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Lufax Holding Ltd (LU) Q1 2021 Earnings Call Transcript


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Image source: The Motley Fool.

Lufax Holding Ltd (NYSE:LU)
Q1 2021 Earnings Call
Apr 26, 2021, 9:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Lufax Holding Limited first-quarter 2021 earnings call. At this time, all participants are in listen-only mode. After the management’s prepared remarks, we will have a question-and-answer session. Please note this event is being recorded.

Now, I’d like to hand the conference over to your speaker host today, Mr. Yu Chen, the company’s head of board office and capital markets. Please go ahead, sir.

Chen YuHead of Investor Relations and Corporate Development

Thank you very much. Hello, everyone, and welcome to our first-quarter 2021 earnings conference call. Our quarterly financial and operating results were released by our newswire services earlier today and are currently available online. Today, you will hear from our chairman, Mr.

Ji Guangheng, who will start the call with updates on the impact of regulatory developments, as well as our efforts in supporting the growth of small micro businesses. Our co-CEO, Mr. Greg Gibb, will then provide a review of our progress and details of our development strategies in the quarter. Afterwards, our CFO, Mr.

James Zheng, will offer a closer look into our financials before we open up the call for questions. In addition, Mr. Y.S. Cho, our co-CEO; and Mr.

David Choy, CFO of our retail credit facilitation business, will also be available during the question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please also note that we’ll be discussed non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under the International Financial Reporting Standards in our earnings release and filings with the SEC. With that, I’m now pleased to turn over the call to Mr.

Ji Guangheng, chairman of Lufax.

Guangheng JiChairman

[Foreign language]

Chen YuHead of Investor Relations and Corporate Development

Hello, everyone and thank you, for joining our first-quarter 2021 earnings call. Before we go through the detailed quarterly results, I would like to provide some general updates on two aspects of our business. First, the recent regulatory developments and their impact on our business; and second, our achievements in supporting small and micro businesses.

Guangheng JiChairman

[Foreign language]

Chen YuHead of Investor Relations and Corporate Development

Let’s start with the recent regulatory development and the impact on Lufax. First, with increased clarity on regulations in the first quarter, we have witnessed how regulatory authorities impose various reform requirements on leading tech platforms. We believe that the intention of the new regulation has three folds. First, all financial businesses must be rooted in finance and powered by technology.

Second, our financial activities should be placed under regulatory oversight. Third, the development of the sector must be built on the basis of compliance. These policy directions are largely in line with our previous expectations.

Guangheng JiChairman

[Foreign language]

Chen YuHead of Investor Relations and Corporate Development

Regulatory compliance has always been a key focus for Lufax. Although we were not directly affected by the recent announcement, we have always upheld our commitment to provide socially responsible, trustworthy, and convenient financial services.

Guangheng JiChairman

[Foreign language]

Chen YuHead of Investor Relations and Corporate Development

For our credit retail product facilitation business, we promote responsible lending practices and educate borrowers on rational borrowing….



Read More: Lufax Holding Ltd (LU) Q1 2021 Earnings Call Transcript

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