

However, Lufax’s IPO didn't impress the market with the price down to USD 12.85 apiece on the first day of trading. As US investors began to pay more attention to this new fintech giant on the second trading day on November 2, the stock price opened 5.68% higher.

As the largest IPO among China concept stocks since Alibaba in 2014, and one of the top-biggest ones among all newly-listed companies in the US market in 2020, Lufax indeed added the stream of Chinese companies’ debuts on the foreign stock bourses. As one of the representatives, Lufax provides a channel for overseas investors to invest in China, and the inclusion in the MSCI also marks the increasing recognition of global investors in Chinese companies.