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Lufax Reports Second Quarter 2024 Financial Results

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SHANGHAI, Aug. 21, 2024 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 & First Half 2024 Financial Highlights

Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023.Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to net profit of RMB1,004 million in the same period of 2023.

(In millions except percentages, unaudited)

Three Months Ended June 30,

2023

2024

YoY

  RMB

RMB

USD

Total income

9,270

5,976

822

(35.5 %)

Total expenses

(7,957)

(6,341)

(873)

(20.3 %)

Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses

(4,954)

(3,485)

(480)

(29.7 %)

   Credit impairment losses, finance costs and
   other (gains)/losses

(3,003)

(2,856)

(393)

(4.9 %)

Net profit/(loss)

1,004

(730)

(100)

(172.7 %)

(In millions except percentages, unaudited)

Six Months Ended June 30,

2023

2024

YoY

  RMB

RMB

USD

Total income

19,348

12,940

1,781

(33.1 %)

Total expenses

(16,920)

(12,857)

(1,769)

(24.0 %)

Total expenses excluding credit
impairment losses, finance costs and
other (gains)/losses

(10,639)

(7,065)

(972)

(33.6 %)

   Credit impairment losses, finance costs and
   other (gains)/losses

(6,281)

(5,792)

(797)

(7.8 %)

Net profit

1,736

(1,560)

(215)

(189.9 %)

Second Quarter 2024 Operational Highlights

Total outstanding balance of loans was RMB235.2 billion as of June 30, 2024 compared to RMB426.4 billion as of June 30, 2023, representing a decrease of 44.8%, among which the outstanding balance of consumer finance loans was RMB42.0 billion as of June 30, 2024, compared to RMB32.8 billion as of June 30, 2023, representing an increase of 27.9%.Total new loans enabled were RMB45.2 billion in the second quarter of 2024, compared to RMB53.5 billion in the same period of 2023, representing a decrease of 15.5%, among which new consumer finance loans were RMB22.1 billion in the second quarter of 2024, compared to RMB17.9 billion in the same period of 2023, representing an increase of 23.6%.Cumulative number of borrowers increased by 17.4% to approximately 23.2 million as of June 30, 2024 from approximately 19.7 million as of June 30, 2023.As of June 30, 2024, including the consumer finance subsidiary, the Company bore risk on 56.7% of its outstanding balance, up from 27.5% as of June 30, 2023. Credit enhancement partners bore risk on the other 42.2% of the outstanding balance, among which Ping An Property & Casualty Insurance Company of China, Ltd. accounted for a majority.As of June 30, 2024, excluding the consumer finance subsidiary, the Company bore risk on 49.9% of its outstanding balance, up from 22.4% as of June 30, 2023.For the second quarter of 2024, the Company’s retail credit enablement business take rate[1] based on loan balance was 9.3%, as compared to 7.0% for the second quarter of 2023.C-M3 flow rate[2] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 0.9% in the second quarter of 2024, compared to 1.0% in the first quarter of 2024. Flow rates for the general unsecured loans and secured loans the Company had enabled were 0.9% and 0.7% respectively in the second quarter of 2024, as compared to 1.0% and 0.7% respectively in the first quarter of 2024.Days past due (“DPD”) 30+ delinquency rate[3] for the total loans the Company had enabled, excluding the consumer finance subsidiary, was 5.4% as of June 30, 2024, as compared to 6.6% as of March 31, 2024. DPD 30+ delinquency rate for general unsecured loans was 5.8% as of June 30, 2024, as compared to 7.4% as of March 31, 2024. DPD 30+ delinquency rate for secured loans was 4.1% as of June 30, 2024, as compared to 4.5% as of March 31, 2024.DPD 90+ delinquency rate[4] for total loans enabled, excluding the consumer finance subsidiary, was 3.4% as of June 30, 2024, as compared to 4.4% as of March 31, 2024. DPD 90+ delinquency rate for general unsecured loans was 3.7% as of June 30, 2024, as compared to 5.0% as of March 31, 2024. DPD 90+ delinquency rate for secured loans was 2.5% as of June 30, 2024, as compared to 2.6% as of March 31, 2024.As of June 30, 2024, the non-performing loan (NPL) ratio[5] for consumer finance loans was 1.4% as compared to 1.6% as of March 31, 2024.

