Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318; SSE:601318) announced on Tuesday that Hong Kong Securities and Futures Commission (SFC) has granted Lu International (Hong Kong) Limited (LUI HK), a subsidiary of Lufax Holding (“Lufax“), a Type 1 (Dealing in Securities) license.
Ping An Insurance reported with the previously granted Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses, LUI HK can officially provide online investment and wealth management services for all customers in Hong Kong. In addition, the LUI HK app, an online wealth management platform for Hong Kong residents, is expected to go live this upcoming August. While sharing more details about the LUI HK services and licenses, Cai Hua, the Head of LUI HK, stated:
“These licenses enable us to directly operate in Hong Kong. After the launch of the LUI HK app, we will introduce more Hong Kong dollar and US dollar wealth management products. The app will enable Hong Kong clients to access online investment and wealth management services, a diverse product portfolio and a great customer experience unmatched by offline services.”
Ping An further noted the Type 1, 4 and 9 licenses are an official recognition of Lufax’s technology and compliance abilities. the company added:
“With fintech and comprehensive online wealth management services, LUI HK offers Hong Kong retail customers a one-stop shop for Hong Kong dollar and US dollar investment and wealth management services.”