SHANGHAI, Dec. 15,
2023 /PRNewswire/ -- Lufax Holding Ltd ("Lufax" or
the "Company") (NYSE: LU and HKEX: 6623), a leading financial
services enabler for small business owners in China, today announced that it received a
letter from the New York Stock Exchange (the "NYSE") dated
November 30, 2023, notifying the
Company that it is below the NYSE's continued listing standards due
to the trading price of Lufax's American depositary shares (the
"ADSs"). The notice had no immediate impact on the listing of the
Company's ADSs, which will continue to be listed and traded on the
NYSE, subject to the Company's compliance with other NYSE continued
listing standards and other rights of the NYSE to delist the ADSs.
The NYSE notification does not affect the Company's business
operations, its U.S. Securities and Exchange Commission reporting
requirements or contractual obligations.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
a company will be considered to be below compliance standards if
the average closing price of its security as reported on the
consolidated tape is less than US$1.00 over a consecutive 30 trading-day period.
The Company has six months (the "Cure Period") following receipt of
the notice to regain compliance with the minimum share price
requirement. The Company can regain compliance at any time during
the Cure Period if on the last trading day of any calendar month
during the Cure Period the Company has a closing share price of at
least US$1.00 per ADS and an average
closing share price of at least US$1.00 per ADS over the 30 trading-day period
ending on the last trading day of that month. In the event that at
the expiration of the six-month Cure Period, both a US$1.00 per ADS closing share price on the last
trading day of the Cure Period and a US$1.00 per ADS average closing share price over
the 30 trading-day period ending on the last trading day of the
Cure Period are not attained, the NYSE will commence suspension and
delisting procedures.
The Company had announced on November 20,
2023 of its plan to change the ratio of its ADSs to its
ordinary shares (the "ADS Ratio"), from the ADS Ratio of two (2)
ADSs to one (1) ordinary share to a new ADS Ratio of one (1) ADS to
two (2) ordinary shares. For Lufax's ADS holders, the change in the
ADS Ratio has the same effect as a one-for-four reverse ADS split.
The change in ADS Ratio became effective on December 15, 2023. As a result, the Company
expects to regain compliance with the NYSE's minimum bid price
requirement within the Cure Period.
About Lufax
Lufax is a leading financial services enabler for small business
owners in China. The Company
offers financing products designed principally to address the needs
of small business owners. In doing so, the Company has established
relationships with 91 financial institutions in China as funding and credit enhancement
partners, many of which have worked with the Company for over three
years.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Statements
that are not historical facts, including statements about Lufax's
beliefs and expectations, are forward-looking statements. Lufax has
based these forward-looking statements largely on its current
expectations and projections about future events and financial
trends, which involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. These forward-looking
statements include, but are not limited to, statements about
Lufax's goals and strategies; Lufax's future business development,
financial condition and results of operations; expected changes in
Lufax's income, expenses or expenditures; expected growth of the
retail credit enablement; Lufax's expectations regarding demand
for, and market acceptance of, its services; Lufax's expectations
regarding its relationship with borrowers, platform investors,
funding sources, product providers and other business partners;
general economic and business conditions; and government policies
and regulations relating to the industry Lufax operates in.
Forward-looking statements involve inherent risks and
uncertainties. Further information regarding these and other risks
is included in Lufax's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of this press release, and Lufax does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com
ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com
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SOURCE Lufax Holding Ltd