Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

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<ul><li>It has come to my attention that Lufax management has recently altered the terms of their convertible debt: Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.</li><li>Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.76 per Share as at the date of this circular to US$2.32 per Share upon settlement of the Special Dividend, and thus, upon full conversion, the Ping An Convertible Promissory Notes can be converted into a maximum number of 421,077,586 Shares (the “Conversion Shares”).</li><li>The Company considers that the adjustment formula is in line with market practice for anti-dilution provisions in convertible securities.</li></ul>

It has come to my attention that Lufax management has recently altered the terms of their convertible debt: Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.76 per Share as at the date of this circular to US$2.32 per Share upon settlement of the Special Dividend, and thus, upon full conversion, the Ping An Convertible Promissory Notes can be converted into a maximum number of 421,077,586 Shares (the “Conversion Shares”).The Company considers that the adjustment formula is in line with market practice for anti-dilution provisions in convertible securities.

China

Xi'An Hongsheng Technology Co ltd distributes, designs and develops memory, home entertainment and personal computer products. The Company's products include RAM (Random Access Memory) products, DVD (Digital Versatile Disc) players, televisions, as well as personal computers and peripheral products.

Yixin Group Limited offers an online automobile finance transaction platform. The Company provides loan facilitation, car rental, and other services. Yixin Group operates in China.

Shanghai Dongzheng Automotive Finance Co., Ltd. offers auto finance products and services for the purchase of luxury brand cars. The Company provides automotive retail loan, automotive dealer loan, and other services. Shanghai Dongzheng Automotive Finance serves customers in China.

LexinFintech Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, provides online consumer finance services. LexinFintech Holdings offers installments, money loans, wealth management, and other financial services. LexinFintech Holdings serves customers in China.

China Huirong Financial Holdings Limited is a short-term secured financing service provider. The Company specializes in providing short-term loans secured by collateral, or "pawn loans", to customers.

China Huirong Financial Holdings (1290 HK)

Guangdong Join-Share Financing Guarantee Investment is a financing guarantee services provider in Guangdong province. The Company focuses on providing credit-base financing solutions to SMEs.

X Financial provides financial services. The Company offers personal finance, loans, and other related services. X Financial serves customers in China.

Zuoli Kechuang Micro-Finance Company Limited focuses on providing credit-based financing solutions to Deqing's fast-growing SME and microenterprise sector.

Quanzhou Huixin Micro-Credit Co., Ltd. offers micro lending and other related financial services to individuals and small business throughout China.

Yangzhou Guangling District Taihe Rural Micro-finance Company Limited offers financial services. The Company provides loans issuing, financing guarantee, financial institutions business agency, and other businesses. Yangzhou Guangling District Taihe Rural Micro-finance serves small and medium enterprises, individual businesses, and other groups in Yangzhou.

Yangzhou Guangling District Taihe Rural Micro-Finance (1915 HK)

Yangzhou Guangling District Taihe Rural Micro-Finance

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

AIFUL CORPORATION is a consumer financing firm.  The Company provides financial services such as unsecured and non-guaranteed loans, commercial loans, and real estate collateral loans.

Orient Corporation provides consumer credit services.  The Company's services include credit cards, consumer installment credits, loan guarantees, leasing, and loans.

Srisawad Finance Public Company Limited offers financial services. The Company engages in various kinds of investments for public such as deposit receipts and bills of exchange, provides commercial loan facilities, and invests in securities. Srisawad Finance serves individuals, corporate entities, financial institutes, and associations in Thailand.

Srisawad Finance Public Company Limited (BFIT TB)

JACCS CO., LTD. is a consumer credit company.  The Company provides consumer installment credits, credit cards, loan guarantees and loans.  Jaccs also operates car lease and art rental businesses and have subsidiaries in U.S., Singapore, and Hong Kong.

AEON Financial Service Co Ltd is a credit card company.  The Company's financial services include loans, credit cards, and customer installment credits.

Encore Capital Group, Inc. is involved in consumer debt buying and recovery. The company purchases portfolios of defaulted consumer receivables from banks, credit unions, and utility providers and partners with individuals as they repay their obligations and work toward financial recovery.

Navient Corporation's focus is in education loan portfolio management, servicing and asset recovery. The Company acts as a servicer for Department of Education and FFELP loans as well as private student loans.

PT Adira Dinamika Multi Finance Tbk provides consumer financing services.

Hong Leong Finance Limited provides depository and financing services to its clients.  The Company's services include hire purchase, leasing, factoring, mortgages, and other secured loans in the commercial, industrial, and consumer sectors.

Lufax Holding Ltd operates technology-empowered personal financial services platform. The Company connects financial institutions to facilitate lending and wealth management products tailored to individual customer's needs and risk appetites.

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Lufax Holding (6623 HK)

Closing Lufax

The Company considers that the adjustment formula is in line with market practice for anti-dilution provisions in convertible securities.

Turtles all the way down

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