エキシビション 99.2
香港証券取引所有限公司と香港証券取引所有限公司は、この発表の内容について一切責任を負いません。 その正確性または完全性について表明し、この発表の内容の全部または一部に起因する、またはそれらに依存して生じるいかなる損失についても、一切の責任を明示的に否認します。
陸金所
金所 控控股公司
(ケイマン諸島で有限責任で設立)
（証券コード：6623）
(ニューヨーク証券取引所) 株式ティッカー:(LU)
(1) 内部情報
の未監査の財務結果
2024年9月30日に終了した四半期
と
(2) 変更はありません ルーファックス・インディペンデントのアドバイス
ファイナンシャルアドバイザー
この発表は、証券の上場を管理する規則の規則13.09に従って発行されました 香港証券取引所および証券先物条例第XIVA部（第571章）に基づく。
ルーファックス・ホールディング株式会社（」会社」、その子会社と連結会社 関連会社、」グループ」）は、2024年9月30日に終了した3か月間の当社、その子会社、および連結関連会社の未監査の要約連結業績を発表できることを嬉しく思います。
当社は、当社とその子会社および連結関連会社の未監査の要約連結業績を発表できることを嬉しく思います 2024年9月30日に終了した3か月間の団体（「第3四半期の結果」）は、米国証券取引委員会の適用規則に従って公開されています（」秒”).
第3四半期の結果は、国際財務報告基準に従って作成されています。ここにスケジュールIとして添付されているのは、の全文です 2024年10月21日（米国東部標準時）に当社が発行した、第3四半期の結果に関連してプレスリリース。その中には、会社の重要な内部情報を構成するものもあります。
準備の基本
第3四半期の結果は 2023年12月31日に終了した年度のグループの監査済み連結財務諸表に定められているように、グループが通常採用している会計方針とすべての重要な点で一致している根拠。
1
買収コードへの影響
2024年9月27日付けで当社と提供者グループが共同で発行した複合文書は、次の内容に関連して参照されています。 その他、ルーファックスオファー（」複合文書」)。文脈上別段の定めがない限り、ここで使用される大文字の用語の意味は 複合文書で定義されているものと同じ意味です。
この発表はオファー期間中に行われます。買収法第10条に従い、グループの未監査純利益/（損失）と未監査純額 2024年9月30日に終了した3か月間のグループの所有者に帰属する利益/（損失）は、利益予測（見積もり」）そして、各ファイナンシャルアドバイザーと監査人による報告が必要です 買収法の規則10.1および規則10.2に従って会社の。
見積もりはプライスウォーターハウスクーパースによって報告されました（ 」PwC」）、会社の監査人、および会社の独立財務顧問であるアングロ・チャイニーズ・コーポレート・ファイナンス株式会社（Lufax独立財務顧問”).
PwCは、会計方針と計算に関する限り、会社の取締役は（取締役」) 持っています 取締役が採用した基準に従い、また、見積もりが、すべての重要な点でグループが通常採用している会計方針と一致する基準で提示されているかどうかを確認して、見積もりを適切にまとめました。 2023年12月31日に終了した年度のグループの監査済み連結財務諸表。PwCは、香港投資循環報告業務基準500「利益予測報告」に従って業務を行ってきました。 運転資金の十分性に関する声明と負債の明細書）、および香港保証業務基準3000（改訂）、過去の財務情報の監査またはレビュー以外の保証業務を参照 香港公認会計士協会が発行しました。
Lufaxの独立系財務アドバイザーは、この見積もりに満足しています。そのため、 取締役は単独で責任を負い、取締役は十分な注意と配慮をもって決定しました。
PwCとルーファックス・インディペンデントが発行した手紙 財務顧問は経営幹部に提出されており、その内容はそれぞれ本発表のスケジュールIIとIIIに記載されています。PwCとLufaxインディペンデント・ファイナンシャル・アドバイザーはそれぞれ同意しましたが、撤回していません この発表の主題に、その手紙と、この発表に登場する形式と文脈でその名前を使用するための言及を含めてください。見積もりは買収法の規則10に従って報告されています。
2
ルファクス独立金融アドバイザーのアドバイスに変更はありませんルファクスオファーに関して
コンポジット書類に開示されているように、ルファクス独立金融アドバイザーは、ルファクスオファーに関連してルファクス独立取締役会を助言するために任命されました。
ルファクス独立系金融アドバイザーは、ルファクスシェアオファー、ルファクスオプションオファー、およびルファクスPSUアレンジメントが、ルファクス株主、ルファクスADS保有者、ルファクスオプション保有者、およびルファクスPSU保有者にとって公平で合理的でないとの見解を示しました。ルファクス独立系金融アドバイザーは、それぞれの証券の保有者に、それらのオファーや取り決めを受け入れないよう推奨するようルファクス独立取締役委員会に助言しました。
ルファクス独立金融アドバイザーは、この発表に含まれる情報がルファクスオファーに関するアドバイスやそれらのオファーや取り決めを受け入れないという推奨に影響を与えないことをルファクス独立取締役会に確認し、したがって、そのアドバイスに変更はありません。
警告：
この発表には将来を見据えた声明が含まれています。これらの声明は、1995年の米国プライベート証券訴訟改革法の「安全港」規定の下で行われています。これらの将来を見据えた声明は、「will」「expects」「anticipates」「future」「intends」「plans」「believes」「estimates」といった用語で特定されます。会社の信念や期待に関する歴史的事実でない声明、つまり会社の目標と戦略、会社の将来の事業展開、財務状態および業績、会社の収入、支出、経費の見込まれる変化、小売クレジット支援の見込まれる成長、会社のサービスへの需要および市場の受容に関する見込み、借入人、プラットフォーム投資家、資金提供元、商品提供元、その他のビジネスパートナーとの会社の関係に関する会社の期待、一般的な経済状況と業務状況、および会社が運営している業種に関連する政府の政策と規制についての声明を含みます。将来を見据えた声明には固有のリスクと不確実性が伴います。これらおよびその他のリスクに関する詳細情報は、SECおよび証券取引所への当社の提出書類に含まれています。この発表で提供される情報はこの発表の日付時点のものであり、会社は適用法に基づいて必要な更新を行う義務を負いません。
3
The Company’s shareholders and potential investors are advised not to place undue reliance on the Q3 Results and to exercise caution in dealing in securities of the Company, especially when assessing the merits and demerits of the mandatory general offer, and if they are in any doubt about their position, they should consult their professional adviser(s).
| By order of the Board |
| Lufax Holding Ltd |
| Yong Suk CHO |
| Chairman of the Board and Chief Executive Officer |
Hong Kong, October 21, 2024
As at the date of this announcement, the board of Directors of the Company comprises Mr. Yong Suk CHO and Mr. Gregory Dean GIBB as the executive Directors, Mr. Yonglin XIE, Ms. Xin FU and Mr. Yuqiang HUANG as the non-executive Directors and, Mr. Rusheng YANG, Mr. Weidong LI, Mr. Xudong ZHANG and Mr. David Xianglin LI as the independent non-executive Directors.
