Lufax Holding Ltd, a leading financial services provider for small business owners in China, announced a mandatory unconditional cash offer to acquire all issued and outstanding ordinary shares and American Depositary Shares (ADSs), excluding those already owned by the joint offerors. The offer is triggered by the election for a scrip dividend by An Ke Technology and Ping An Overseas Holdings under Lufax's scrip dividend scheme. The offer price for ordinary shares is set at US$1.127 per share, and US$2.254 per ADS, representing a discount to the recent trading prices on the NYSE and HKSE. The offer is not subject to any financing condition and is expected to be financed through internal cash resources of An Ke Technology and...Show More

Lufax Holding Ltd, a leading financial services provider for small business owners in China, announced a mandatory unconditional cash offer to acquire all issued and outstanding ordinary shares and American Depositary Shares (ADSs), excluding those already owned by the joint offerors. The offer is triggered by the election for a scrip dividend by An Ke Technology and Ping An Overseas Holdings under Lufax's scrip dividend scheme. The offer price for ordinary shares is set at US$1.127 per share, and US$2.254 per ADS, representing a discount to the recent trading prices on the NYSE and HKSE. The offer is not subject to any financing condition and is expected to be financed through internal cash resources of An Ke Technology and Ping An Overseas Holdings. The offer is part of a broader strategy to maintain Lufax's listing on the NYSE and HKSE, with no intention to privatize the company. The offer is set to expire on October 28, 2024, with payment to be made promptly within two US business days following the expiration date. The joint offerors do not believe the offer is fair from a financial point of view to unaffiliated security holders of Lufax, citing the offer prices represent a discount to prevailing market prices.