Finance News

The Chinese language fintech large Lufax is aiming for an IPO within the US of as much as $ 2.36 billion

A logo of the Lufax website can be seen at the company's headquarters in Shanghai, China on May 28, 2020.

Wu Jun | Visual China Group | Getty Images

GUANGZHOU, China – Chinese credit and asset management company Lufax is targeting up to $ 2.36 billion from an initial public offering in the United States.

Earlier this month, the Shanghai-based company, which is backed by financial giant Ping An Group, announced that it would be listed on the New York Stock Exchange under the ticker "LU".

Pricing details have now been published. Lufax announced that 175,000,000 American Depositary Shares (ADS) will be issued, priced between $ 11.50 and $ 13.50 per share.

At the high end of the range, Lufax's offering would be valued at $ 2.36 billion.

Chinese tech companies have tried to take advantage of a rally in stock markets to go public, including on Wall Street, despite geopolitical tensions between the US and China.

Electric car makers Xpeng Motors and Li Auto went public in the US earlier this year.

Lufax's New York listing comes from mounting tensions between the US and China threatening American listed Chinese companies. Washington lawmakers are pushing for Chinese companies to be scrutinized with legislative proposals that threaten to delist some US companies.

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