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Oct 21, 2020 09:58 pm ·

Ant Group's IPO Moves into the Pricing Period

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Oct 19, 2020 02:59 pm · IT Home

Xiaomi's Fintech Arm Rebrands as Airstar Data

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Oct 19, 2020 09:37 am ·

CSRC Approves Ant Group's Hong Kong IPO

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Oct 14, 2020 04:50 am ·

Ping An's Lufax Preparing NYSE IPO

On October 8, Lufax filed for the IPO to SEC to be listed on New York stock exchanges with the ticker of 'LU.' Though no specific offering is disclosed in the prospectus, the IPO is expected to be the largest in US history for fintech firms, according to the rumors before of USD 2 to 3 billion.  Lufax, the first fintech arm of Ping An Group, was founded in 2011 in Shanghai. It was ranked top in the P2P market in China before it stopped the business in 2019. Now the company mainly focuses on credit services and wealth management businesses. By the end of June 2020, the credit clients reached 13.4 million, with the small to medium businesses taking up 69%. The assets per capita reached CNY 29,300. From 2017 to 2019, Lufax reported revenue of CNY 27.8 billion, 40.5 billion, and 47.8 billion, net income of CNY 6 billion, 13.6 billion, and 13.3 billion.   Prior to this IPO, Lufax closed three series of financing, with investors including LionRock, JPMorgan Securities, UBS London and China Minsheng Bank. After the C-series financing last year, the company was valued at around USD 39.4 billion. As the first foray of Ping An Group into the fintech field, Lufax's IPO is indeed a landmark for group, showing the success of its 'Finance + Technology'  strategy. Also, backed by the Ping An ecosystem, Lufax has more financial genes, which is an advantage when compared to JD Digits and Ant Group, the two other Chinese fintech companies that are also preparing for IPOs. The clients of these two firms mainly focus on the individual public and small merchants, the industrial customers respectively, while Lufax emphasizes high-net-worth clients.   

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Oct 9, 2020 03:12 pm · Tencent News

JDD to Follow Ant's IPO Subscription Strategy

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Oct 6, 2020 02:05 pm ·

Why Ping An Stocks Fluctuated 30% and Where It Is Headed

In early July, the stocks of PingAn Group, one of the largest financial conglomerates in China, hit a record high in both the Shanghai and Hong Kong bourses, as the company announced plans to buy back CNY 10 billion shares. The A share (601318:SH) and H shares (02318:HK) surged to CNY 92.47 and HKD 98 on July 2, which were sharp rises of 30% and 26% in four days. The buyback shows the confidence Ping An Group has on its future development; the investors also seem to believe so.  Currently, the stock has been dropping to a stable level because of the corrections after the sharp rises, but it is still higher than the price in the early this year, as it showed resistance during COVID-19 period from its 1H financial results. The net income decreased year-over-year by 28.2% under the pandemic, as the entire insurance sector experienced a tough time. However, the life and health insurance sector even reached a 6.3% increase in the operating income compared to the same period in 2019. The property insurance business posted 10.5% up on premium income. What is more, even under this downturn, the company paid cash dividends of CNY 0.80 per share, which grew by 6.7% from the end of 2019.  Admittedly the COVID-19 has negatively impacted the company and the entire industry, it is also a catalyst for Ping An Bank to speed up its technology development, which is expected to lead the transformation of the company to a digital financial services provider. During the first six months of 2020, the AI-based products brought CNY 106 billion sales to the company that ran up year-over-year by 104% and that accounted for 16% of the entire revenue.  With younger generations becoming the major force in consumption, they show a higher acceptance of Internet sales. Ping An Group, therefore, focuses its transformation on online insurance to keep in the trend. Thanks to its high recognition among the public and decades of experiences on financial services, it has a certain competitiveness over online insurance companies, such as ZhongAn, which is the leader of the insurtech industry. We will see how the rivalry among these huge and small players is reforming the industry.

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Sep 24, 2020 11:15 pm · Sina

JD Digits Applies for Consumer Finance License

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Sep 24, 2020 10:09 am · Sina

Ant-included Funds Sold 10 Billion in One Hour

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Sep 11, 2020 02:59 am ·

Zking Insurance Raised CNY 5.64 Billion

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