LU Lufax Holding Ltd - ADR

$LU The VPN I’m using in China is awful and keeps cutting me off from NA sites. It has been a few years and tech has changed. Arrived in Shanghai earlier today and will be attending the shareholder meeting. I also have a few meetings set up for Thursday/Friday with Lufax and a few other companies I have significant holdings / interested. Being down this much on LU, I felt I needed some face-to-face time. I’m also meeting with a few old colleagues in Hong Kong before coming back, which should be a blast and HK can be fun if you know the right places. No, I did not get a margin call. I never use margin. Yes, I did sell a few shares in the $1.19–$1.22 range on the day of the reverse split, but bids in place and got some up 1.00-1.01 already. I still hold the large majority of my position (avg $1.37 after my recent adds yesterday) and far underwater. Since I’m not sure when I’ll be able to post again, I sold some $QFIN at an average of $6.85 for some profit but bids in place.

$LU My connection is still flaky, but hopefully it will be better in HK on Sat. I now have plans to meet with a PADB executive in HK. It's past midnight here, and I'm dizzy from exhaustion between the time change and the early EGM. The EGM was as useless as expected (used a translator), but the connections were golden and why I made the trip. All the directors attended, and most speak good English, which is fortunate since my Mandarin is still awful (I used English when I worked in HK). After my lunch and dinner meetings, I decided to increase my position significantly and made the trip well worth the effort. Over the past hour, I added another 22% to my holdings between $0.92 and $0.94, with more bids still in place since I need to crash. My average is now down to $1.22 with this add, and I'm sitting on the biggest unrealized loss of my trading life. Go big or go home I guess.

$LU Before I crash - interesting meetings with several companies today, including a short morning visit to Lufax's office. One potentially big development was Lufax joining Southbound Stock Connect once a few more pieces fall into place, including several new management appointments expected to be announced shortly. For those unfamiliar, Southbound Stock Connect allows mainland Chinese investors to buy eligible Hong Kong-listed shares through the Shanghai and Shenzhen exchanges. This would be a huge boost to LU since all China investors know Ping An. Unlike FINV, LX, FUTU, and TIGR, which only trade in the US, or QFIN, which has a secondary Hong Kong listing, Lufax has a dual-primary Hong Kong listing. So they are the only one with this potential path. LU meet key requirements already, including market cap. The impression I got was more corporate cleanup and management additions first and some clean quarters. Definitely one of the more interesting things I learned today!

Been buying some serious quantities of $ QFIN and $LU the past few days to average down. Hoping we put in a bottom soon. But nobody ever knows. My averaged price is still 40% down, so will have to wait for the full recovery. But at least QFIN and probably LU will provide some dividends while we wait. This is the ultimate contrarian play. Very hard to buy when you hear all the bad stuff. But both companies have plans and plenty of liquidity to turn this around. I remember when IMAB was down to .50, then shot up to almost $7, so anything is possible with Chinese stocks.

$LU Why the current board is the last one I'd expect to pull the HK listing: This board was rebuilt specifically to get HK trading back. In July, 4 Ping An-linked directors incl. the CFO left. What's left is mostly independent directors, with CEO Ji the only exec: • Ernest Ip: ex-PwC partner, audit committee chair • Siu Hong Cheng: 35+ yrs in finance, INED at HK Interbank Clearing • Wai Kin Chim: 40 yrs banking/risk, INED at OCBC HK • Tina Lee: 40+ yrs legal & banking These people built their careers and board seats in HK's financial establishment. Signing off on pulling the listing they just spent 20 months restoring, followed by a lowball squeeze-out, would torch that reputation and invite SFC scrutiny. INEDs owe duties to all shareholders, and a Cayman merger plan needs board approval. Ping An could replace them, but that would be the loudest red flag possible. Until then, this board protects minorities rather than threatening them.

$LU Quick take on China's new online financial marketing rules (since Sept 30): $QFIN takes the bigger hit. The rules ban sub-delegated traffic, API "seamless" diversion and referring rejected borrowers to other platforms, exactly where ICE/referral and embedded-finance channels sit. Redirects must land on the lender's own platform: likely lower conversion, higher acquisition costs. Unclear if embedded H5/API setups qualify. Nobody can say yet how this hits the financials. Q3 (referral revenue, S&M, new borrowers) is the first real read. $LU looks neutral to slightly positive. It lends via its own licensed consumer finance arm with 100% credit risk on new loans, so it's no traffic reseller. Growth leans on repeat borrowers, not paid acquisition. Caveat: consumer finance is ~72% of new loans and partly online, so marketing costs matter. But vs. peers built on API traffic and loan supermarkets, the rules raise the bar for competitors more than for LU. Disclosure: I hold both.

$LU Technical moves are funniest when one conflates them with fundamentals. Take the gift and thank the lord for your good fortune.

$LU is ping orchestrating this move to crush the us holder? with plans to come in and make a low-ball tender offer ?

$LU fear not, tomorrow, johnTill will tell you that he quadrupled his position today at 1.05 and brought his average to 1,09. "Perfect, only, 3 pennies till I'm green".

