#WealthTech / Lufax joins China fintech IPO race with Ant and JD Digits

Lufax’s profit margins have climbed as the company has shifted focus from peer-to-peer lending to becoming a platform for the sale of financial institutions’ products.

Lufax, the online wealth management and lending arm of Ping An Insurance Group, China’s largest insurer, filed a public prospectus for an IPO in New York on Wednesday. Sources familiar with the company’s plans have said previously that it wants to raise as much as $3 billion.

Lufax… estimated the unmet financing demand of small businesses in China at about $7 trillion and said fintech companies like it — armed with customer data and artificial intelligence — were plugging the gap. These companies are also helping salaried workers with needs not met by credit cards and traditional loans…