Lufax to partner with investment funds for online product sales
According to Chinese media reports, Shanghai Lujiazui International Financial Asset Exchange (Lufax), the P2P lender and online market for financial services launched by Ping An Insurance, has agreed to partner with around 30 major private investment fund companies. Lufax, which started as a P2P lending platform, plans to help the firms launch their products online, cross-sell, potentially link their trading systems and investigate the offering pf other innovative products as part of its plan to become a comprehensive digital financial services company. Lufax, which was valued by investors at nearly $10bn earlier this year, is understood to be preparing to IPO in Hong Kong next year.





Shanghai Lujiazui International Financial Asset Exchange (Lufax), an online financial services start-up launched by Ping An Insurance Company of China, Ltd., has agreed to partner with nearly 30 major private investment fund houses to help distribute their products online, according to Chinese media reports.

The managers include Shanghai Chongyang Investment, DH Fund Management, China Future Capital, Greenwood Asset Management, Starock Investment, and others.

Shanghai-based Lufax will help these fund houses to launch their products online, conduct cross-selling, potentially link their trading systems and explore offering other innovative products together in the future.

Launched in 2011, Lufax was reportedly seeking another round of financing before its planned initial public offering next year.

In March, Lufax raised RMB3 billion (US$485 million) led by Ping An Insurance, with participation from Morgan Stanley and other undisclosed investors. The round valued the company at roughly US$10 billion.

Lufax, with the support of the Shanghai municipal government, started as a peer-to-peer lending platform. Starting from the beginning of this year,

Lufax began diversifying its offerings to become a comprehensive online financial services company offering P2P lending, mutual fund products, cross-border trading, insurance, wealth management products

This agreement with the Chinese private investment funds will launch Lufax’s so-called sunshine private equity fund channel.