SHANGHAI, Nov. 20,
2023 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or
the "Company") (NYSE: LU and HKEX: 6623), a leading financial
services enabler for small business owners in China, today announced that it plans to change
the ratio of its American Depositary Shares ("ADSs") to its
ordinary shares (the "ADS Ratio"), par value US$0.00001 per share, from the current ADS Ratio
of two (2) ADSs to one (1) ordinary share to a new ADS Ratio of one
(1) ADS to two (2) ordinary shares. The Company anticipates that
the change in the ADS Ratio will be effective on or about
December 15, 2023 (the "Effective
Date").
For Lufax's ADS holders, the change in the ADS Ratio will have
the same effect as a one-for-four reverse ADS split. On the
Effective Date, holders of ADSs in the Direct Registration System
("DRS") and in the Depository Trust Company ("DTC") will have their
ADSs automatically exchanged and need not take any action. The
exchange of every four (4) then-held (existing) ADSs for one (1)
new ADS will occur automatically, at the Effective Date, with the
then-held ADSs being cancelled and new ADSs being issued by the
depositary bank. No fractional new ADSs will be issued in
connection with the change in the ADS Ratio. Instead, fractional
entitlements to new ADSs will be aggregated and sold by the
depositary bank and the net cash proceeds from the sale of the
fractional ADS entitlements (after deduction of fees, taxes and
expenses) will be distributed to the applicable ADS holders by the
depositary bank.
The change in the ADS Ratio will have no impact on Lufax's
underlying ordinary shares, and no ordinary shares will be issued
or cancelled in connection with the change in the ADS Ratio.
Lufax's ADSs will continue to be traded on the New York Stock
Exchange under the symbol "LU."
As a result of the change in the ADS Ratio, the ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the change
in the ADS Ratio will be equal to or greater than four times the
ADS trading price before the change.
About Lufax
Lufax is a leading financial services enabler for small business
owners in China. The Company
offers financing products designed principally to address the needs
of small business owners. In doing so, the Company has established
relationships with 91 financial institutions in China as funding and credit enhancement
partners, many of which have worked with the Company for over three
years.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Statements
that are not historical facts, including statements about Lufax's
beliefs and expectations, are forward-looking statements. Lufax has
based these forward-looking statements largely on its current
expectations and projections about future events and financial
trends, which involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. These forward-looking
statements include, but are not limited to, statements about
Lufax's goals and strategies; Lufax's future business development,
financial condition and results of operations; expected changes in
Lufax's income, expenses or expenditures; expected growth of the
retail credit enablement; Lufax's expectations regarding demand
for, and market acceptance of, its services; Lufax's expectations
regarding its relationship with borrowers, platform investors,
funding sources, product providers and other business partners;
general economic and business conditions; and government policies
and regulations relating to the industry Lufax operates in.
Forward-looking statements involve inherent risks and
uncertainties. Further information regarding these and other risks
is included in Lufax's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of this press release, and Lufax does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
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SOURCE Lufax Holding Ltd