Chinese fintech giant Lufax seeks up to $2.36 billion in U.S. IPO

GUANGZHOU, China — Chinese lending and wealth management firm Lufax is seeking up to $2.36 billion from a U.S. initial public offering (IPO).

Earlier this month, the Shanghai-headquartered firm, which is backed by financial giant Ping An Group, said it planned to list on the New York Stock Exchange under the ticker “LU.”

It has now released details on pricing. Lufax said it will issue 175,000,000 American depositary shares (ADS) which will be priced between $11.50 and $13.50 per share.

At the top end of the range, Lufax’s offering would be valued at $2.36 billion.

Chinese technology companies have been looking to take advantage of a rebound in stock markets to go public, including on Wall Street, despite the geopolitical tensions between the U.S. and China. 

Electric carmakers Xpeng Motors and Li Auto both went public in the U.S. earlier this year. 

Lufax’s New York listing comes as rising tensions between the U.S. and China threaten American-listed Chinese firms. Lawmakers in Washington are pushing for greater scrutiny of Chinese companies through proposed legislation that threatens to delist some firms in the U.S.