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Oct. 30, 2020, 11:37 a.m. EDT

Lufax stock stumbles out of the gate, opens 14% below IPO price

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By Tomi Kilgore

Lufax Holding Ltd. /zigman2/quotes/222210431/composite LU +1.15% picked a rough day to go public, as shares of the China-based online lender to small businesses and salaried workers opened 14.0% below the initial public offering price amid a sharp selloff in the broader stock market. The first trade on the NYSE was at $11.60 at 11:33 a.m. Eastern for 4.2 million shares, below the IPO price of $13.50. The disappointing opening comes as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.70% slumped 4.2%, the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI -0.99% shed 2.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% dropped 1.8%. Lufax's stock has bounced slightly since the opening, as it was last down 11.1% at $12.00.

/zigman2/quotes/222210431/composite
US : U.S.: NYSE
$ 14.09
+0.16 +1.15%
Volume: 5.35M
Nov. 25, 2020 7:00p
P/E Ratio
18.41
Dividend Yield
N/A
Market Cap
$34.37 billion
Rev. per Employee
$84,622
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 60.47
+2.16 +3.70%
Volume: 217,096
Nov. 25, 2020 8:00p
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 81.24
-0.81 -0.99%
Volume: 3.29M
Nov. 25, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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