The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statements in this announcement misleading.
4
SCHEDULE I
Lufax Reports Third Quarter 2024 Financial Results
SHANGHAI, October 21, 2024 － 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 its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
| • | Total income was RMB5,543 million (US$790 million) in the third quarter of 2024, compared to RMB8,050 million in the same period of 2023. |
| • | Net loss was RMB725 million (US$103 million) in the third quarter of 2024, compared to net profit of RMB131 million in the same period of 2023. |
| (In millions except percentages, unaudited) | Three Months Ended September 30, | |||||||||||||||
| 2023 | 2024 | YoY | ||||||||||||||
| RMB | RMB | USD | ||||||||||||||
| Total income |
8,050 | 5,543 | 790 | (31.1 | %) | |||||||||||
| Total expenses |
(7,747 | ) | (6,262 | ) | (892 | ) | (19.2 | %) | ||||||||
| Total expenses excluding credit impairment losses, finance costs and other (gains)/losses |
(4,650 | ) | (2,982 | ) | (425 | ) | (35.9 | %) | ||||||||
| Credit impairment losses, finance costs and other (gains)/losses |
(3,097 | ) | (3,279 | ) | (467 | ) | 5.9 | % | ||||||||
| Net profit/(loss) |
131 | (725 | ) | (103 | ) | (653.7 | %) | |||||||||
Third Quarter 2024 Operational Highlights
| • | Total outstanding balance of loans was RMB213.1 billion as of September 30, 2024 compared to RMB366.3 billion as of September 30, 2023, representing a decrease of 41.8%, among which the outstanding balance of consumer finance loans was RMB46.4 billion as of September 30, 2024, compared to RMB36.1 billion as of September 30, 2023, representing an increase of 28.7%. |
| • | Total new loans enabled were RMB50.5 billion in the third quarter of 2024, which remained flattish compared to RMB50.5 billion in the same period of 2023, among which new consumer finance loans were RMB26.4 billion in the third quarter of 2024, compared to RMB20.6 billion in the same period of 2023, representing an increase of 27.8%. |
| • | Cumulative number of borrowers increased by 24.1% to approximately 24.8 million as of September 30, 2024 from approximately 20.0 million as of September 30, 2023. |
| • | As of September 30, 2024, including the consumer finance subsidiary, the Company bore risk on 64.2% of its outstanding balance, up from 31.8% as of September 30, 2023. Credit enhancement partners bore risk on the other 35.1% of the outstanding balance, among which Ping An Property & Casualty Insurance Company of China, Ltd. accounted for a majority. |
| • | As of September 30, 2024, excluding the consumer finance subsidiary, the Company bore risk on 58.7% of its outstanding balance, up from 25.7% as of September 30, 2023. |
5
| • | For the third quarter of 2024, the Company’s retail credit enablement business take rate1 based on loan balance was 9.7%, as compared to 7.8% for the third quarter of 2023. |
| • | C-M3 flow rate2 for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 0.9% in the third quarter of 2024, which is flattish compared to the second quarter of 2024. Flow rates for the general unsecured loans and secured loans the Company had enabled were 0.9% and 0.9% respectively in the third quarter of 2024, as compared to 0.9% and 0.7% respectively in the second quarter of 2024. |
| • | Days past due (“DPD”) 30+ delinquency rate3 for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 5.2% as of September 30, 2024, as compared to 5.4% as of June 30, 2024. DPD 30+ delinquency rate for general unsecured loans was 5.5% as of September 30, 2024, as compared to 5.8% as of June 30, 2024. DPD 30+ delinquency rate for secured loans was 4.5% as of September 30, 2024, as compared to 4.1% as of June 30, 2024. |
