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Chinese fintech giant Lufax, backed by Ping An, is targeting to raise at least $3bn in a U.S. initial public offering, according to people familiar with the matter.
Lufax, which was once among the country’s largest peer-to-peer lenders, has morphed into a financial giant offering wealth management and retail lending services. The startup, which has explored an IPO for some years, transformed its business after Chinese authorities launched a sweeping crackdown of the once-unruly P2P lending sector.
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