Lufax Holding Ltd, a leading financial services provider for small business owners in China, announced a mandatory unconditional cash offer triggered by the election of a special dividend. The offer, made by Morgan Stanley on behalf of joint offerors An Ke Technology Company Limited and China Ping An Insurance Overseas (Holdings) Limited, aims to acquire all issued Lufax shares and American Depositary Shares (ADSs), excluding those already owned by the offeror group. The offer also includes the cancellation of all outstanding Lufax options and unvested performance share units (PSUs). The offer price for Lufax shares is set at US$1.127 per share, and US$2.254 per ADS, equivalent to the reference prices under the Lufax Scrip Dividend Scheme. The offer is part...Show More

Lufax Holding Ltd, a leading financial services provider for small business owners in China, announced a mandatory unconditional cash offer triggered by the election of a special dividend. The offer, made by Morgan Stanley on behalf of joint offerors An Ke Technology Company Limited and China Ping An Insurance Overseas (Holdings) Limited, aims to acquire all issued Lufax shares and American Depositary Shares (ADSs), excluding those already owned by the offeror group. The offer also includes the cancellation of all outstanding Lufax options and unvested performance share units (PSUs). The offer price for Lufax shares is set at US$1.127 per share, and US$2.254 per ADS, equivalent to the reference prices under the Lufax Scrip Dividend Scheme. The offer is part of a broader strategy to maintain Lufax's listing on the New York Stock Exchange (NYSE) and the Hong Kong Stock Exchange (HKSE), with no intention to privatize the company. The offer is unconditional and will remain open for acceptance until October 28, 2024. Lufax's board, advised by Anglo Chinese Corporate Finance, Limited, recommends shareholders not to accept the offer, deeming it not fair and not reasonable. The offer follows Lufax's strategic adjustments in response to economic challenges in China, including a transition to a 100% guarantee business model and the acquisition of a virtual bank license to diversify services.