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| Illustration: Barry Downard |
Lufax is the unacknowledged dynamo of Chinese internet banking. BAT – Baidu, Alibaba and Tencent – get all the press as they convert e-commerce and social media businesses into emergent financial service enterprises with customer bases the size of continents. But Lufax, which is preparing what could be Hong Kong’s biggest IPO of the year, is in some ways the most interesting of them all.
Founded in 2011, Lufax – known locally as Lujiazui, or in full, Shanghai Lujiazui International Financial Asset Exchange – started out as a peer-to-peer lender.
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