| • | DPD 90+ delinquency rate4 for total loans enabled, excluding the consumer finance subsidiary, was 3.2% as of September 30, 2024, as compared to 3.4% as of June 30, 2024. DPD 90+ delinquency rate for general unsecured loans was 3.4% as of September 30, 2024, as compared to 3.7% as of June 30, 2024. DPD 90+ delinquency rate for secured loans was 2.5% as of September 30, 2024, as compared to 2.5% as of June 30, 2024. |
| • | As of September 30, 2024, the non-performing loan (NPL) ratio5 for consumer finance loans was 1.2% as compared to 1.4% as of June 30, 2024. |
| 1 | The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income (excluding revenue from PAObank and LUAN credit subsidiaries), guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period. |
| 2 | C-M3 flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products, consumer finance subsidiary, PAObank and LUAN credit subsidiaries are excluded from the flow rate calculation. |
| 3 | DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products, consumer finance subsidiary, PAObank and LUAN credit subsidiaries are excluded from the calculation. |
| 4 | DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products, consumer finance subsidiary, PAObank and LUAN credit subsidiaries are excluded from the calculation. |
| 5 | Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 91 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans. |
6
Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, “During the third quarter, while Puhui loan demand remained weak, our consumer finance business continued to grow and delivered a solid performance. We maintained stable asset quality, with the C-M3 flow rate of our Puhui loans remaining steady despite declining balances, while our consumer finance NPL ratio continued to improve. As we anticipate it will take time for small business owners to benefit from recent stimulus policies enacted in late September, we are maintaining a cautious and diligent approach to our business strategies. In the meantime, we will place additional emphasis on non-SBO customers and continue to develop our consumer finance business. This balanced approach, combined with our ongoing risk management efforts, positions us well to navigate the evolving landscape while supporting the financial needs of both SBO and non-SBO customers in China’s dynamic economy.”
Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “Our continued focus on operational refinements has yielded solid results. By maintaining a prudent approach to credit standards, our C-M3 flow rate of Puhui loans stabilized at 0.9% and the NPL ratio for consumer finance loans further decreased to 1.2%. Meanwhile, the ongoing rollout of our 100% guarantee model for Puhui loans has had a favorable impact on the take rate of our outstanding balance, which reached 9.7% this quarter. In addition, our consumer finance business demonstrated continuous growth, with a 27.8% year-over-year increase in new loan sales, comprising 52% of total new loan sales in the quarter. As we strive for sustainable long-term growth, our vigilant approach and continued operational enhancements will remain essential.”
Mr. Alston Peiqing Zhu, Chief Financial Officer of Lufax, commented, “During the third quarter, our two main operating entities maintained their solid capital positions. Our guarantee subsidiary’s leverage ratio stood at 2.6x, well within the 10x regulatory limit. At the same time, our consumer finance subsidiary had a healthy 14.9% capital adequacy ratio, as compared to the 10.5% regulatory requirement. We remain committed to our prudent strategy as we seek to improve our market position and drive success for our business and our shareholders.”