Mr. YongSuk Cho, Chairman and Chief Executive Officer of Lufax, commented, “During the second quarter, our focus on quality over quantity yielded notable improvements of asset quality across both our Puhui and consumer finance portfolios. Loan quality trended higher within both segments, demonstrating the efficacy of our strategic approach. As our Puhui loan balance increasingly represents loans enabled under the 100% guarantee model, we anticipate the ongoing shift will drive further enhancements to our take rate going forward. Furthermore, as we continue to execute our strategy of obtaining and utilizing strong licenses to bolster our business, we expect our licenses will help us improve our funding costs, product diversity, and capital management efficiency. Looking ahead, we will seek to deepen our synergies with Ping An Group, leveraging their brand reputation, technological resources, and extensive network to strengthen our market position. These initiatives, combined with our direct sales force and ongoing emphasis on operational caution, uniquely position us to support China’s small and micro enterprise economy. We are encouraged by our progress to date, and remain committed to drive persistent, high-quality growth for our customers and our shareholders.”

Mr. Gregory Gibb, Co-Chief Executive Officer of Lufax, commented, “Our ongoing emphasis on operational refinements helped us strengthen our business during the second quarter. Our disciplined approach to credit standards led to enhancements in asset quality, with the C-M3 flow rate of Puhui loans improving to 0.9% and the NPL ratio for consumer finance loans decreasing to 1.4%. Meanwhile, the implementation of our 100% guarantee model for Puhui loans has positively impacted the take rate on our outstanding balance, which reached 9.3% this quarter. Our consumer finance segment also continued to grow, with a 23.6% year-over-year increase in new loan sales, representing 49% of total new loan sales in the quarter. Our prudent approach and ongoing operational refinements will be key as we pursue sustainable future growth.”

Mr. Alston Peiqing Zhu, Chief Financial Officer of Lufax, commented, “During the second quarter, our leverage remained low, and our two main operating entities have maintained their strong capital positions. Our guarantee subsidiary’s leverage ratio is stable at 2.4x, still comfortably below the 10x regulatory limit. At the same time, our consumer finance company has a healthy 14.7% capital adequacy ratio, surpassing the 10.5% regulatory requirement. Amidst a complex economic environment, we are seeing positive trends in asset quality and notable growth in consumer finance. We remain steadfast in our disciplined approach, aiming to construct a resilient platform for enduring success and shareholder value creation.”

Second Quarter 2024 & First Half 2024 Financial Results

TOTAL INCOME

Total income was RMB5,976 million (US$822 million) in the second quarter of 2024, compared to RMB9,270 million in the same period of 2023, representing a decrease of 36%.

Three Months Ended June 30,

(In millions except percentages,
unaudited)

2023

2024

YoY

  RMB

% of income

 RMB

% of income

Technology platform-based income

4,076

44.0 %

1,999

33.4 %

(51.0 %)

Net interest income

3,367

36.3 %

2,716

45.4 %

(19.3 %)

Guarantee income

1,149

12.4 %

850

14.2 %

(26.0 %)

Other income

310

3.3 %

318

5.3 %

2.4 %

Investment income

370

4.0 %

94

1.6 %

(74.6 %)

Share of net profits of investments
   accounted for using the equity method

(1)

(0.0 %)

–

–

100.0 %

Total income

9,270

100.0 %

5,976

100.0 %

(35.5 %)

 

Six Months Ended June 30,

(In millions except percentages,
unaudited)

2023

2024

YoY

  RMB

% of income

  RMB

% of income

Technology platform-based income

9,086

47.0 %

4,552

35.2 %

(49.9 %)

Net interest income

6,716

34.7 %

5,561

43.0 %

(17.2 %)

Guarantee income

2,565

13.3 %

1,775

13.7 %

(30.8 %)

Other income

538

2.8 %

637

4.9 %

18.4 %

Investment income

445

2.3 %

416

3.2 %

(6.6 %)

Share of net profits of investments
   accounted for using the equity method

(2)

(0.0 %)

(1)

(0.0 %)

56.5 %

Total income

19,348

100.0 %

12,940

100.0 %

(33.1 %)

Technology platform-based income was RMB1,999 million (US$275 million) in the second quarter of 2024, compared to RMB4,076 million in the same period of 2023, representing a decrease of 51.0%, due to 1) the decrease of retail credit service fees due to the decrease in loan balance and 2) the decrease of referral and other technology platform-based income due to the Company’s exit from the Lujintong[6] business that it had previously conducted.Net interest income was RMB2,716 million (US$374 million) in the second quarter of 2024, compared to RMB3,367 million in the same period of 2023, representing a decrease of 19.3%, mainly due to the decrease in loan balance, partially offset by the increase of net interest income from the Company’s consumer finance business.Guarantee income was RMB850 million (US$117 million) in the second quarter of 2024, compared to RMB1,149 million in the same period of 2023, representing a decrease of 26.0%, primarily due to the decrease in loan balance and a lower average fee rate.Other income was RMB318 million (US$44 million) in the second quarter of 2024, compared to other income of RMB310 million in the same period of 2023. The increase was mainly due to the increased account management fees driven by improved collection performance.Investment income was RMB94 million (US$13 million) in the second quarter of 2024, compared to RMB370 million in the same period of 2023, mainly due to the increased losses associated with certain investment assets.

