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Lufax Holding Ltd (NYSE: LU | HKEX: 6623) is a premier technology-empowered personal financial services platform based in China, primarily catering to the needs of small business owners and salaried workers. The company focuses on addressing the extensive unmet demand for personal lending and offers bespoke wealth management solutions for China's middle class and affluent population. Operating through two key hubs - the Retail Credit Facilitation Hub and the Wealth Management Hub - Lufax has effectively positioned itself as a leading financial services enabler in the region.
In recent developments, Lufax announced plans to change the ratio of its American Depositary Shares (ADS) to ordinary shares from the current ratio of two ADSs to one ordinary share, to one ADS for every two ordinary shares. This change, effective December 15, 2023, aims to enhance trading efficiency and is expected to proportionally increase the ADS trading price.
The company has also been notified by the New York Stock Exchange (NYSE) for being below the continued listing standards due to its ADS trading price. Lufax is actively working to regain compliance within the six-month Cure Period by implementing strategic adjustments.
Despite challenging macroeconomic conditions, Lufax reported a focused approach on asset quality over quantity, completing significant de-risking and diversification initiatives. These initiatives include optimizing their product mix, refining customer segmentation, and transitioning to a 100% guarantee model for new loans. This strategic shift is projected to enhance profitability and ensure long-term growth.
Lufax maintains robust financial partnerships, collaborating with 91 financial institutions in China for funding and credit enhancement. The company continues to demonstrate resilience, with a well-capitalized structure and substantial cash reserves.
As part of their commitment to shareholder value, Lufax's board has approved a special dividend, reflecting their strong capital position and confidence in future growth. The company's financial outlook for 2024 includes a targeted increase in new loan sales and a maintained focus on prudent financial management.
Lufax remains a pivotal player in China's financial sector, providing essential services that support the economic activities of small businesses and the financial aspirations of the middle class. With strategic initiatives and robust financial health, Lufax is poised for sustainable growth and enhanced shareholder value.
OneConnect Financial Technology reported a strong financial performance for the full year 2021, with revenue up 25% to RMB4,132 million, driven by increases in risk management and cloud services. The net loss narrowed to RMB1,282 million, compared to RMB1,354 million in 2020, with the net loss per ADS also improving to RMB3.47 from RMB3.81. The company experienced a gross margin decline to 35%, down from 38% year-over-year, but operating loss narrowed, indicating improved cost management. Premium customer growth and a net expansion rate of 96% reflect positive market recognition.
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) reported a 20.8% year-over-year revenue growth, reaching RMB 1,065 million for Q3 2021. Despite the growth, the gross margin declined to 35.5% from 42.7% in the prior year. The net loss attributable to shareholders increased to RMB 270 million, compared to RMB 243 million a year earlier, with a basic net loss per share of RMB 0.24. The company saw significant growth in its cloud services, now accounting for 28.5% of total revenue.
Lufax Holding Ltd (NYSE: LU) reported third-quarter 2021 financial results, showcasing a 21.8% increase in total income to RMB15,924 million (US$2,471 million) and a 90.8% surge in net profit to RMB4,115 million (US$639 million). The company's non-IFRS adjusted net profit rose by 18.1% year-over-year. The retail credit facilitation business saw a 20.4% increase in outstanding loan balances. Notably, Lufax announced a US$700M share repurchase program and approved a new annual dividend policy starting in 2022, affirming its commitment to returning value to shareholders.
BAI has announced the finalists for the 11th Annual 2021 BAI Global Innovation Awards, recognizing groundbreaking solutions in the financial services industry. Categories include Innovation in Compliance and Risk Management, Consumer Product and Services, and Digital Transformation, with notable finalists like OneConnect Smart Technology Co., LTD from China featuring their Global Markets Digital Lab. Winners will be revealed in December 2021.
Lufax Holding Ltd (NYSE: LU) has announced the release of its third quarter 2021 financial results, scheduled for November 9, 2021, after market close. An earnings conference call will follow at 8:00 PM U.S. Eastern Time on the same day. Participants can register online to join the call and access details. Lufax continues to position itself as a leading technology-driven personal financial services platform in China, catering to small business owners and the growing middle class with tailored credit and wealth management solutions.
Lufax Holding Ltd (LU) reported strong financial results for Q2 2021, with total income rising 17.3% to RMB14.8 billion (US$2.3 billion) and net profit increasing 53.2% to RMB4.7 billion (US$732 million). The retail credit facilitation segment experienced a 16.8% growth in loan balances, totaling RMB606.8 billion (US$94 billion). Notably, the company announced a new US$700 million share repurchase program. For H2 2021, Lufax anticipates continued growth, projecting total income to rise 18% to 19% year-over-year, with net profit expected to grow by 32% to 36% year-over-year.
Lufax Holding Ltd (NYSE: LU) plans to release its second quarter 2021 financial results on August 9, 2021, after market close. An earnings conference call will follow at 9:00 P.M. U.S. Eastern Time. Participants must register in advance to receive dial-in details. A replay will be available until August 16, 2021, and an archived webcast can be accessed on the company's investor relations website. Lufax is known for its technology-driven personal financial services, focusing on retail credit and wealth management for the growing middle class in China.
Lufax Holding Ltd (NYSE: LU) announced the launch of its AI-powered smart loan solution, Xingyun, through its subsidiary Ping An Puhui. This innovation simplifies the loan application process for small and micro enterprises, reducing application time by 44% and customer complaints by 50%. Key features include AI imaging technology for seamless interaction, automation of text input, real-time risk assessments, and enhanced data security for users. Puhui aims to broaden Xingyun’s reach, reinforcing its position as a leading retail credit facilitator in China.
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