Chinese finance platform Lufax files for US IPO of up to $3bn

Shanghai, China. Source: Robynne Hu/Unsplash

Chinese online wealth management portal Lufax has filed a confidential prospectus to raise up to $3 billion in a U.S. initial public offering, joining a line of hopefuls looking to raise capital in the world’s largest economy before a new rule effectively shuts off the funding channel.

Lufax, an unit of Ping An Insurance Group, hopes to launch the offering in the next two months subject to regulatory approval, two people familiar with the transaction said.

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