3 November, 2020
Skadden advised Lufax Holding Ltd. ("Lufax"), a leading technology-empowered personal financial services platform in China, on its listing and initial public offering of 175,000 American Depositary Shares ("ADSs") on the New York Stock Exchange. Every two ADSs represent one ordinary share of Lufax, and each ADS was offered at a price of US$ 13.50, for a total offer value of US$ 2.36 billion, assuming the underwriters do not exercise their option to purchase up to an aggregate of 26,250,000 additional ADSs. Trading will commence on 30 October 2020.
The Skadden team was led by partners Julie Gao (Hong Kong) and Haiping Li (Shanghai), with Counsel Kenneth Chase (Hong Kong), associates Cindy Li (Hong Kong) and Tianze Ma (Beijing), and international legal consultants Xinru (Robin) Sun and Luwei Wang (both Shanghai).
