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Lufax

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2018

    Investor protests after repeated defaults on distributed asset management products

    From 2018 to 2019, multiple asset management products distributed by Lufax were overdue, with underlying assets involving distressed companies such as Longli Biology, Kaidi Ecology, Dongfang Jinyu and Shenzhou Great Wall, involving about RMB 600 million to RMB 1 billion. Investors protested repeatedly around March 15, alleging false advertising and due diligence failures. Lufax said it had fully warned of risks and pushed managers to recover the assets. After mediation in 2020, most investors settled at about 90% of principal under agreements; Lufax listed in the US in 2020, and its outstanding P2P business was cleared in 2021.

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