Chinese financial services group Lufax shines in Hong Kong debut

Lufax Holding

14/04/2023 07:41

** Shares of small business owners-focused financial
services provider Lufax Holding Ltd  6623.HK  jump in Hong Kong
trading debut, tracking gains in financial stocks
    ** Lufax's Hong Kong shares rise to HK$36.50, up 15.7% from
the closing price of HK$31.55 equivalent of co's U.S. shares
 LU.N  on Thursday  
    ** Shanghai-based Lufax sought dual listing in Hong Kong by
way of introduction without issuing new shares or raising
capital in market      
    ** Every two American depositary shares (ADSs) represent one
Hong Kong share, and Lufax says the U.S. shares will continue to
be primarily listed and traded on the New York Stock Exchange
    ** Ping An Insurance (Group) Co of China and Tun Kung Co Ltd
are the major shareholders of Lufax
    ** The Hang Seng Finance Index  .HSNF  and the Hang Seng
Composite Index on financials stocks  .HSCIF  gain 0.2% each,
while the Hang Seng Index  .HIS  rises 0.3%  
    ** In March, CCB International said it would maintain
"neutral" rating on Lufax's U.S. stock until more recovery
indicators emerged
    ** It had also said it expected a U-shaped recovery with
Lufax's strong execution translating to accelerated lending
volume and better asset quality


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))