LU
Lufax
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LU Profile
Lufax Holding Ltd
A Chinese online Internet finance marketplace
Financial services
12/02/2014
10/30/2020
New York Stock Exchange
33,746
12-31
Depository Receipts (Ordinary Shares)
Building No. 6, Lane 2777, Jinxiu East Road, Pudong New District, Shanghai, People’s Republic of China
The Company is an investment holding company engaged in core retail credit empowerment business for borrowers and institutions primarily in the People's Republic of China (" PRC ") with consolidated subsidiaries and consolidated structured entities controlled through contractual arrangements (collectively, the "Group ").
Lufax Holdings Limited was incorporated in the Cayman Islands on December 2, 2014. The company is a leading financial service empowerment institution for small and micro business owners in China. The company's mission is to enhance the competitiveness and sustainable development capabilities of small and micro business owners by providing them with access to financial products and services, and empowering institutional partners to efficiently reach and serve small and micro business owners. Small and micro business owners include owners of legal entities and individuals who operate businesses as individual industrial and commercial households. Small and micro business owners generally own and operate multiple small and micro businesses successively or at the same time. These small and micro businesses often belong to the same or related industries and are at different stages of their life cycles. The company provides financing products mainly to meet the needs of small and micro business owners. In the process, the company has established partnerships with more than 550 financial institutions in China, many of which have been with the company for more than 3 years. These financial institutions provide funding and credit enhancement services for company-enabled loans, and provide other products to enrich the small and micro business owner ecosystem that the company is creating. The company regards itself as a non-traditional financial service provider, which means that the company uses high-end technology to empower traditional financial institutions (such as banks, which are licensed to accept deposits and provide loans, but rely on traditional offline business practices, and their market coverage is limited in several aspects). Empowerment means that the company connects financial institutions with borrowers that it could not reach, provides or arranges credit enhancement services to issue loans, and provides post-loan services (such as collection services), value-added services and tools to enable financing transactions to land. Through the company's offline-to-online model and a nationwide direct sales team, since the company's business started in 2005, as of December 31, 2020, 2021 and 2022, the company has provided services to a total of more than 4.6 million, 5.9 million and 6.6 million small and micro business owners in China, respectively. As of December 31, 2020, 2021 and 2022, the loan balance empowered by the company was RMB 545.1 billion, RMB 661 billion and RMB 576.5 billion (US $82.9 billion), respectively. As of June 30, 2022, the company ranked second among non-traditional financial service providers in China serving small and micro business owners in terms of loan balance of inclusive small and micro business loans, with a market share of 17.6%.