20-F 1 d799202d20f.htm FORM 20-F Form 20-F
Table of Contents
falseFY0001816007CNCNThis represents the reclassification of certain cash flows that were considered as investing activities in the financial statements of consolidated entities and consolidated affiliated entities’ subsidiaries and as operating activities in the consolidated financial statements of the Group.As of December 31, 2022 and 2023, the aging of the payable to external suppliers and trust management fee payable are all within 1 year.Others comprise miscellaneous items including advances from customers and others with immaterial individual amounts.Expenses and losses not deductible for tax purposes mainly related to business entertainment expenses and advertising expenses exceeding certain threshold, as well as share-based compensation expenses, which are not tax deductible according to the relevant tax regualtions.Cayman Islands and BVI Income Tax The Company is incorporated under the laws of the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands and is not subject to Cayman Islands income tax. The Group entities established under the BVI Business Companies Acts are exempted from BVI income taxes.Hong Kong Income Tax Under the current Hong Kong Inland Revenue Ordinance, the Company’s subsidiaries incorporated in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong. Additionally, according to the latest regulation, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.Indonesia Income Tax The Indonesia income tax rate is 22%. No Indonesia profits tax was provided for as there was no estimated assessable profit that was subject to Indonesia profits tax for the years ended December 31, 2021, 2022 and 2023.Payable to cooperation banks is related to the restricted cash that is generated from a risk sharing business with banks. Under such business, the Group provides loan enablement services for loans originated by banks and is paid a variable fee determined based on the performance of underlying loans facilitated by the Group. On a monthly basis, the Group receives fixed service fees from the cooperation banks based on a fixed percentage of loans originated in restricted cash accounts. The service fees will be adjusted based on actual performance of the loans originated under this business upon maturity.Due to the change in business strategy, deferred tax assets in relation to certain subsidiaries of the Group have not been recognized as it is not probable that future taxable profits of these subsidiaries will be available in order to utilize the tax benefits from the deductible temporary differences.Others were mainly one-off tax adjustment as reflected in the annual tax filling.The foreign exchange losses in 2022, amounting to RMB877 million, was mainly due to the depreciation of RMB against USD.Other losses of RMB180 million in 2023 compared to other gains of RMB143 million in 2022, was mainly due to the increase of losses associated with certain risk assets and the high base of the same period last year due to one time recovery of losses associated with legacy business via law suit. 0001816007 2023-01-01 2023-12-31 0001816007 2022-01-01 2022-12-31 0001816007 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
20-F
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023.
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
   
For the transition period from
   
to
   
Commission file number:
001-39654
 
 
Lufax Holding Ltd
(Exact name of Registrant as specified in its charter)
 
 
N/A
(Translation of Registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
Building No. 6
Lane 2777, Jinxiu East Road
Pudong New District, Shanghai
People’s Republic of
China
(Address of principal executive offices)
David Siu Kam Choy, Chief Financial Officer
Building No. 6
Lane 2777, Jinxiu East Road
Pudong New District, Shanghai
People’s Republic of
China
Telephone: +86
21-3863-6278
Email: Investor_Relations@lu.com
(Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
American depositary shares (each representing two ordinary shares, par value US$0.00001 per share)*
 
LU
 
New York Stock Exchange
Ordinary shares, par value US$0.00001 per share
 
6623
 
The Stock Exchange of Hong Kong Limited
 
*
Effective on December 15, 2023, the ratio of ADSs to our ordinary shares was changed from two ADSs representing one ordinary share to one ADS representing two ordinary shares.
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
1,146,319,171 ordinary shares (excluding shares underlying the ADSs repurchased by our company pursuant to the share repurchase programs and shares issued to the depositary for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of options or awards granted under the share incentive plans), par value US$0.00001 per share, as of December 31, 2023.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer ☒   Accelerated filer ☐   
Non-accelerated filer ☐
  Emerging growth company 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ Yes ☐ No
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP ☐   International Financial Reporting Standards as issued by the    Other ☐
  International Accounting Standards Board ☒   
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). ☐ Yes  No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No
 
 
 


Table of Contents

TABLE OF CONTENTS

 

          Page  

INTRODUCTION

     1  

FORWARD-LOOKING INFORMATION

     7  

PART I

     8  

Item 1.

   Identity of Directors, Senior Management and Advisers      8  

Item 2.

   Offer Statistics and Expected Timetable      8  

Item 3.

   Key Information      8  

Item 4.

   Information on the Company      81  

Item 4A.

   Unresolved Staff Comments      136  

Item 5.

   Operating and Financial Review and Prospects      136  

Item 6.

   Directors, Senior Management and Employees      157  

Item 7.

   Major Shareholders and Related Party Transactions      170  

Item 8.

   Financial Information      173  

Item 9.

   The Offer and Listing      173  

Item 10.

   Additional Information      174  

Item 11.

   Quantitative and Qualitative Disclosures about Market Risk      191  

Item 12.

   Description of Securities Other than Equity Securities      198  

PART II

     203  

Item 13.

   Defaults, Dividend Arrearages and Delinquencies      203  

Item 14.

   Material Modifications to the Rights of Security Holders and Use of Proceeds      203  

Item 15.

   Controls and Procedures      203  

Item 16A.

   Audit Committee Financial Expert      204  

Item 16B.

   Code of Ethics      204  

Item 16C.

   Principal Accountant Fees and Services      204  

Item 16D.

   Exemptions from the Listing Standards for Audit Committees      205  

Item 16E.

   Purchases of Equity Securities by the Issuer and Affiliated Purchasers      205  

Item 16F.

   Change in Registrant’s Certifying Accountant      205  

Item 16G.

   Corporate Governance      205  

Item 16H.

   Mine Safety Disclosure      205  

Item 16I.

