Lufax (LU) Falls 12% on Lack of Fresh Leads

We recently published These 10 Stocks Have Collapsed. Lufax Holding Ltd (NYSE:LU) is one of the worst-performing stocks on Friday.

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.

Lufax (LU) Falls 12% on Lack of Fresh Leads

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.

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