Lufax raises 488 mln USD, no IPO timetable

Lufax, the Internet finance arm of Ping An Insurance plans to raise 3 billion yuan (488 million U.S. dollars), a landmark for China's Internet finance industry, a senior executive told Xinhua on Monday.

Media reports say that Lufax is likely to introduce Morgan Stanley as a strategic investors of an estimated 10 billion U.S. dollars.

"So far we have no clear timetable for an initial public offering," said Zheng Cigui, deputy general manager of Lufax, who did not disclose much else about the deal.

Lufax, one of more than 1,000 online lenders in China, was established in September 2011 with a registered capital of 837 million yuan.

Its 7.5 million registered users have not suffered any losses so far, according to a statement posted on its website on Monday, defying a recent negative rating by Dagong Global Credit Rating.