A emblem of of Lufax web site Lu.com, is seen on the firm’s headquaters on Might 28, 2020 in Shanghai, China.

Wu Jun | Visible China Group | Getty Photographs

GUANGZHOU, China — Lufax, certainly one of China’s greatest wealth administration platforms, has filed to go public in the U.S., amid a flurry of capital market exercise by Chinese language corporations. 

The Shanghai-headquartered agency, which is backed by monetary big Ping An Group, plans to record on the New York Inventory Change beneath the ticker “LU,” in line with a submitting with the Securities and Change Fee.

Lufax has not but priced its shares or mentioned what number of it would supply throughout the itemizing.

Chinese language expertise corporations have been trying to benefit from a rebound in inventory markets to go public, together with on Wall Road, regardless of the geopolitical tensions between the U.S. and China. 

Electrical carmakers Xpeng Motors and Li Auto both went public in the U.S. earlier this year

Ant Group, the monetary expertise big nonetheless managed by Alibaba founder Jack Ma, is gearing up for an concurrent initial public offering (IPO) on the Hong Kong inventory alternate and the Shanghai inventory alternate’s STAR market, which is a Nasdaq-style tech board.

Lufax’s New York itemizing comes as rising tensions between the U.S. and China threaten American-listed Chinese language companies. Lawmakers in Washington are pushing for larger scrutiny of Chinese language corporations by proposed legislation that threatens to delist some companies within the U.S. 

That may very well be an element behind why some U.S.-listed Chinese language corporations, together with Alibaba and NetEase have carried out secondary listings in Hong Kong

In its SEC submitting, Lufax warned that “a extreme or extended downturn within the Chinese language or international financial system may materially and adversely have an effect on our enterprise and monetary situation.”

“There may be vital uncertainty in regards to the future relationship between the US and China with respect to commerce insurance policies, treaties, authorities laws and tariffs. Financial situations in China are delicate to international financial situations, in addition to modifications in home financial and political insurance policies and the anticipated or perceived total financial development charge in China,” the submitting mentioned. 

Lufax posted a 7.27 billion yuan ($1.03 billion) internet revenue for the six months ended June 30, in contrast with 7.48 billion yuan in the identical interval the 12 months earlier than.

Goldman Sachs, Financial institution of America Securities, UBS Funding Financial institution, HSBC and China PA Securities are the lead underwriters for the IPO.