Lufax Holding resumes Hong Kong trading after 20-month suspension over PwC dispute
Lufax Holding resumed trading on the Hong Kong Stock Exchange on September 24, 2026, after a nearly 20-month suspension triggered by a disagreement with former auditor PwC over suspected related-party transactions. The company met all six HKEX resumption conditions, including an independent investigation by Morgan Lewis and AlixPartners, financial restatements audited by Ernst & Young, and internal control improvements verified by Deloitte. The probe found loan funds were primarily used to compensate retail investors. Lufax reported 2025 revenue of approximately 27.1 billion yuan and total assets of about 202.7 billion yuan as of June 2026.
Reference imageEditorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page reads the event directly, while its address stays stable when the title changes.
- Summary covers the current reports
Cross-source coverage
Common ground
- Both sides agree that retail investors were affected and deserved protection.
- Both acknowledge that Lufax underwent a 20-month suspension and met HKEX's six conditions for resumption.
- Both recognize that the company compensated investors and implemented governance changes.
Points of contention
- The Regional Agent sees the use of loan funds to compensate investors as a systemic exploitation of ordinary people, while the Eastern Agent views it as a compliance failure that was properly fixed.
- The Regional Agent argues that the outcome lacks moral accountability for victims, while the Eastern Agent insists that the process—independent investigation, management overhaul, and verified controls—is genuine accountability.
- The Regional Agent compares the situation unfavorably to Western scandals like Wells Fargo, citing fines and executive bans, while the Eastern Agent counters that Lufax's reforms were more thorough than many Western cases.
Blind spots
- Neither side fully addresses whether the regulatory framework should have prevented this structure from existing in the first place.
- The debate overlooks the long-term impact on trust among small business owners and entrepreneurs who may still be wary of using Lufax or similar platforms.
- There is little discussion of how the compensation was funded—whether it came from the company's own resources or further burdened other customers.
WorldAttention’s read
This debate highlights a fundamental clash between process-based and people-centered views of accountability. The Regional Agent focuses on the human cost—retail investors who lost savings and feel justice was not served—while the Eastern Agent emphasizes that Lufax followed Hong Kong's regulatory rules, compensated victims, and made systemic fixes that should prevent future harm. Both sides agree that the company met technical requirements, but they disagree on whether that equals true accountability. The blind spots include whether the system should have stopped the problem before it happened and how the compensation was paid for. Ultimately, the case shows that financial regulation can enforce compliance, but it cannot always deliver the moral closure that affected individuals seek.
Reporting timeline
Lufax Holding resumes Hong Kong trading after nearly 20-month suspension
Lufax Holding (HK06623) resumed trading on the Hong Kong Stock Exchange on September 24, 2026, after a nearly 20-month suspension that began on January 28, 2025. The suspension was triggered by a disagreement with former auditor PwC over 'suspected related-party transactions,' leading to an independent forensic investigation and the appointment of Ernst & Young as successor auditor. The Hong Kong exchange had set six resumption conditions, all of which have now been fulfilled. The independent investigation, led by law firm Morgan Lewis with forensic support from AlixPartners, found that loan funds were primarily used to compensate retail investors of financial products promoted through Lufax's platform. Ernst & Young completed re-audits for 2022-2025 and issued unqualified opinions for 2024 and 2025. Deloitte confirmed improved internal controls. Lufax's board now consists of one executive director and five independent non-executive directors, with a new chief compliance officer. Parent company Ping An Group issued an irrevocable commitment to maintain Lufax's independent governance. Lufax reported 2025 total revenue of approximately 27.1 billion yuan and total assets of about 202.7 billion yuan as of June 2026. The company's U.S. shares rose about 6% on the announcement.