7
Third Quarter 2024 Financial Results
TOTAL INCOME
Total income was RMB5,543 million (US$790 million) in the third quarter of 2024, compared to RMB8,050 million in the same period of 2023, representing a decrease of 31%.
| (In millions except percentages, unaudited) | Three Months Ended September 30, | |||||||||||||||||||
| 2023 | 2024 | YoY | ||||||||||||||||||
| RMB | % of income |
RMB | % of income |
|||||||||||||||||
| Technology platform-based income |
3,259 | 40.5 | % | 1,633 | 29.5 | % | (49.9 | %) | ||||||||||||
| Net interest income |
3,307 | 41.1 | % | 2,687 | 48.5 | % | (18.8 | %) | ||||||||||||
| Guarantee income |
941 | 11.7 | % | 818 | 14.7 | % | (13.1 | %) | ||||||||||||
| Other income |
291 | 3.6 | % | 333 | 6.0 | % | 14.3 | % | ||||||||||||
| Investment income |
253 | 3.1 | % | 73 | 1.3 | % | (71.1 | %) | ||||||||||||
| Share of net profits of investments accounted for using the equity method |
(1 | ) | 0.0 | % | — | — | 100.0 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total income |
8,050 | 100.0 | % | 5,543 | 100.0 | % | (31.1 | %) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| • | Technology platform-based income was RMB1,633 million (US$233 million) in the third quarter of 2024, compared to RMB3,259 million in the same period of 2023, representing a decrease of 49.9%, due to 1) the decrease of retail credit service fees as a result of the decrease in loan balance and 2) the decrease of referral and other technology platform-based income due to the Company’s exit from the Lujintong6 business that it had previously conducted. |
| • | Net interest income was RMB2,687 million (US$383 million) in the third quarter of 2024, compared to RMB3,307 million in the same period of 2023, representing a decrease of 18.8%, mainly due to the decrease in loan balance, partially offset by the increase of net interest income from the Company’s consumer finance business. |
| • | Guarantee income was RMB818 million (US$117 million) in the third quarter of 2024, compared to RMB941 million in the same period of 2023, representing a decrease of 13.1%, primarily due to a lower average fee rate. |
| • | Other income was RMB333 million (US$47 million) in the third quarter of 2024, compared to other income of RMB291 million in the same period of 2023. The increase was mainly due to the increased account management fees driven by improved collection performance. |
| • | Investment income was RMB73 million (US$10 million) in the third quarter of 2024, compared to RMB253 million in the same period of 2023, mainly due to the increased losses associated with certain investment assets. |
| 6 | Lujintong was a platform the company launched in 2019, aiming to help its financial institution partners to acquire borrowers directly through dispersed sourcing nationwide. The company downscaled the operations of Lujintong in 2023 and ceased its operation by the end of April 2024. |
8
TOTAL EXPENSES
Total expenses decreased by 19% to RMB6,262 million (US$892 million) in the third quarter of 2024 from RMB7,747 million in the same period of 2023. This decrease was mainly due to the decrease in sales and marketing expenses by 50% to RMB1,148 million (US$164 million) in the third quarter of 2024 from RMB2,290 million in the same period of 2023. Total expenses excluding credit impairment losses, finance costs and other (gains)/losses decreased by 36% to RMB2,982 million (US$425 million) in the third quarter of 2024 from RMB4,650 million in the same period of 2023.
