HONG KONG (Reuters) - Lufax, China’s biggest peer-to-peer lending and wealth management platform, sees a potential listing helping to fund expansion at home and abroad, though it has set no specific timeline for a deal, Chief Executive Officer Gregory Gibb told Reuters in an interview on Monday.
Valued at $18.5 billion when it raised $1.2 billion from a group of investors in January, Lufax picked four banks to prepare a Hong Kong initial public offering that could raise $5 billion, sources said previously. Giant Chinese insurer Ping An Insurance (601318.SS) is its biggest investor.
“We really don’t comment on specific plans around the IPO,” Gibb said, speaking on the sidelines of a financial technology conference in Hong Kong.
“Whether it’s for supporting domestic growth or supporting, eventually, international moves...if you have that flexibility, it’s a good thing to have,” Gibb said, referring to a stock market listing.
Lufax is looking to expand into Hong Kong or Singapore in a bid to offer more wealth management products and other international investments to wealthy Chinese investors in its platform, Gibb added.
Reporting by Elzio Barreto and Sijia Jiang; Editing by Kenneth Maxwell