Lufax

Shanghai Lujiazui International Financial Asset Exchange Co., Ltd.
Company typePublic
NYSE: LU
IndustryPersonal finance, Software
Founded2011
HeadquartersShanghai
China
ProductsFinancial services
Peer-to-peer lending
Websitelu.com

Lufax (Chinese: 陆金所; pinyin: Lùjīnsuǒ), full name Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., is an online Internet finance marketplace headquartered in Lujiazui, Shanghai.[1][2] Founded in 2011, it is an associate of China Ping An Group.[3]

The company was founded in September 2011,[4] and started with P2P lending as the only service. It is the second largest peer-to-peer lender in China.[5] Now the company is said to be branching out their business gradually, becoming a much broader platform that work together with funds, insurance companies and financial license holders.[6] The platform makes money by matching borrowers with investors, collecting a 4% fee on each loan. Since the start of the business, the company has arranged more than 200,000 peer-to-peer loans that worth a total of $2.5 billion.[7]

By 2015, Ping An Insurance (Group) Co. owns 43% of the company. On the surface Lufax is a part of Ping An Group, and maintains a good relationship with the Chinese government.[8]

References

  1. ^ Lufax. "About Us".
  2. ^ "Company Overview of Shanghai Lujiazui International Financial Asset Exchange Co., Ltd". Bloomberg.com. April 7, 2014.
  3. ^ Jason Jones (May 4, 2014). "The Most Important Chinese P2P Lending Companies". Lend Academy.
  4. ^ Kwong Man-ki (April 12, 2015). "Mainland China's peer-to-peer pioneer lauds big innovation for a big place". South China Morning Post China.
  5. ^ Paul Schulte (April 7, 2015). "3 Reasons to Buy China". Barron's.
  6. ^ Kwong Man-ki (April 12, 2015). "Lufax rides internet finance boom". South China Morning Post.
  7. ^ Rick Carew and Telis Demos (April 16, 2015). "China's Lufax Valued at Nearly $10 Billion in Recent Funding Round". The Wall Street Journal.
  8. ^ Zeke Faux (April 15, 2015). "Most Chinese Peer-to-Peer Lenders Will Fail, Lufax's Gibb Says". Bloomberg Business.


Stub icon

This bank, insurance, or other financial services corporation article is a stub. You can help Wikipedia by expanding it.