| (In millions except percentages, unaudited) | Three Months Ended September 30, | |||||||||||||||||||
| 2023 | 2024 | YoY | ||||||||||||||||||
| RMB | % of income |
RMB | % of income |
|||||||||||||||||
| Sales and marketing expenses |
2,290 | 28.5 | % | 1,148 | 20.7 | % | (49.9 | %) | ||||||||||||
| General and administrative expenses |
500 | 6.2 | % | 468 | 8.4 | % | (6.4 | %) | ||||||||||||
| Operation and servicing expenses |
1,478 | 18.4 | % | 1,096 | 19.8 | % | (25.8 | %) | ||||||||||||
| Technology and analytics expenses |
382 | 4.7 | % | 271 | 4.9 | % | (29.2 | %) | ||||||||||||
| Credit impairment losses |
3,001 | 37.3 | % | 3,270 | 59.0 | % | 9.0 | % | ||||||||||||
| Finance costs |
40 | 0.5 | % | 59 | 1.1 | % | 48.9 | % | ||||||||||||
| Other (gains)/losses – net |
56 | 0.7 | % | (50 | ) | (0.9 | %) | (190.1 | %) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total expenses |
7,747 | 96.2 | % | 6,262 | 113.0 | % | (19.2 | %) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| • | Sales and marketing expenses decreased by 49.9% to RMB1,148 million (US$164 million) in the third quarter of 2024 from RMB2,290 million in the same period of 2023. The decrease was mainly due to 1) decreased loan-related expenses as a result of the decrease in loan balance and 2) decreased retention expenses and referral expenses from platform service attributable to the Company’s exit from the Lujintong business that it had previously conducted. |
| • | General and administrative expenses decreased by 6.4% to RMB468 million (US$67 million) in the third quarter of 2024 from RMB500 million in the same period of 2023, mainly due to our efforts to streamline operations and the decrease of tax and surcharge. |
| • | Operation and servicing expenses decreased by 25.8% to RMB1,096 million (US$156 million) in the third quarter of 2024 from RMB1,478 million in the same period of 2023, due to the Company’s expense control measures and the contraction in our loan balance, partially offset by increased commissions associated with improved collection performance. |
| • | Technology and analytics expenses decreased by 29.2% to RMB271 million (US$39 million) in the third quarter of 2024 from RMB382 million in the same period of 2023, primarily due to the Company’s expense control measures. |
| • | Credit impairment losses increased by 9.0% to RMB3,270 million (US$466 million) in the third quarter of 2024 from RMB3,001 million in the same period of 2023, mainly due to increased provision related to loans and certain investment assets. |
9
| • | Finance costs increased by 48.9% to RMB59 million (US$8 million) in the third quarter of 2024 from RMB40 million in the same period of 2023, mainly due to the decrease of interest income from bank deposits, partially offset by the decrease of interest expenses as a result of our repayment of our C-Round Convertible Promissory Notes upon their maturity on September 30, 2023. |
| • | Other gains were RMB50 million (US$7 million) in the third quarter of 2024, compared to other losses of RMB56 million in the same period of 2023, mainly due to the increase of government subsidies. |
NET LOSS
Net loss was RMB725 million (US$103 million) in the third quarter of 2024, compared to a net profit of RMB131 million in the same period of 2023, as a result of the aforementioned factors.
LOSS PER ADS
Basic and diluted loss per American Depositary Share (“ADS”) were both RMB1.12 (US$0.16) in the third quarter of 2024. Each one ADS represents two ordinary shares.
BALANCE SHEET
The Company had RMB27,039 million (US$3,853 million) in cash at bank as of September 30, 2024, as compared to RMB39,599 million as of December 31, 2023. Net assets of the Company amounted to RMB86,340 million (US$12,303 million) as of September 30, 2024, as compared to RMB93,684 million as of December 31, 2023.
Conference Call Information
The Company’s management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Monday, October 21, 2024 (9:00 A.M. Beijing Time on Tuesday, October 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Registration Link: https://dpregister.com/sreg/10193712/fdbbe67610
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.
The replay will be accessible through October 28, 2024, by dialing the following numbers:
| United States: | 1-877-344-7529 | |
| International: | 1-412-317-0088 | |
| Conference ID: | 8154019 |
10
About Lufax
Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed to address the needs of small business owners and others. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the rate in effect as of September 30, 2024, as certified for customs purposes by the Federal Reserve Bank of New York.
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
11
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS
