Lufax (LU) Falls 12% on Lack of Fresh Leads
Lufax Holding fell by 12.24 percent on Friday to close at $2.94 apiece as investors sold off positions while waiting for fresh catalysts to boost buying appetite.
In recent news, Lufax Holding Ltd (NYSE:LU) entered into an agreement with Shenzhen China Merchants Ping An Asset Management for the sale of 469 million yuan worth of non-performing debts for a consideration of 36.44 million yuan. The transaction was made through Lufax Holding Ltd's (NYSE:LU) subsidiary Ping An Consumer Finance.
The transaction will effectively rid Lufax Holding Ltd (NYSE:LU) of its hefty non-performing loans and help reduce its credit risk.
Lufax Holding Ltd. (NYSE:LU) is a dual-listed financial services company based in China, whose trading remains suspended on the Hong Kong Stock Exchange pending regulatory issues.
While we acknowledge the potential of LU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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