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 $QFIN Going to be a wild next two weeks. I will also throw out that the 2026 Financial Street Forum is taking place in Beijing from October 19–22. China's financial regulators have explicitly stated that they will unveil a series of financial reform and development policies during the event. The forum includes the PBOC, NFRA and CSRC. Given the history of major announcements at this event, I'd give it a 50/50 coin flip that we get some clarity on the proposed fintech lending rules, potentially setting the stage for a much-needed relief rally once these are known. Minimum we get some big financial-policy announcements. Today's speech by NFRA leadership will be the biggest clue and relaxation to proposed lending restrictions. With China consumer lending contracting and lousy China's lending market conditions in general, it wouldn't surprise me to see regulators ease up. The last thing China needs right now is to squeeze consumer credit even further.

$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 this is what i think !!! POS are desperately trying to crash the stock ?! number to watch next week is how much of the impairment was new loans , if CM-3 flowrate hasn`t deteriorated then the long forseen monopoly is upon us and lufax is scooping up market share with impunity . they are getting desperate trying to hide how profitable the company is and poised to become !!! if revenue increases same rate next 2 years , lufax might be printing 4 billions USD but you don`t need me to tell they won`t share that with us anyway , i logged my complaints so regulators don`t pretend they didn`t know or they acted in good faith.

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 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! JT of course managed to buy the intraday lows and brought his average down to 89 cents. He just added another 6 million shares, cause... Why the heck not?

$LU reminder that the Reverse Split goes into effect next week. Last time this stock RS, it dropped from 3.60 to 2.10, about a 43% drop. 43% from here would be around 0.48.

$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 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 results 20days earlier than expected, lets hope its a good sign, gl to all and cu than im offing the apps for today

$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 jon asked me the other day if i feel this is bottom in my bones. Yes today is the bottom and we go up from here. The numbers are good today and the market reaction says it all, selling is exausted. 20+ by q2 next year.