—————————

[1] The take rate of retail credit enablement business is calculated by dividing the aggregated amount of loan enablement service fees, post-origination service fees, net interest income (excluding revenue from PAObank and LUAN credit subsidiaries), guarantee income and the penalty fees and account management fees by the average outstanding balance of loans enabled for each period.

[2] C-M3 flow rate estimates the percentage of current loans that will become non-performing at the end of three months, and is defined as the product of (i) the loan balance that is overdue from 1 to 29 days as a percentage of the total current loan balance of the previous month, (ii) the loan balance that is overdue from 30 to 59 days as a percentage of the loan balance that was overdue from 1 to 29 days in the previous month, and (iii) the loan balance that is overdue from 60 to 89 days as a percentage of the loan balance that was overdue from 30 days to 59 days in the previous month. Loans from legacy products and consumer finance subsidiary are excluded from the flow rate calculation.

[3] DPD 30+ delinquency rate refers to the outstanding balance of loans for which any payment is 30 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[4] DPD 90+ delinquency rate refers to the outstanding balance of loans for which any payment is 90 to 179 calendar days past due divided by the outstanding balance of loans. Loans from legacy products and consumer finance subsidiary are excluded from the calculation.

[5] Non-performing loan ratio for consumer finance loans is calculated by using the outstanding balance of consumer finance loans for which any payment is 91 or more calendar days past due and not written off, and certain restructured loans, divided by the outstanding balance of consumer finance loans.

[6] Lujintong was a platform the company launched in 2019, aiming to help its financial institution partners to acquire borrowers directly through dispersed sourcing nationwide. The company downscaled the operations of Lujintong in 2023 and ceased its operation by the end of April 2024.

TOTAL EXPENSES

Total expenses decreased by 20% to RMB6,341 million (US$873 million) in the second quarter of 2024 from RMB7,957 million in the same period of 2023. This decrease was mainly due to the decrease in sales and marketing expenses by 46% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. Total expenses excluding credit impairment losses, finance costs and other (gains)/losses decreased by 30% to RMB3,485 million (US$480 million) in the second quarter of 2024 from RMB4,954 million in the same period of 2023.

Three Months Ended June 30,

(In millions except percentages, unaudited)

2023

2024

YoY

RMB

% of income

RMB

% of income

Sales and marketing expenses

2,540

27.4 %

1,372

22.9 %

(46.0 %)

General and administrative expenses

493

5.3 %

511

8.5 %

3.5 %

Operation and servicing expenses

1,576

17.0 %

1,327

22.2 %

(15.8 %)

Technology and analytics expenses

344

3.7 %

275

4.6 %

(20.0 %)

Credit impairment losses

2,998

32.3 %

2,560

42.8 %

(14.6 %)

Finance costs

136

1.5 %

13

0.2 %

(90.2 %)

Other (gains)/losses – net

(130)

(1.4 %)

282

4.7 %

316.6 %

Total expenses

7,957

85.8 %

6,341

106.1 %

(20.3 %)

 

Six Months Ended June 30,

(In millions except percentages, unaudited)

2023

2024

YoY

RMB

% of income

RMB

% of income

Sales and marketing expenses

5,570

28.8 %

2,890

22.3 %

(48.1 %)

General and administrative expenses

1,249

6.5 %

993

7.7 %

(20.5 %)

Operation and servicing expenses

3,134

16.2 %

2,655

20.5 %

(15.3 %)

Technology and analytics expenses

686

3.5 %

528

4.1 %

(23.0 %)

Credit impairment losses

6,130

31.7 %

5,422

41.9 %

(11.5 %)

Finance costs

324

1.7 %

71

0.6 %

(78.0 %)

Other (gains)/losses – net

(173)

(0.9 %)

299

2.3 %

273.0 %

Total expenses

16,920

87.5 %

12,857

99.4 %

(24.0 %)

