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Lufax Holding Ltd provided an update on its efforts to resume trading, which has been suspended since January 2025
LULufax Holding Ltd
Lufax Holding Ltd provided an update on its efforts to resume trading, which has been suspended since January 2025. The Hong Kong Stock Exchange issued modified resumption guidance requiring investigations into related-party transactions, loan transactions totaling RMB3.84 billion, and unconsolidated hospitality expenses of approximately RMB77.9 million. Lufax restated financials for 2022-2023, appointed new auditors Ernst & Young, and implemented internal control reforms. Disciplinary actions were taken against former executives including Gregory Dean Gibb and David Siu Kam Choy. The company reached a settlement with affiliate Lufunds to share investor compensation costs in a 70:30 ratio, with Lufunds paying RMB92.9 million for specific losses. Trading remains suspended as the company works to meet regulatory requirements before the potential delisting deadline of July 27, 2026. The company operates in the financial services industry, providing consumer finance and wealth management platforms.