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Ping An-backed Wealth Management Company Lufax Files For U.S. IPO

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The Chinese wealth management company Lufax Holding Ltd. has filed for an initial public offering (IPO) in the U.S. As of now, it has not priced its shares and not have stated how many shares it will list on the stock exchange.

According to people familiar with the matter, it’s targeting to raise USD 3 Billion.Amidst the tension between the U.S. and China, Chinese technology companies are taking advantage of the rebound on Wall Street.

The Shanghai-based company plans to list its company on the New York Stock Exchange under the ticker “LU,” as mentioned in the filing with the Securities and Exchange Commission (SEC).Earlier this year, Chinese electric carmaker companies Xpeng Motors and Li Auto went public in the country.

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