Lufax Announces $1.2B New Financing At US$18.5B Valuation

Chinese online financial services platform Shanghai Lujiazui International Financial Asset Exchange Co. Ltd., also known as Lufax, has completed US$1.216 billion new round of financing at a post-money valuation of US$18.5 billion, according to a company announcement (in Chinese).

Investors in the round include Bank of China Group Investment Limited, Guotai Junan Securities (HK) Ltd. and Minsheng Shangyin International Holding Co., Ltd.

The company said the new financing includes US$924 million from series B investors and US$292 million from its existing series A investors, who subscribed to the company’s stock options.

Earlier this month, media reports emerged that the company raised US$900 million, lower than the actual and announced fundraising value.

Lufax, established in 2011 with the support of the Shanghai municipal government and as a subsidiary of Ping An Insurance Company of China, Ltd., completed a US$500 million series A funding round in December 2014 at a post-money valuation of US$10 billion.

As of the end of 2015, Lufax has registered users of 18 million with active users of 3.6 million. Its services cover over 300 Chinese cities with cumulative transaction value of over RMB1.6 trillion, according to the announcement.

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