The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants, reversing a decision announced four days earlier. The NYSE said late Monday it dropped the plans after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control.”
Over the past decade, U.S. investors have increased their exposure to companies based in or with the majority of their operations in China (“China-based Issuers”). China, while often viewed from an investing perspective as an emerging market, is the world’s second largest economy and, through direct investment as well as index-based investing, U.S. investors have increased their exposure to China-based Issuers over the past decade.
Lufax aims to raise up to $2.4 billion at a valuation of around $30 billion, and expects to start trading on October 30, per the Wall Street Journal. The Chinese fintech giant plans to use the money for developing new products, marketing, tech infrastructure, and future acquisitions. Lufax is an associate company of Ping An Group and primarily offers business and personal loans, as well as wealth management services.