China's Lufax seeks US IPO as early as this year

Lufax, one of China's largest online wealth management platforms, is backed by financial giant Ping An Insurance Group.

HONG KONG/NEW YORK: Lufax, one of China's largest online wealth management platforms backed by financial giant Ping An Insurance Group, is seeking a U.S. initial public offering as early as this year, people with direct knowledge told Reuters.

The Shanghai-based company has enlisted Bank of America, Goldman Sachs, HSBC, JP Morgan and UBS to work on the offering, according to three of the people, who declined to be named due to confidentiality constraints. The banks declined to comment.