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2 November 20204 minute read

DLA Piper advises China’s Ping An Group on Lufax’s US IPO and NYSE Listing

DLA Piper has advised longstanding client Ping An Group, the shareholder of Lufax Holding Ltd (Lufax Holding), on Lufax Holding’s initial US public offering and listing on the New York Stock Exchange (NYSE: LU).

The offering size was approximately USD2.36 billion prior to the exercise of over-allotment option. Assuming full exercise of the over-allotment option, the offering size will be approximately USD2.72 billion. Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., UBS Securities LLC, HSBC Securities (USA) Inc. and China PA Securities (Hong Kong) Company Limited represented the underwriters in the offering.

Lufax Holding is a leading technology-empowered personal financial service platform in China that primarily provides convenient retail credit facilitation services to small business owners and salaried workers in China through its customer-centric product services and offline and online channels. Lufax Holding also provides tailor-made wealth management services for China’s fast-growing middle class, while adopting a unique, capital-light, hub-and-spoke business model combining purpose-built technology applications, extensive data and financial services expertise to effectively facilitate the right products to theDLA right customers.

DLA Piper’s China co-Country Managing Partner Roy Chan, who led the team advising on the matter commented: "We are delighted to have advised our longstanding client Ping An Group on the high-profile listing of Lufax Holding. This is one of the most highly anticipated IPOs of the year and follows a string of successful US IPOs by Chinese tech companies. This transaction demonstrates the continuing strength of DLA Piper’s Corporate capabilities in Greater China, as well as our expertise in the booming fintech sector.”

The DLA Piper Corporate team was led by China co-Country Managing Partner Roy Chan (Shanghai) and partner Yang Ge (Beijing), who specializes in US capital markets matters, with support from partner James Chang and associate Veronica Liu (both based in Beijing).Partner Christina Loh (Hong Kong) provided Hong Kong legal advice.