Lufax Holding Ltd. (NYS:LU) 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 (PSE:IPO) slumped 4.2%, the iShares MSCI China ETF (NAS:MCHI) shed 2.0% and the S&P 500 (S&P:SPX) dropped 1.8%. Lufax's stock has bounced slightly since the opening, as it was last down 11.1% at $12.00.
Oct. 30, 2020, 11:37 a.m. EDT