   Disclosure Regarding Foreign Jurisdictions that Prevent Inspections      205  

Item 16J.

   Insider Trading Policies      205  

Item 16K.

   Cybersecurity      205  

PART III

     207  

Item 17.

   Financial Statements      207  

Item 18.

   Financial Statements      207  

Item 19.

   Exhibits      207  

SIGNATURES

     213  

 

 

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INTRODUCTION

Except where the context otherwise requires and for purposes of this annual report only:

 

   

“active borrowers” refer to borrowers that have a current outstanding balance with our company as of the period end;

 

   

“ADSs” refer to our American depositary shares, each representing two ordinary shares;

 

   

“AI” refers to artificial intelligence;

 

   

“APR” or “annualized percent rate” refers to the monthly all-in borrowing cost as a percentage of the outstanding balance annualized by a factor of 12, where all-in borrowing cost comprises the actual amount of (i) interest, (ii) insurance premiums or guarantee fees and (iii) retail credit enablement service fees;

 

   

“China” or the “PRC” refers to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;

 

   

“consolidated affiliated entities” refer to entities in China with which we have contractual arrangements such that we are able to direct the activities of and are considered the primary beneficiary of those entities and we have consolidated their financial results in our consolidated financial statements;

 

   

“DPD 30+ delinquency rate” refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due, divided by the outstanding balance of loans;

 

   

“DPD 90+ delinquency rate” refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due, divided by the outstanding balance of loans;

 

   

“Hong Kong dollars” or “HK$” refers to the legal currency of Hong Kong;

 

   

“Hong Kong Listing Rules” refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;

 

   

“Hong Kong Stock Exchange” refers to The Stock Exchange of Hong Kong Limited;

 

   

“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board;

 

   

“KYB” refers to know-your-business;

 

   

“KYC” refers to know-your-customers;

 

   

“KYP” refers to know-your-products;

 

   

“Lufax,” “we,” “us,” “our company” and “our” refer to Lufax Holding Ltd, a Cayman Islands exempted company, and its direct and indirect subsidiaries. We conduct operations in China through (i) our PRC subsidiaries, (ii) the consolidated affiliated entities with which we have contractual arrangements, and (iii) the subsidiaries of the consolidated affiliated entities. The consolidated affiliated entities are PRC companies conducting operations in China, and their financial results have been consolidated into our consolidated financial statements under IFRS for accounting purposes. Investors are purchasing an interest in Lufax Holding Ltd, a Cayman Islands holding company with no operations of its own. Lufax Holding Ltd does not have any equity ownership in the consolidated affiliated entities;

 

   

“ordinary shares” refer to our ordinary shares of par value US$0.00001 per share;

 

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“outstanding balance of loans” refers to the total principal amount outstanding at the end of the given period for loans we enabled;

 

   

“Ping An ecosystem” refers to Ping An Group and its subsidiaries, affiliates and associates;

 

   

“Ping An Group” refers to Ping An Insurance and its subsidiaries;

 

   

“Ping An Insurance” refers to Ping An Insurance (Group) Company of China, Ltd.;

 

   

“Ping An P&C” refers to Ping An Property & Casualty Insurance Company of China, Ltd.;

 

   

“SBOs” refer to small business owners, including owners of legal entities, individuals who conduct their businesses as sole proprietors, management-level individuals of SMBs, and self-employed individuals with proof of business operations;

 

   

“SEC” refers to the U.S. Securities and Exchange Commission;

 

   

“SMBs” refer to small and micro businesses, typically with fewer than 50 employees and less than RMB30 million of annual income;

 

   

“RMB” and “Renminbi” refer to the legal currency of China;

 

   

“volume of new loans” refers to the principal amount of new loans we enabled during the given period; and

 

   

“WFOEs” refer to Weikun (Shanghai) Technology Service Co., Ltd. and Lufax Holding (Shenzhen) Technology Service Co., Ltd., our wholly owned subsidiaries in China.

Our reporting currency is the Renminbi. This annual report also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at RMB7.0999 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 29, 2023. We make no representation that the Renminbi or U.S. dollars amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. On April 19, 2024, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board was RMB7.2403 to US$1.00.

Due to rounding, numbers presented throughout this annual report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

On December 15, 2023, we effected an ADS ratio change to adjust our ordinary share to ADS ratio from two ADSs representing one ordinary share to one ADS representing two ordinary shares. Except otherwise stated, the ADS ratio change has been retrospectively applied for all periods presented in this annual report.

Summary of Risk Factors

An investment in our ADSs involves significant risks. Below is a summary of material risks we face, organized under relevant headings. All the operational risks associated with being based in and having operations in China also apply to our operations in Hong Kong. With respect to the legal risks associated with being based in and having operations in China, the laws, we expect the regulations and the discretion of the governmental authorities in China discussed in this annual report apply to entities and businesses in China, rather than entities or businesses in Hong Kong, which operate under a different set of laws from China.

Risks Relating to Our Business and Industry

 

   

Our industry is rapidly changing, and our business has evolved significantly in recent years, which makes it difficult to evaluate our future prospects.

 

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Updates that we are in the process of making to our business model may not be successful.

 

   

The total fees charged to borrowers for loans we enable may be deemed to be in excess of interest rate limits imposed by laws or regulatory authorities. As a result, part of the interest and fees may not be valid or enforceable through the PRC judicial system.

 

   

Our business is subject to laws, regulations, and supervision by national, provincial and local government and judicial authorities, industry associations and other regulatory bodies. The laws, regulations and official guidance relating to our business are complex and evolving rapidly and may be subject to further changes. Non-compliance with any existing or new regulation may result in penalties, limitations and prohibitions on our business activities, and we have been modifying and may need to conti