Lufax nyse Lu Stock Soars over 45 Whats Behind the Surge

Lufax (NYSE: LU) Stock Soars Over 45% – What’s Behind the Surge?

Lufax Holding (NYSE: LU) stock surged over 45% on Thursday following the release of its unaudited fourth-quarter financial results.

Lufax (LU) reported a total income of RMB6,857 million (US$966 million) for the quarter, marking a decline of 44.3% compared to RMB12,318 million in 2022.

The company also announced the proposal of a special dividend amounting to US$1.21 per ordinary share or US$2.42 per ADS, pending approval from shareholders at the upcoming annual general meeting scheduled for May 30.

Mr. YongSuk Cho, CEO of Lufax, acknowledged the impact of complex macro conditions on SBOs during the fourth quarter. Despite these challenges, Cho emphasized Lufax’s focus on prioritizing asset quality over quantity. 

He further confirmed that the company completed five major de-risking and diversification initiatives, including four “mix” changes and one business model adjustment.

Lufax forecasts new loan sales for fiscal year 2024 to range between RMB190 billion and RMB220 billion, with the year-end loan balance expected to range from RMB200 billion to RMB230 billion.

Lufax (NYSE: LU) Stock Performance

LU stock soared 45.70% to close at $4.91 on Thursday. The traders had exchanged hands with 53,212,289 (53.21 million) shares compared to the average daily trading volume of 4.57 million.