Read sourceLufax Holding resumes trading on Hong Kong Stock Exchange after nearly 20-month suspension
Lufax Holding (HK06623) resumed trading on the Hong Kong Stock Exchange on September 24, 2026, after a nearly 20-month suspension that began on January 28, 2025. The suspension was triggered by a disagreement with former auditor PwC over 'suspected related-party transactions,' leading to the appointment of Ernst & Young as successor auditor and an independent forensic investigation. The Hong Kong Stock Exchange had set six resumption conditions, including independent investigation, financial restatement, management integrity, internal controls, continued listing eligibility, and information disclosure. Lufax stated all conditions have been fulfilled. The company's US-listed shares (LU.US) rose over 8% intraday following the announcement. Lufax's business model includes retail credit facilitation for small business owners and consumer finance services. In the first half of 2026, the company reported total new loans of 99.9 billion yuan, with consumer finance loans increasing to 66.2 billion yuan. The company stated that uncertainties have been largely eliminated and it will face capital market scrutiny with improved governance and financial structure.
Read sourceLufax Holding meets all resumption conditions, to resume Hong Kong trading on September 24
Lufax Holding Ltd (6623.HK, LU.US) announced on September 23 evening that it has fully satisfied all six resumption guidance conditions set by the Hong Kong Stock Exchange, paving the way for its shares to resume trading on September 24, 2026, after a nearly 20-month suspension since January 28, 2025. The conditions included independent investigations, financial restatements, management integrity, internal controls, and continuous listing eligibility. The company's U.S. shares rose over 8% on the news. During the suspension, Lufax maintained core retail credit and consumer finance operations, reporting 2025 total revenue of approximately 271 billion yuan and total assets of 202.7 billion yuan as of June 30, 2026. The company's consumer finance loan balance grew 19.9% year-on-year to 65.4 billion yuan, while asset quality improved with the C-M3 migration rate dropping to 1.0% and the 30-day delinquency rate falling to 5.8%. Cost-cutting measures reduced total expenses by 3.1% year-on-year in the first half of 2026, narrowing net losses. The company plans to focus on consumer finance, AI tools, and customer expansion going forward.
Read sourceShow 2 older updatesHide older updates
Lufax Holding to Resume Hong Kong Trading on Sept 24 After 20-Month Suspension
Lufax Holding Ltd. announced on September 22 that it has fully complied with the Hong Kong Stock Exchange's resumption guidelines, and its shares will resume trading on September 24, 2026, after a nearly 20-month suspension since January 28, 2025. The announcement caused its US-listed shares (LU.US) to rise over 8% intraday. The company met six conditions set by the exchange, including completing an independent investigation into certain transactions led by law firm Morgan Lewis and forensic support from AlixPartners, restating financial statements audited by Ernst & Young, and implementing internal control improvements verified by Deloitte. Lufax reported total revenue of approximately 271 billion yuan in 2025 and total assets of about 202.7 billion yuan as of June 30, 2026. Its consumer finance loan balance grew 19.9% year-over-year to 65.4 billion yuan. The company's asset quality improved, with the 30-day delinquency rate falling to 5.8%. Lufax plans to focus on consumer finance, AI tools like 'digital avatars', and expanding its customer base among self-employed individuals and salaried workers.
Read sourceLufax Holding resumes trading on Hong Kong Stock Exchange after nearly 20-month suspension
Lufax Holding (Lufax) resumed trading on the Hong Kong Stock Exchange on September 24, 2026, after a nearly 20-month suspension that began on January 28, 2025. The suspension was triggered by a disagreement with former auditor PwC over 'suspected related-party transactions,' leading to the appointment of Ernst & Young as successor auditor and an independent forensic investigation. The Hong Kong Stock Exchange had set six resumption conditions, including independent investigation, financial restatement, management integrity, internal controls, continued listing eligibility, and information disclosure. Lufax stated all conditions have been fulfilled. The independent investigation, led by international law firm Morgan Lewis with forensic support from AlixPartners, found that loan funds were primarily used to compensate retail investors in financial products promoted through Lufax's platform. Ernst & Young completed re-audits of financial statements from 2022 to 2025, issuing unqualified audit opinions for 2024 and 2025. Deloitte conducted an internal control review, confirming Lufax has established a compliant internal control system. Management and board have been restructured, with no current executives or directors involved in the investigated transactions. Ping An Group, the controlling shareholder, issued an irrevocable commitment to maintain Lufax's independent governance. Lufax reported total revenue of approximately 27.1 billion yuan in 2025 and total assets of about 202.7 billion yuan as of June 30, 2026. The company's U.S. shares rose about 6% following the announcement.
Read source