Lufax Holding Ltd Sells $64M in Bad Loans to Mitigate Credit Risk and Improve Stability

Reported 1 day ago

Lufax Holding Ltd (NYSE:LU), a prominent Chinese fintech company, has sold 469 million yuan in non-performing loans for a total of 36.44 million yuan to cut credit risk and address asset quality concerns. This strategic move led to an 18% reduction in their loan portfolio and aimed to stabilize investor sentiment. Alongside asset optimization, Lufax is also pursuing digital transformation and cost-cutting measures to enhance profitability. However, recent stock performance has faced challenges due to investor concerns over limited short-term growth catalysts.

Source: YAHOO

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