(All amounts in thousands, except share data, or otherwise noted)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
| Technology platform-based income |
3,259,370 | 1,633,073 | 232,711 | 12,345,440 | 6,184,965 | 881,350 | ||||||||||||||||||
| Net interest income |
3,307,385 | 2,686,933 | 382,885 | 10,022,932 | 8,247,873 | 1,175,313 | ||||||||||||||||||
| Guarantee income |
940,803 | 817,591 | 116,506 | 3,506,208 | 2,592,991 | 369,498 | ||||||||||||||||||
| Other income |
291,132 | 332,811 | 47,425 | 828,764 | 969,594 | 138,166 | ||||||||||||||||||
| Investment income |
252,599 | 72,988 | 10,401 | 697,606 | 488,645 | 69,631 | ||||||||||||||||||
| Share of net profits of investments accounted for using the equity method |
(817 | ) | — | — | (2,404 | ) | (691 | ) | (98 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total income |
8,050,472 | 5,543,396 | 789,928 | 27,398,546 | 18,483,377 | 2,633,860 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Sales and marketing expenses |
(2,290,403 | ) | (1,147,502 | ) | (163,518 | ) | (7,860,523 | ) | (4,037,137 | ) | (575,287 | ) | ||||||||||||
| General and administrative expenses |
(499,899 | ) | (467,692 | ) | (66,646 | ) | (1,749,315 | ) | (1,460,891 | ) | (208,175 | ) | ||||||||||||
| Operation and servicing expenses |
(1,477,852 | ) | (1,096,418 | ) | (156,238 | ) | (4,611,878 | ) | (3,751,090 | ) | (534,526 | ) | ||||||||||||
| Technology and analytics expenses |
(382,161 | ) | (270,713 | ) | (38,576 | ) | (1,067,777 | ) | (798,446 | ) | (113,778 | ) | ||||||||||||
| Credit impairment losses |
(3,001,108 | ) | (3,270,214 | ) | (466,002 | ) | (9,130,614 | ) | (8,691,786 | ) | (1,238,570 | ) | ||||||||||||
| Finance costs |
(39,960 | ) | (59,492 | ) | (8,478 | ) | (364,248 | ) | (130,897 | ) | (18,653 | ) | ||||||||||||
| Other gains/(losses) – net |
(55,794 | ) | 50,279 | 7,165 | 117,062 | (248,711 | ) | (35,441 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total expenses |
(7,747,177 | ) | (6,261,752 | ) | (892,293 | ) | (24,667,293 | ) | (19,118,958 | ) | (2,724,430 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Profit before income tax expenses |
303,295 | (718,356 | ) | (102,365 | ) | 2,731,253 | (635,581 | ) | (90,570 | ) | ||||||||||||||
| Income tax expenses |
(172,322 | ) | (6,898 | ) | (983 | ) | (864,292 | ) | (1,649,625 | ) | (235,070 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net profit/(loss) for the period |
130,973 | (725,254 | ) | (103,348 | ) | 1,866,961 | (2,285,206 | ) | (325,639 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net profit/(loss) attributable to: |
||||||||||||||||||||||||
| Owners of the Group |
93,778 | (874,806 | ) | (124,659 | ) | 1,731,103 | (2,537,341 | ) | (361,568 | ) | ||||||||||||||
| Non-controlling interests |
37,195 | 149,552 | 21,311 | 135,858 | 252,135 | 35,929 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net profit/(loss) for the period |
130,973 | (725,254 | ) | (103,348 | ) | 1,866,961 | (2,285,206 | ) | (325,639 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings per share |
||||||||||||||||||||||||
| – Basic earnings/(loss) per share |
0.08 | (0.56 | ) | (0.08 | ) | 1.51 | (1.98 | ) | (0.28 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| – Diluted earnings/(loss) per share |
0.08 | (0.56 | ) | (0.08 | ) | 1.51 | (1.98 | ) | (0.28 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| – Basic earnings/(loss) per ADS |
0.16 | (1.12 | ) | (0.16 | ) | 3.02 | (3.96 | ) | (0.56 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| – Diluted earnings/(loss) per ADS |
0.16 | (1.12 | ) | (0.16 | ) | 3.02 | (3.96 | ) | (0.56 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
12
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
(All amounts in thousands, except share data, or otherwise noted)
| As of December 31, |
As of September 30, | |||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | USD | ||||||||||
| Assets |
||||||||||||
| Cash at bank |
39,598,785 | 27,038,935 | 3,853,017 | |||||||||
| Restricted cash |
11,145,838 | 11,677,686 | 1,664,057 | |||||||||
| Financial assets at fair value through profit or loss |
28,892,604 | 30,782,221 | 4,386,431 | |||||||||
| Financial assets at fair value through other comprehensive income |
— | 1,280,826 | 182,516 | |||||||||
| Financial assets at amortized cost |
3,011,570 | 2,588,882 | 368,913 | |||||||||
| Accounts and other receivables and contract assets |
7,293,671 | 4,535,535 | 646,309 | |||||||||
| Loans to customers |
129,693,954 | 111,370,640 | 15,870,189 | |||||||||
| Deferred tax assets |
5,572,042 | 5,980,096 | 852,157 | |||||||||
| Property and equipment |
180,310 | 142,849 | 20,356 | |||||||||
| Investments accounted for using the equity method |
2,609 | — | — | |||||||||
| Intangible assets |
874,919 | 988,869 | 140,913 | |||||||||
