Why Lufax Holding Stock Was Surging on Tuesday
Lufax Holding (NYSE: LU) saw its stock price jump on Tuesday, up as much as 15.7% on the day. At 2:45 p.m. ET, it was still up about 13.5% for the day. The stock price is up about 8% year to date, trading at about $2.10 per share as of April 11.
The market was mixed on Tuesday as the S 500 had gained 14 points (0.4%), and the Dow Jones Industrial Average was up 173 points (0.5%). The Nasdaq Composite, however, was down about 6 points at 2:45 p.m. ET.
Lufax, a Chinese fintech that offers loans to small businesses as well as wealth-management services, jumped today on news that it proposed a dual primary listing by way of introduction on the main board of the Stock Exchange of Hong Kong (HKEX). Listing by way of introduction means the shares are already widely held, so the company doesn't have to go through the initial public offering (IPO) process, raise additional funds, or issue new shares. It can simply start trading.
Source Fool.com
