Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

JD Health International  / Equity Capital Markets

<p>JD Health International, the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company is backed by the Chinese online retail giant JD.Com, and is planning to raise about US$3bn through the IPO.</p><p>In this insight, we examine the company’s business model and its financials.</p>

JD Health International, the largest online healthcare platform and retail pharmacy in China has filed for an IPO to list its shares on the Hong Kong Stock Exchange. The company is backed by the Chinese online retail giant JD.Com, and is planning to raise about US$3bn through the IPO.In this insight, we examine the company’s business model and its financials.

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

<p>Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.</p><p>This is the <strong>Second</strong> of a series of reports on the IPO of Lufax Holdings. In this insight, we examine the company’s wealth management business and margins. In our previous insight on the company’s IPO, we examined the company’s business model, revenue sources and its core income generating business, Retail Credit Facilitation Business.</p><p>Read our previous insight:</p><p><a href="https://www.smartkarma.com/insights/lufax-ipo-unsecured-loans-drive-top-line-growth-but-risks-remain-despite-capital-light-model" target="_blank" data-smartkarma-citation="insights:44132" rel="noopener">Lufax IPO: Unsecured Loans Drive Top Line Growth but Risks Remain Despite Capital-Light Model</a> </p>

Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.This is the Second of a series of reports on the IPO of Lufax Holdings. In this insight, we examine the company’s wealth management business and margins. In our previous insight on the company’s IPO, we examined the company’s business model, revenue sources and its core income generating business, Retail Credit Facilitation Business.Read our previous insight:Lufax IPO: Unsecured Loans Drive Top Line Growth but Risks Remain Despite Capital-Light Model 

Lufax IPO: Shift in Product Mix and Higher Customer Acquisition Cost Eat into Profits

<p>Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.</p><p>The company is backed by financial giant Ping An Group and is expected to raise up to US$3bn, and is rumored to be one of the biggest Chinese IPOs in the US since Alibaba’s US$25bn listing in the US in 2014.</p><p>This is the <strong>First</strong> of a series of reports on Lufax Holding’s IPO and in this insight, we take a look at the company’s business model, sources of revenues and analysis on the company’s retail credit facilitation business (the core income generator for Lufax).</p>

Lufax Holdings, one of the largest financial services platforms in China has filed for an IPO in the US. The Shanghai-headquartered firm offers personal lending for small business owners and salaried employees, as well as tailor-made wealth management solutions to China’s fast growing middle-class and affluent population.The company is backed by financial giant Ping An Group and is expected to raise up to US$3bn, and is rumored to be one of the biggest Chinese IPOs in the US since Alibaba’s US$25bn listing in the US in 2014.This is the First of a series of reports on Lufax Holding’s IPO and in this insight, we take a look at the company’s business model, sources of revenues and analysis on the company’s retail credit facilitation business (the core income generator for Lufax).

Lufax IPO: Unsecured Loans Drive Top Line Growth but Risks Remain Despite Capital-Light Model

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.

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<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>
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<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>
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<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>
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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.  

China

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 (LU US)

JD Health Pre-IPO: Poised to Benefit from Structural Changes in Healthcare in China and the Pandemic

JD Health, the largest online retail pharmacy and healthcare platform has filed for an IPO on the HKEX to raise about US$3bn. In this insight, we...

Shifara Samsudeen, ACMA, CGMA

Lufax IPO: Shift in Product Mix and Higher Customer Acquisition Cost Eat into Profits

This is the Second of a series of reports on Lufax IPO, and in this insight, we deep dive into the company's wealth management business and...

Shifara Samsudeen, ACMA, CGMA

Lufax IPO: Unsecured Loans Drive Top Line Growth but Risks Remain Despite Capital-Light Model

In this insight, we take a look at Lufax Holding's business model, sources of revenue and its core income generating segment, Retail Credit...

Shifara Samsudeen, ACMA, CGMA

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

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