$LU Let me give you guys some perspectives: LU had 93000 people back in 2021, 3x the size now, outstanding loans were 670 B, about 4x the size now. It slashed the headcounts and outstanding loans, what happened to their equity? It remained practically unchanged, if you count the special dividend they paid out. So if you think Chinese economy is doing worse than 2022-2023 during covid, you need to think again. I know many are saying governance issue, but let me give you some colors there too: first, Pingan would benefit the most if LU was delisted from HK, due to the panic and cayman law, Pingan could reap LU for next to nothing, yet it fight tooth and nails to get it relisted, sacrificing few directors along the way. Despite HK serves no use for LU nor Pingan other than a pressure valve in case US China relation goes sour. This R/S, LU paid for the fee (5 cents or 5% now), if they had bad intention, they didn't need to. Also the cb, they could have extend the whole thing, yet they take

$LU y’all need to stop worrying about john till. Why clone someone if you can’t understand the case behind the investment? Nothing changed. We’re still 0.1x book, still waiting for the delinquency shoe to drop, still waiting to see loan volumes and how total losses will shake out for shareholders. Nothing. Changed. He’d tell you the same if he were here. If you’re invested because of someone’s analysis, just leave

$LU A reverse split is not automatically bearish. Some context: • It's an ADS ratio change (1 ADS = 20 ord. shares). Ordinary shares stay untouched, no new authorized capital, so zero added dilution capacity. • Kim/Klein/Rosenfeld studied 1,600+ reverse splits: the long-run underperformance is driven by post-split prices of $5 or less. LU lands around $10+. • Han (1995): bid-ask spreads narrowed ~36% after reverse splits. Institutional ownership rises significantly when the price moves from below $5 to above $5. • It's proactive: done before any NYSE $1 notice and right after HK trading resumed with all 6 HKEX conditions met. • ADS fees per $ invested drop, tick size goes from ~1% to ~0.1% of the price. The real debate isn't the split: ~$11.6B book equity vs. ~$0.9B market cap. The question is credit quality and how Ping An treats minority holders. The split fixes nothing fundamental, but it's not the death signal people make it out to be.

$LU ok ive literally spend 10 hours on ai today discussing china fintechs and lufax specificially, here is what i found, lufax is clearly a better business now than it was 2-3 years ago. Lufax has enough cash reserves to pay both bonds, if there is a problem it has acess to capital via the china banking system at quite decent rates less than 4%. Economically it makes ZERO sense for ping and company to make an ofdering and dilute themselfs at this valuation, that simply wont happen, and even if it did it would require time and approval from independant shareholders, so this mumbojumbo. What makes sense economically is low share price for tun kun and company to cover their short and reduce their ADS fees. Also i believe we are getting set up for a turnaroud story and they want big investors who usualy dont touch penny stocks, another 20-30% dump short term is possible however it would put us at 0.05 of book, dont think thats happening.

$LU this company is like 7.5% of my portfolio. I am -50% on this position atm but whatever. It's a really interesting story and I do derive some entertainment value from following it all. Some interesting characters on this hallowed board as well. Either Chinese equities are completely uninvestable or they have some indeterminate value, albeit heavily discounted from book value. $JD is another good example of said discount. Its various business stakes are currently valued at close to zero. I choose to believe that $LU is worth more than 10% of book value... I've been in this game for many years now. Imho the only attribute that will lead to rewards in this scenario is patience. It may be that Ping An screws us hard. But imo the risk/reward is just too juicy to ignore. I can hold this Chinese shitco for years and tbh I probably will. And on my next trip to China I'll stand in front of Ping An's HQ and either curse them or enjoy a classy Chinese business cig or both lol.

$LU Application has been made by the Company for the resumption of trading in the Shares on the Stock Exchange with effect from 9:00 a.m. on September 24, 2026

$LU New ATL today. I called it in september. Now you can take it to the bank that there will be no meaningful recovery in 2026. Hopefully somewhere in 2027 is the turnaround, I will reassess in january.

$LU its either an incredible opportunity or a terrible value trap… I’m not sure which side to pick…The past was not their best calling card but future seems quite positive despite what the market thinks (changed completely all the board). The big question mark is whether they are trustable now.

$LU 40 million USD useless ADR charges for the stockholders (about 4 percent of market cap), and johnTill sees another positive. Management could take a d..p in front of his house, and he would say "normally I don't like sh.t on my lawn, but in this case it's actually great, because I can finally grow potatoes now...". Unreal community.

$LU one important note i want to add, almost all of lufax assets and business is in rnb, so thats been actually increasing over time and its even 2% more since the last report

$LU if this is going bankrupt and is goin go zero, btw 750 mil marketcap, hello?? Why arent pingan and company getting out, who is even gonna pay their bond in 1 year, u are all getting played, and they must be laughting their asses off in their fucking yachts, just 2 years ago THEY offered to buy ALL of ur shares for 2.25, every single one, and guess what? noone sold,literally nobody, advosors told them its too low, everyone did, if we want to give them yhe finger back now, im personally not selling a single share, and i will be dca every time i can. Lets see how long can they hold versus me. They have a lot of money, but guess what? We are MANY and the float aint that big, im guessing yheir are naked shorting their ass off, just stop giving them freebies and u will see +50-100 % days just like that ehen they try to cover. Currently 0.07book value, which btw is mostly CASH, look at the data on the loans in the book, and just hollld