Chinese P2P lender becomes world’s most valuable fintech startup. Raises $1.2b, deal values company at $18.5b

Visual from Lufax website

Chinese online lending platform Lufax, backed by Ping An Insurance Group Co of China Ltd , has raised $1.2 billion from a group of investors ahead of a planned dual listing in the second half of the year.

The capital raising values Shanghai Lujiazui International Financial Asset Exchange Co Ltd, as the company is formally called, at $18.5 billion, it said in a statement.

Lufax raised $924 million from new investors in a so-called B round of financing, as well as an additional $292 million from investors who had bought stakes in the company in an initial funding round.

The fundraising will lay the foundation for the exchange‘s future development, Lufax said in the statement.

The B round of financing was several times oversubscribed. Domestic and overseas institutions participated, including the investment arm of COFCO Group and Guotai Junan (Hong Kong), it added.

Lufax said its IPO could take place in the second half of 2016 and that it is considering a dual listing on a domestic and overseas exchange.

The IPO could be worth as much as $5 billion, according to IFR, a Thomson Reuters publication.

Lufax serves as a trading platform for a wide variety of financial products between institutional and individual investors, including wealth management products and peer-to-peer loans.

Also read: Ping An-backed Chinese online lender Lufax plans $5b HK IPO in 2016

AXA Philippines buys Charter Ping An for $49m, forays into non-life insurance biz

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.