These 10 Firms Led Friday’s Rally, Here’s Why

4. Lufax Holding Ltd. (NYSE:LU)

Lufax Holding rose for a fifth consecutive day on Friday, adding 5.76 percent to end at $3.12 apiece as investors continued to cheer the company’s leadership reshuffling amid an ongoing investigation into certain transactions between 2022 and 2024.

In a regulatory filing on the Hong Kong Stock Exchange, LU announced the immediate resignation of Yong Suk Cho as the company’s board chairman. He will be replaced by Dicky Peter Yip, who previously served as independent non-executive director for the company.

Cho, however, will continue to serve as LU’s chief executive officer and executive director.

Meanwhile, Yip, 78, has served as an independent non-executive director of Sun Hung Kai Properties Limited since September 2004. He also joined HSBC in 1965 and subsequently served as the chief executive of the China business from January 2003 to May 2005, a general manager of HSBC from April 2005 to June 2012, and an executive vice president of Bank of Communications Co., Ltd., among others.