Ping An CFO Yao Says Insurer Plans IPO for Lufax Online Lender

Ping An Insurance (Group) Co., China’s second-largest insurer, is planning an initial public offering for its Lufax.com online lending platform.

Ping An is “actively considering” the plan to boost the company’s value, Chief Financial Officer Jason Yao said at a press conference Friday in Shanghai.

The insurer, which owned 49.99 percent of voting rights in Lufax at the end of 2014, raised 3 billion yuan ($470 million) by selling stock to overseas investors in a private placement in March.

The Shanghai-based peer-to-peer lender doubled its registered users to 10 million in the first half of this year.

Ping An, based in Shenzhen, on Thursday reported first-half net income rose to 34.6 billion yuan from 21.4 billion yuan a year earlier.

The shares dropped 2 percent to HK$38.80 at the close of trading in Hong Kong on Friday.

— With assistance by Dingmin Zhang

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