| Right-of-use assets |
400,900 | 318,535 | 45,391 | |||||||||
| Goodwill |
8,911,445 | 9,168,623 | 1,306,518 | |||||||||
| Other assets |
1,444,362 | 575,413 | 81,996 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
237,023,009 | 206,449,110 | 29,418,763 | |||||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable to platform users |
985,761 | 782,008 | 111,435 | |||||||||
| Borrowings |
38,823,284 | 41,380,262 | 5,896,640 | |||||||||
| Customer deposits |
— | 3,446,018 | 491,054 | |||||||||
| Current income tax liabilities |
782,096 | 765,850 | 109,133 | |||||||||
| Accounts and other payables and contract liabilities |
6,977,118 | 6,049,571 | 862,057 | |||||||||
| Payable to investors of consolidated structured entities |
83,264,738 | 55,667,639 | 7,932,575 | |||||||||
| Financing guarantee liabilities |
4,185,532 | 3,660,024 | 521,549 | |||||||||
| Deferred tax liabilities |
524,064 | 395,651 | 56,380 | |||||||||
| Lease liabilities |
386,694 | 319,161 | 45,480 | |||||||||
| Convertible promissory note payable |
5,650,268 | 5,895,520 | 840,105 | |||||||||
| Other liabilities |
1,759,672 | 1,747,155 | 248,968 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
143,339,227 | 120,108,859 | 17,115,375 | |||||||||
|
|
|
|
|
|
|
|||||||
13
| As of December 31, |
As of September 30, | |||||||||||
| 2023 | 2024 | |||||||||||
| RMB | RMB | USD | ||||||||||
| Equity |
||||||||||||
| Share capital |
75 | 117 | 17 | |||||||||
| Share premium |
32,142,233 | 27,025,375 | 3,851,085 | |||||||||
| Treasury shares |
(5,642,768 | ) | (5,642,768 | ) | (804,088 | ) | ||||||
| Other reserves |
155,849 | 214,461 | 30,560 | |||||||||
| Retained earnings |
65,487,099 | 62,949,758 | 8,970,269 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total equity attributable to owners of the Company |
92,142,488 | 84,546,943 | 12,047,843 | |||||||||
|
|
|
|
|
|
|
|||||||
| Non-controlling interests |
1,541,294 | 1,793,308 | 255,544 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total equity |
93,683,782 | 86,340,251 | 12,303,387 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities and equity |
237,023,009 | 206,449,110 | 29,418,763 | |||||||||
|
|
|
|
|
|
|
|||||||
14
LUFAX HOLDING LTD
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(All amounts in thousands, except share data, or otherwise noted)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
| Net cash generated from/(used in) operating activities |
5,057,374 | 503,690 | 71,775 | 10,338,153 | 4,003,836 | 570,542 | ||||||||||||||||||
| Net cash (used in)/generated from investing activities |
(3,712,218 | ) | (1,872,440 | ) | (266,821 | ) | (1,876,727 | ) | 649,607 | 92,568 | ||||||||||||||
| Net cash (used in) financing activities |
(8,053,741 | ) | (8,969,996 | ) | (1,278,214 | ) | (19,675,057 | ) | (13,159,057 | ) | (1,875,151 | ) | ||||||||||||
| Effects of exchange rate changes on cash and cash equivalents |
77,757 | (94,812 | ) | (13,511 | ) | 504,849 | (9,495 | ) | (1,353 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net (decrease)/increase in cash and cash equivalents |
(6,630,828 | ) | (10,433,558 | ) | (1,486,770 | ) | (10,708,782 | ) | (8,515,109 | ) | (1,213,393 | ) | ||||||||||||
| Cash and cash equivalents at the beginning of the period |
25,459,557 | 20,398,545 | 2,906,769 | 29,537,511 | 18,480,096 | 2,633,393 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Cash and cash equivalents at the end of the period1 |
18,828,729 | 9,964,987 | 1,419,999 | 18,828,729 | 9,964,987 | 1,419,999 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 1 | As of September 30, 2024, the Company held RMB9,965 million (US$1,420 million) of cash and cash equivalents and RMB27,039 million (US$3,853 million) of cash at bank. The difference between these two amounts, which is RMB17,074 million (US$2,433 million), is due to time deposits with original maturities of more than three months amounting to RMB17,079 million (US$2,434 million), and is offset by the provision for impairment losses of cash at bank amounting to RMB5 million (US$1 million). |
15
SCHEDULE II
Letter on the Estimate issued by PricewaterhouseCoopers
The following is the text of a letter received from PricewaterhouseCoopers, Certified Public Accountants, Hong Kong, for the purpose of incorporation in this announcement.
|
|
The Board of Directors
Lufax Holding Ltd
21 October 2024
Dear Sirs,
Lufax Holding Ltd (the “Company”)
Estimate for Period Ended 30 September 2024
We refer to the estimate of the consolidated loss attributable to owners of the Company for the period ended 30 September 2024 (the “Estimate”) set forth in the announcement of the Company dated 21 October 2024 (the “Announcement”). The Company and its subsidiaries and consolidated affiliated entities collectively referred to as the “Group”.
