Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/lufax-holdings" target="_blank" data-smartkarma-citation="entities:29690:1" rel="noopener">Lufax Holdings (LU US)</a> (Lufax) aims to raise around US$3bn via its US listing. The company is backed by <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> (Ping An).</p>
</div>
<div>
<p>Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.</p>
</div>
<div>
<p>I covered the positive aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/lufax-pre-ipo-the-positives-able-to-grow-despite-the-headwinds" target="_blank" rel="noopener">Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds</a>. In this insight, I'll talk about the not so positive aspects of the deal.</p>
</div>


Lufax Holdings (LU US) (Lufax) aims to raise around US$3bn via its US listing. The company is backed by Ping An Insurance (H) (2318 HK) (Ping An).


Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.


I covered the positive aspects of the deal in my earlier note, Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds. In this insight, I'll talk about the not so positive aspects of the deal.


Lufax Pre-IPO - The Negatives - Remains in Flux

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p><a href="https://www.smartkarma.com/entities/lufax-holdings" target="_blank" data-smartkarma-citation="entities:29690:1" rel="noopener">Lufax Holdings (LU US)</a> is a leading personal financial services platform in China with a focus on retail borrowing and wealth management. In retail credit, Lufax is the second-largest non-traditional financial service providers in China as measured by outstanding balances of retail credit facilitated, according to Oliver Wyman. Lufax has filed for an NYSE IPO to raise an estimated $3 billion, according to press reports. </p><div class="content-highlight"><p>The Chinese consumer finance sector has gone through a corona-induced extreme stress test in 1H20. The sector has proved to be more often than not value destructive for public market investors and continues to remain hostage to regulatory change. While Lufax has several attractive attributes, it is a business in transition which magnifies the risk profile.  </p></div>

Lufax Holdings (LU US) is a leading personal financial services platform in China with a focus on retail borrowing and wealth management. In retail credit, Lufax is the second-largest non-traditional financial service providers in China as measured by outstanding balances of retail credit facilitated, according to Oliver Wyman. Lufax has filed for an NYSE IPO to raise an estimated $3 billion, according to press reports. The Chinese consumer finance sector has gone through a corona-induced extreme stress test in 1H20. The sector has proved to be more often than not value destructive for public market investors and continues to remain hostage to regulatory change. While Lufax has several attractive attributes, it is a business in transition which magnifies the risk profile.  

<p><a href="https://www.smartkarma.com/entities/lufax-holdings" target="_blank" data-smartkarma-citation="entities:29690:1" rel="noopener">Lufax Holdings (LU US)</a> (Lufax) aims to raise around US$3bn via its US listing. The company is backed by <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> (Ping An).</p>
<p>Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.</p>
<p>Despite having to change its funding model and loan mix over the past few years, the company has still managed to grow its loan book and revenue. </p>
<p>In this insight, I'll talk about the positive aspects of the deal.</p>

Lufax Holdings (LU US) (Lufax) aims to raise around US$3bn via its US listing. The company is backed by Ping An Insurance (H) (2318 HK) (Ping An).
Lufax is a technology-empowered personal financial services platform in China. The company aims to address the demand for personal lending among small business owners, as well as salaried workers in China. It also provides wealth management solutions to China’s middle class and affluent population.
Despite having to change its funding model and loan mix over the past few years, the company has still managed to grow its loan book and revenue. 
In this insight, I'll talk about the positive aspects of the deal.

Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds

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

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

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

Enova International, Inc. offers online financial services to people who have bank accounts but have limited access to traditional consumer credit from banks, thrifts, credit card companies and other lenders. The Company offers short-term consumer and installment consumer loans in the United States, the United Kingdom, Australia, and Canada.

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.

Kruk SA as founded in 1998 and offers debt collection services in Poland, Romania, Czech Republic and Slovakia. The Company's two main business lines are: acquisition of non-performing debt portfolios and debt collection outsourcing with a main focus on consumer and corporate loans.

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

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.

Taiwan Acceptance Corp. provides car financing and leasing services.

Bread Financial Holdings Inc. operates as a tech-forward financial services company. The Company offers personalized payment, lending, and saving solutions. Bread Financial Holdings serves customers worldwide.

Cembra Money Bank AG provides financial services. The Company's services include personal loans, vehicle financing, credit cards, and savings and insurance services. Cembra Money Bank AG provides its services throughout Switzerland.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lufax Holding (LU US)

Lufax Pre-IPO - The Negatives - Remains in Flux

Lufax aims to raise around US$3bn via its US listing. The company is backed by Ping An. Lufax is a technology-empowered personal financial...

Sumeet Singh

Lufax IPO Initiation: Lost in Transition

We find it hard to be enthused by the Lufax story as its heavily reliant on a sector that has repeatedly been subject to regulatory blows which led...

Arun George

Lufax Pre-IPO - The Positives - Able to Grow Despite the Headwinds

Lufax aims to raise around US$3bn via its US listing. The company is backed by Ping An Group and caters to retail and small business credit needs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)