China’s lending fintechs facing regulator’s challenges, Ping An’s Lufax’s IPO affected
Mar 01, 2021 (China Knowledge) - Lufax Holding Ltd, Ping An’s fintech unit was affected from their Initial Public Offering (IPO) process due to the country’s burgeoning online lending industry. This is after Ant’s USD 35 bln IPO that was derailed due to a stricter regulatory environment. Ping An has been spending two years discussing with the regulators, and trying to adhering to banking laws.
Lufax plans to increase the proportion of loan risk with lending partners. It has reported a 17% jump in Q4 profit as tax expenses dropped, thus increasing the net income.
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