China Fintech Lufax Could Raise As Much As $3 Billion In U.S. IPO: Sources

Ping An Insurance-backed financial technology company Lufax Holding Ltd. has filed for an initial public offering in the U.S. that could raise as much as $3 billion, according to sources familiar with the matter.

The filing was made without a public statement, the sources said. Lufax declined to provide any details about the IPO.

The company's plans are still in the very early stages, the sources said and added that this meant its timing and size could change at any time. Given the U.S. demand for China company stocks Lufax could potentially raise even more than expected. In July China electric carmaker Li Auto Inc. sold its IPO shares at the higher end of its price range.

Ping An Insurance fintech unit OneConnect raised $312 million in a December IPO in the U.S.

Lufax is a subsidiary of privately held Wincon Investment Co. Ltd., according to Bloomberg. It is the fourth most valuable unicorn startup. During its last funding round at the end of 2018 Lufax was valued at around $39.4 billion.

The online wealth management and retail lender has reportedly asked Bank of America, UBS, HSBC and Goldman Sachs to lead the IPO.

Both Lufax and OneConnect were said to originally be planning to sell shares in Hong Kong. Earlier in the week Lufax launched its Lu International unit in Hong Kong. The company offers online investment and wealth management including trading in shares, mutual funds and bonds. It is charging no commission until the end of September.