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Hong Kong offers shelter for battered fintech star

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HONG KONG, March 10 (Reuters Breakingviews) – U.S.-listed Chinese online lender Lufax reported a one-third rise in annual net profit and its first dividend. Yet shares trade at a miserly 5 times earnings as it fights through a thicket of new rules. Like many peers, it’s mulling a Hong Kong ticker. The sooner the better.

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CONTEXT NEWS

– U.S.-listed Lufax, a Chinese online lender, on March 10 reported net profit of $2.6 billion for 2021, representing a 36% rise year-on-year, on revenue that rose 19% to reach $9.7 billion. The $14 billion company, which went public in October 2020, also reported its first dividend of 34 cents per American Depository Receipt as well as plans to buy back up to $500 million of its ADRs, following buybacks worth $864 million last year.

– On an investor call the company said it had held preliminary discussions with the relevant authorities about listing its shares in Hong Kong.

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