Lufax's Next Challenge After Accounting Scandal: China's Economy

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02/26

Lufax's Next Hurdle After Accounting Scandal: China's Economy The loan facilitator revealed previously undisclosed transactions and changed its CEO as it tries to resume trading of its Hong Kong ...

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The transactions that Lufax previously hid made things worse — and their magnitude won't do anything to help the company gain investor confidence if and when the Hong Kong trading suspension is finally lifted.The company now says some of these transactions should have been publicly disclosed due to their large size. Moreover, it admitted that it failed to seek shareholder approval for subscriptions to four of the wealth management products, totaling 2.1 billion yuan.From May 2023 to January 2024, some of the company's subsidiaries and affiliates bought assets from related parties through trusts. From an unspecified month in 2022 to January 2023, Lufax also purchased non-performing assets from related parties by providing loans to an entity. Further, the company failed to consolidate three entities it effectively contro","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU":"陆金所","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4526":"热门中概股","CICC":"CION INVESTMENT CORPORATION 7.5% NTS 31/03/2031 USD25","BK4504":"桥水持仓","BK4166":"消费信贷"},"translate_title":"会计丑闻后陆金所的下一个挑战：中国经济","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LU":1.5,"CICC":1},"content_text":"Lufax's Next Hurdle After Accounting Scandal: China's Economy\nThe loan facilitator revealed previously undisclosed transactions and changed its CEO as it tries to resume trading of its Hong Kong shares after a year-long suspension\nimage credit: Bamboo Works\nBy Warren Yang\nThe transactions that Lufax previously hid made things worse — and their magnitude won't do anything to help the company gain investor confidence if and when the Hong Kong trading suspension is finally lifted.  \nFor starters, in a Feb. 15 filing, Lufax revealed that it purchased a total of 59 wealth management products with an aggregate principal amount of more than 45 billion yuan ($6.5 billion) from June 2023 to December last year from various financial institutions, including military-affiliated Avic Trust, Bank of Communications, China International Capital Corp. (CICC), Citic Bank, China Minsheng Bank, Huatai Securities and Huaxia Bank.\nThe company now says some of these transactions should have been publicly disclosed due to their large size. Moreover, it admitted that it failed to seek shareholder approval for subscriptions to four of the wealth management products, totaling 2.1 billion yuan.\nAmassing a portfolio of these wealth management products without telling investors is a bad enough governance failure, but at least it didn't affect the company's bottom line. In what looks like a more serious violation, Lufax also concocted undisclosed complex related-party transactions that affected its financial statements.\nFrom May 2023 to January 2024, some of the company's subsidiaries and affiliates bought assets from related parties through trusts. From an unspecified month in 2022 to January 2023, Lufax also purchased non-performing assets from related parties by providing loans to an entity. Further, the company failed to consolidate three entities it effectively controls in its financial statements and disclose transactions involving them. \nLufax's New York-listed shares jumped last Tuesday, the first trading day following the barrage of disclosures, which suggests that investors are relieved that the end of its auditing saga may finally be in sight.\nBut the stock is still down by about 38% from its peak last October and trades at a distressed price-to-sales (P/S) ratio of less than 1. But the ratio for its peers isn't much better, with FinVolution (FINV.US), another online loan facilitator, fetching a multiple that barely exceeds 1.\nAll this shows investors aren't so upbeat about credit companies in the current economic climate in China. And Lufax needs to restore not only its business but also its reputation following its various accounting maneuvers that look aimed at inflating profits. Its new CEO is in for a big test.\nTo subscribe to Bamboo Works weekly free newsletter, click here\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}