Chinese fintech unicorn Lufax in no rush to IPO

Chinese peer-to-peer (P2P) lender Lufax is not in a hurry to list on the stock markets, said an executive of its biggest shareholder, Ping An Insurance, during its earnings call, Chinese media reported (in Chinese) on Wednesday.

Ping An Insurance Group deputy CEO Jessica Tan said after Lufax’s latest round of funding, Ping An still holds approximately 41% of its shares. Lufax has access to enough capital and so it has the flexibility to choose the time and place of its initial public offering (IPO). Tan said the online lending platform is not “under urgent pressure to announce its IPO plans” (our translation).

Ping An confirmed rumors of Lufax’s $1.3 billion Series C in its annual financial report on Tuesday, an investment which bumped the company’s valuation to more than $39.4 billion—just short of its original $40 billion target.

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