Summary by Futu AI
Lufax, a subsidiary of Ping An Insurance, will distribute special dividends on July 30, 2024 and commence trading new shares on the Hong Kong Stock Exchange on July 31, 2024. The distribution of this special dividend is due to An Technologies Limited and Ping An Overseas Holdings choosing to use shares instead of cash dividends under Lufax's stock dividend plan, resulting in Lufax becoming an indirect non-wholly owned subsidiary of Ping An Group. Morgan Stanley, as a financial adviser, will make a Lufax share tender offer on behalf of the joint offerors pursuant to Rule 26.1 of the Takeover Code, and make a Lufax options offer pursuant to Rule 13.5 of the Takeover Code. In addition, Lufax Performance Share Units will be arranged to be cancelled for all outstanding Lufax options and unvested Lufax Performance Share Units held by Lufax Performance Share Unit holders. The joint offerors will be using internal cash resources of An Technologies and Ping An Overseas Holdings to pay the relevant amount.