Ping An Digital Bank Launches Purchase Order Financing Tailored for Cross-Border E-Commerce Businesses

Lufax Holding Ltd (NYSE: LU, HKEX: 6623) plans to change its ADS ratio from 1:2 to 1:20, effective October 23, 2026. This will act as a 1-for-10 reverse ADS split, with no impact on underlying shares. The company expects the ADS trading price to increase proportionally, though it cannot guarantee this outcome.

Lufax Holding Ltd (NYSE:LU) reported an 86.2% reduction in its second-quarter net loss to RMB82 million, driven primarily by tax benefits. Pretax profit declined, total income fell 15.5% to RMB6.23 billion, and total expenses decreased 12.7%. Consumer-finance growth and cost reductions were noted, but the company remains loss-making, with its first-half net loss widening 33.7% to RMB694 million. The company's risk-bearing share of the outstanding portfolio increased to 93.2%.

Lufax Holding Ltd (LU) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Lufax Reports Second Quarter 2026 Financial Results Represents Key Milestone as Company Executes Plan to Return to a Normal Reporting Cadence SHANGHAI, Aug. 19, 2026 /PRNewswire/ -- Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading fin

Lufax reported Q2 2026 earnings with total income of RMB6,227 million, a 15.5% decrease YoY. Net loss narrowed to RMB82 million, an 86.2% improvement YoY. Loans outstanding decreased 13.5% YoY, but consumer finance loans rose 19.9%. New loans increased 4.6% YoY, driven by a 27.6% rise in consumer finance loans. CEO Xiang Ji highlighted improved asset quality and governance.

Lufax Holding said four of its nine board members, including CFO Xi Tongzhuan, resigned, and the company appointed a new independent director. The resignations follow a Hong Kong trading suspension tied to prior accounting issues and restatements. Lufax reported Q2 operational updates but did not give a resumption date. NY shares rose about 5% over two days.

Tencent (HK:0700) leased 100,000 AI chips from Oracle (NYSE:ORCL) for $7B over 5 years, impacting its Q2 free cash flow. The deal, reported by FT, is Tencent's largest overseas lease, aiming to boost its AI capabilities. China's tech firms can lease but not buy advanced AI chips under U.S. rules.