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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Ping An Insurance (Group) Company of China, Ltd.    2318   CNE1000003X6

PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.

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China's Lufax falls 14% in New York debut after $2.36 billion IPO

10/30/2020 | 12:31pm EST

(Reuters) - Shares of Lufax Holding Ltd, one of China's largest online wealth management platforms, fell 14% in their debut on the New York Stock Exchange on Friday, after the company raised $2.36 billion in its initial public offering.

The stock opened at $11.60 per American Depositary Share (ADS), down from the IPO price of $13.50 per ADS.

Lufax had earlier priced its offering at the top end of its range between $11.50 and $13.50 per ADS, the company said in a statement.

The IPO values Lufax as a whole at $32.9 billion, below the $39.4 billion in its last fundraising in late 2018, according to data provider PitchBook.

Lufax's IPO was the biggest China-to-U.S. listing since the $2.4 billion Nasdaq float of video-streaming service iQiyi in March 2018.

It is also the second-largest U.S. IPO so far in 2020 after data warehouse company Snowflake Inc, which raised over $3 billion in its float, and excluding those of special purpose acquisition companies (SPACs).

The IPO comes against the backdrop of whiplashing financial markets, with the S&P 500 and the Dow hitting their lowest levels since late-September earlier in the week, as coronavirus cases surge globally and prospects grow of a contested U.S. presidential election.

Mortgage lenders Caliber Home Loans Inc and AmeriHome Inc as well as software firm Mavenir were among the companies that pulled their IPOs earlier this week after anticipating volatility in stock markets in the run-up to the elections.

Still, 2020 has been a bumper year for investors who bet on new listings after seeking alternate investment routes, as low interest rates have diminished returns on traditionally safe investments like bonds.

Companies have raised over $114 billion so far in 2020, making it the biggest year for new listings in recent memory, according to data from Dealogic, which has tracked IPO data since 1995.

(Reporting by Kane Wu and Scott Murdoch in Hong Kong, with Noor Zainab Hussain in Bengaluru and Joshua Franklin in Boston; Additional reporting by Ambar Warrick and Niket Nishant; Editing by John Stonestreet, David Holmes and Anil D'Silva)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.03% 31197.96 Delayed Quote.1.06%
IQIYI, INC. -0.99% 20.905 Delayed Quote.20.94%
NASDAQ 100 0.67% 13387.220935 Delayed Quote.3.17%
NASDAQ COMP. 0.48% 13523.263658 Delayed Quote.2.40%
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD. -0.69% 100.5 End-of-day quote.5.79%
S&P 500 0.05% 3854.1 Delayed Quote.2.55%
SNOWFLAKE INC. 1.18% 285.365 Delayed Quote.0.17%
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Financials
Sales 2020 1 018 B 158 B 158 B
Net income 2020 130 B 20 142 M 20 142 M
Net Debt 2020 - - -
P/E ratio 2020 13,7x
Yield 2020 2,14%
Capitalization 1 838 B 237 B 285 B
Capi. / Sales 2020 1,81x
Capi. / Sales 2021 1,60x
Nbr of Employees 372 194
Free-Float 82,8%
Chart PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
Duration : Period :
Ping An Insurance (Group) Company of China, Ltd. Technical Analysis Chart | 2318 | CNE1000003X6 | MarketScreener
Technical analysis trends PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 27
Average target price 93,36 CNY
Last Close Price 100,50 CNY
Spread / Highest target 8,10%
Spread / Average Target -7,11%
Spread / Lowest Target -21,1%
EPS Revisions
Managers and Directors
NameTitle
Bo Yao Co-CEO, CFO, Executive Director & Chief Actuary
Sin Ying Tan Co-CEO, COO, Executive Director & Executive VP
Yong Lin Xie President, Co-CEO & Executive Director
Ming Zhe Ma Chairman
Jian Yi Sun Chairman-Supervisory Board