We have been advised by the directors of the Company that the Estimate was prepared based on the unaudited condensed consolidated management accounts of the Group for the three months ended 30 September 2024, which had been prepared on a basis consistent in all material respects with the accounting policies normally adopted by the Group as set out in the audited consolidated financial statements of the Group for the year ended 31 December 2023 which conform with IFRS Accounting Standards issued by the International Accounting Standards Board (the “IASB”).
The Estimate is prepared by the directors of the Company and constitutes a profit forecast under Rule 10 of the Code on Takeovers and Mergers issued by the Securities and Futures Commission.
Directors’ Responsibilities
The Estimate has been prepared by the directors of the Company based on the unaudited condensed consolidated results as shown on the unaudited condensed consolidated management accounts of the Group for the three months ended 30 September 2024.
The Company’s directors are solely responsible for the Estimate.
PricewaterhouseCoopers, 22/F Prince’s Building, Central, Hong Kong SAR, China
T: +852 2289 8888, F: +852 2810 9888, www.pwchk.com
16
Our Independence and Quality Management
We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
Our firm applies Hong Kong Standard on Quality Management (“HKSQM”) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the HKICPA, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Reporting Accountant’s Responsibilities
Our responsibility is to express an opinion on the accounting policies and calculations of the Estimate based on our procedures.
We conducted our engagement in accordance with Hong Kong Standard on Investment Circular Reporting Engagements 500, Reporting on Profit Forecasts, Statements of Sufficiency of Working Capital and Statements of Indebtedness and with reference to Hong Kong Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the HKICPA. Those standards require that we plan and perform our work to obtain reasonable assurance as to whether, so far as the accounting policies and calculations are concerned, the Company’s directors have properly compiled the Estimate in accordance with the bases adopted by the directors and as to whether the Estimate is presented on a basis consistent in all material respects with the accounting policies normally adopted by the Group. Our work is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing issued by the HKICPA. Accordingly, we do not express an audit opinion.
Opinion
In our opinion, so far as the accounting policies and calculations are concerned, the Estimate has been properly compiled in accordance with the bases adopted by the directors as set out in the Announcement and is presented on a basis consistent in all material respects with the accounting policies normally adopted by the Group as set out in the audited consolidated financial statements of the Group for the year ended 31 December 2023.
Yours faithfully,
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong
17
SCHEDULE III
Comfort Letter issued by Anglo Chinese Corporate Finance, Limited
21 October 2024
The Board of Directors
Lufax Holding Ltd (the “Company” and together with its subsidiaries, the “Group”)
Dear Sirs,
We refer to (i) the composite document issued by the Company dated 27 September 2024 (the “Composite Document”); and (ii) the announcement of the unaudited financial results for the third quarter ended 30 September 2024 issued by the Company dated 21 October 2024 (the “Third Quarter Financial Results Announcement”). Capitalised terms used in this letter shall have the same meanings as those defined in the Composite Document and the Third Quarter Financial Results Announcement, unless the context requires otherwise.
The unaudited net loss and unaudited net loss attributable to owners of the Group for the three months ended 30 September 2024 (the “Estimate”) contained in the Third Quarter Financial Results Announcement represents a profit forecast under Rule 10 of the Hong Kong Code on Takeovers and Mergers (the “Takeovers Code”). As such, the Estimate is required to be reported in accordance with Rule 10 of the Takeovers Code.
We have reviewed and discussed with the Company the basis upon which the Estimate was prepared. The Estimate was prepared by the directors of the Company (the “Directors”) based on the unaudited consolidated results of the Group for the three months ended 30 September 2024, as shown in the management accounts of the Group for the same period. These management accounts have not been audited or reviewed by the Company’s auditors, PricewaterhouseCoopers (the “Auditor”).
We have also considered the letter dated 21 October 2024 issued by the Auditor to you (the text of which is set out in Schedule II to the Third Quarter Financial Results Announcement) and which stated that so far as the accounting policies and calculations are concerned, the Estimate has been properly compiled in accordance with the bases adopted by the Directors and is presented on a basis consistent in all material respects with the accounting policies normally adopted by the Group as set out in the audited consolidated financial statements of the Company for the year ended 31 December 2023.
18
We have not verified and have no reason to doubt the truth, accuracy or completeness of the information provided to us by the senior management of the Company and have been advised by them that, to the best of their knowledge, no material information has been omitted or withheld from the information supplied to us.
Based on the above, we are satisfied that the Estimate, for which the Directors are solely responsible for, has been prepared by the Directors with due care and consideration.
Yours faithfully,
For and on behalf of
Anglo Chinese Corporate Finance, Limited
| Stephen Clark | Alex Wang | |
| Managing Director | Assistant Director |
19