After a 20-month suspension, Lufax (stock code: 06623.HK) officially resumed trading on the Hong Kong Stock Exchange today.

Lufax opened at HK$8.6 today and closed at HK$6.45, a decline of 40.83% from its last trading day; based on the closing price, the company's market value stands at HK$11.2 billion.

Prior to this, Lufax shares had been suspended from trading on the Hong Kong Stock Exchange since 9:00 a.m. on January 28, 2025.

The reason for Lufax resuming Hong Kong stock trading is that all resumption guidance has been fulfilled.

According to reports, the audit committee of Lufax had engaged an investigation team to conduct an independent investigation into the mentioned transactions, loan transactions, and certain entertainment expenses declared by certain employees of the company through Zhongshi, and to take appropriate rectification measures.

The independent investigation found that Lufax provided a total of RMB 3.84 billion in loans to Decheng Investment through a series of loan and refinancing arrangements between June 2017 and January 2023.

These loans were used for, among other things, the establishment of Zhongshi, the acquisition of Jiayun Hua'ao and Jiayun Hua'ao's investment in cash wealth management products, the acquisition of certain bond assets of Zhongshi, the acquisition of assets, and compensation to retail investors of certain financial products promoted through the company's online platform.

Entertainment expenses: The investigation team identified that between October 2021 and July 2025, employees of certain departments of Lufax reimbursed entertainment expenses through Zhongshi, totaling approximately RMB 77.9 million, mainly including external business entertainment expenses.

The reimbursement practice has been terminated, and Lufax believes that the entertainment expense arrangements identified by the investigation team will not pose any material adverse risk to the company's business operations.

Lufax has taken appropriate remedial measures based on the findings of the independent investigation, including but not limited to correcting internal control deficiencies, entering into a repayment arrangement with Lufund, consolidating Zhongshi and Jiayun Hua'ao into Lufax's financial statements and terminating the relevant agency arrangements, restating Lufax's consolidated financial statements for the years ended December 31, 2022 and December 31, 2023, changing and optimizing the board of directors and corporate governance structure, and taking disciplinary action against responsible personnel.

Revenue of RMB 27.1 Billion Last Year; Ye Diqi Appointed as Chairman

Since 2026, Lufax's actions in the capital market have continued to be standardized, starting with the release of its financial report in May 2026.

The financial report shows that Lufax's revenue in 2025 was RMB 27.1 billion (approximately US$3.879 billion), an increase of 10.7% from RMB 24.5 billion in the same period of the previous year.

Among this, Lufax's technology platform revenue in 2025 was RMB 5.588 billion (approximately US$800 million), net interest income was RMB 13.194 billion (approximately US$1.887 billion), guarantee income was RMB 5.5 billion (approximately US$786 million), other income was RMB 1.195 billion (approximately US$171 million), and investment income was RMB 1.655 billion (approximately US$237 million).

Lufax added RMB 214 billion in new loans for the full year of 2025, with a total loan balance of RMB 183.8 billion at year-end.

The consumer finance business continued to gain momentum, with the consumer finance subsidiary adding RMB 119.7 billion in new loans in 2025, a year-on-year increase of 25.3%, and a year-end loan balance of RMB 59.6 billion, up 19%.

Lufax's net loss in 2025 was RMB 1.7 billion (approximately US$300 million), significantly narrowed by 52.78% from a net loss of RMB 3.6 billion in the same period of the previous year.

As of December 31, 2025, Lufax's bank deposits were RMB 22.086 billion, compared with RMB 29.9 billion as of December 31, 2024.

As of December 31, 2025, Lufax's net assets were RMB 82 billion, compared with RMB 83.6 billion as of December 31, 2024.

For Lufax, the release of the 2025 annual report is of great significance, as it means the company has achieved normalization in the capital market.

During the same period, Lufax underwent a series of management adjustments. On April 23, 2025, Zhao Rongshi resigned as chairman of Lufax, and Ye Diqi was appointed as chairman.

The roles of chairman and chief executive officer were differentiated and held by different individuals.

In addition, Ji Xiang was subsequently appointed as co-chief executive officer of the company.

As of the date of the 2025 annual report, Ye Diqi was chairman and Ji Xiang was chief executive officer of the company.

The board of directors of Lufax also resolved on April 27, 2026, to appoint Ms. Wang Xiaodi as chief compliance officer.

First-Half Revenue of RMB 12.5 Billion

In August 2026, Lufax further released its financial report for the first half and second quarter of 2026.

The financial report shows that Lufax's revenue for the first half of 2026 was RMB 12.489 billion (approximately US$1.841 billion), a decrease of 11.3% from RMB 14.084 billion in the same period of the previous year.

Lufax's net loss for the first half of 2026 was RMB 694 million (approximately US$100 million), an increase of 33.7% from RMB 519 million in the same period of the previous year.

Lufax's revenue for the second quarter of 2026 was RMB 6.227 billion (approximately US$918 million), a decrease of 15.5% from RMB 7.365 billion in the same period of the previous year; net loss was RMB 82 million, narrowed by 86.2% from a net loss of RMB 594 million in the same period of the previous year.

Among this, Lufax's technology platform revenue for the second quarter of 2026 was RMB 1.1 billion (approximately US$163 million), a decrease of 21.2% from RMB 1.4 billion in the same period of the previous year, mainly due to a decrease in retail credit and enablement service fees resulting from a decline in loan balances.

Lufax's net interest income for the second quarter of 2026 was RMB 3.467 billion (approximately US$511 million), an increase of 8.4% from RMB 3.2 billion in the same period of the previous year, mainly due to the expansion of the consumer finance business and microfinance business.