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Lufax proposes renewal of connected transactions with Ping An, setting caps up to RMB6.997B for general services
LULufax Holding Ltd
The Board approved renewing continuing connected transactions with Ping An Insurance and its subsidiaries for a two-year term from January 1, 2027, through December 31, 2028, alongside a new one-year account management agreement. Key proposed annual caps include RMB6.997 billion for general services provided to Ping An Consumer Finance, RMB5.511 billion for fees payable by Ping An Property & Casualty under the 2027 Account Management Framework Agreement, and RMB3.231 billion in guarantee service fees receivable from Ping An Consumer Finance. Other caps cover property leasing at RMB274.3 million, services provided to Ping An at RMB95.5 million, and financial services balances up to RMB19 billion. Shareholder approval is required for several agreements exceeding 5% thresholds under Hong Kong listing rules. Lufax Holding Ltd operates in the retail credit and enablement business with borrowers and institutions in China.