Lufax, one of China’s biggest online lending platforms, has announced plans for a US initial public offering even as the Trump administration pushes ahead with plans to delist companies from the country.
The business, controlled by China’s largest insurer Ping An Insurance, was valued at $39.4bn in a funding round in early 2019. A filing with the US Securities and Exchange Commission late on Wednesday does not say how much it plans to raise in the New York Stock Exchange listing or provide a timeline.
Lufax’s debut will add to a steady stream of listing activity by Chinese companies on US markets this year, despite rising geopolitical tensions between the two countries that have escalated ahead of the US election next month.
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