Sales and marketing expenses decreased by 46.0% to RMB1,372 million (US$189 million) in the second quarter of 2024 from RMB2,540 million in the same period of 2023. The decrease was mainly due to 1) the decreased loan-related expenses as a result of the decrease in loan balance and 2) decreased retention expenses and referral expenses from platform service attributable to the Company’s exit from the Lujintong business that it had previously conducted.General and administrative expenses increased by 3.5% to RMB511 million (US$70 million) in the second quarter of 2024 from RMB493 million in the same period of 2023, mainly due to the increased investment in newly acquired businesses.Operation and servicing expenses decreased by 15.8% to RMB1,327 million (US$183 million) in the second quarter of 2024 from RMB1,576 million in the same period of 2023, due to the Company’s expense control measures and decrease of loan balance, partially offset by increased commission associated with improved collection performance.Technology and analytics expenses decreased by 20.0% to RMB275 million (US$38 million) in the second quarter of 2024 from RMB344 million in the same period of 2023, primarily due to the Company’s expense control measures.Credit impairment losses decreased by 14.6% to RMB2,560 million (US$352 million) in the second quarter of 2024 from RMB2,998 million in the same period of 2023, mainly due to the decrease in actual losses of loans as a result of the improvement of credit performance, partially offset by the upfront provision from loans under the 100% guarantee model.Finance costs decreased by 90.2% to RMB13 million (US$2 million) in the second quarter of 2024 from RMB136 million in the same period of 2023, mainly due to the decrease of interest expenses as a result of repayment of C-Round Convertible Promissory Notes and other debts, partially offset by the decrease of interest income from bank deposits.Other losses were RMB282 million (US$39 million) in the second quarter of 2024, compared to other gains of RMB130 million in the same period of 2023, mainly due to the increase of foreign exchange losses and losses associated with certain risk assets.

NET LOSS

Net loss was RMB730 million (US$100 million) in the second quarter of 2024, compared to a net profit of RMB1,004 million in the same period of 2023, as a result of the aforementioned factors.

LOSS PER ADS

Basic and diluted loss per American Depositary Share (“ADS”) were both RMB1.38 (US$0.19) in the second quarter of 2024. Each one ADS represents two ordinary shares.

BALANCE SHEET

The Company had RMB37,114 million (US$5,107 million) in cash at bank as of June 30, 2024, as compared to RMB39,599 million as of December 31, 2023. Net assets of the Company amounted to RMB82,676 million (US$11,377 million) as of June 30, 2024, as compared to RMB93,684 million as of December 31, 2023.

SEMI-ANNUAL DIVIDEND

In light of the net loss recorded for the six months ended June 30, 2024, the board of directors of the Company has determined that no semi-annual dividend shall be paid at this time.

Conference Call Information

The Company’s management will hold an earnings conference call at 9:00 P.M. U.S. Eastern Time on Wednesday, August 21, 2024 (9:00 A.M. Beijing Time on Thursday, August 22, 2024) to discuss the financial results. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.

Registration Link: https://dpregister.com/sreg/10191825/fd49d1bf63

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.lufaxholding.com.

The replay will be accessible through August 28, 2024, by dialing the following numbers:

United States:  

1-877-344-7529

International:  

1-412-317-0088

Conference ID: 

8154019

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 30, 2024, as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Lufax’ s beliefs and expectations, are forward-looking statements. Lufax has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. These forward-looking statements include, but are not limited to, statements about Lufax’ s goals and strategies; Lufax’ s future business development, financial condition and results of operations; expected changes in Lufax’ s income, expenses or expenditures; expected growth of the retail credit enablement; Lufax’ s expectations regarding demand for, and market acceptance of, its services; Lufax’s expectations regarding its relationship with borrowers, platform investors, funding sources, product providers and other business partners; general economic and business conditions; and government policies and regulations relating to the industry Lufax operates in. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Lufax’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lufax does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact
Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com 

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Technology platform-based income

4,075,697

1,998,817

275,046

9,086,070

4,551,892

626,361

Net interest income

3,366,917

2,715,749

373,699

6,715,547

5,560,940

765,211

Guarantee income

1,148,646

850,152

116,985

2,565,405

1,775,400

244,303

Other income

310,170

317,600

43,703

537,632

636,783

87,624

Investment income

370,043

93,899

12,921

445,007

415,657

57,196

Share of net profits of investments accounted for using
the equity method

(1,151)

–

–

(1,587)

(691)

(95)

Total income

9,270,322

5,976,217

822,355

19,348,074

12,939,981

1,780,601

Sales and marketing expenses

(2,540,067)

(1,371,539)

(188,730)

(5,570,120)

(2,889,635)

(397,627)

General and administrative
expenses

(493,345)

(510,695)

(70,274)

(1,249,416)

(993,199)

(136,669)

Operation and servicing expenses

(1,576,137)

(1,327,251)

(182,636)

(3,134,026)

(2,654,672)

(365,295)

Technology and analytics
expenses

(344,131)

(275,395)

(37,896)

(685,616)

(527,733)

(72,618)

Credit impairment losses

(2,997,706)

(2,560,088)

(352,280)

(6,129,506)

(5,421,572)

(746,033)

Finance costs

(135,649)

(13,249)

(1,823)

(324,288)

(71,405)

(9,826)

Other gains/(losses) – net

130,444

(282,488)

(38,872)

172,856

(298,990)

(41,142)

Total expenses

(7,956,591)

(6,340,705)

(872,510)

(16,920,116)

(12,857,206)

(1,769,210)

Profit before income tax
expenses

1,313,731

(364,488)

(50,155)

2,427,958

82,775

11,390

Income tax expenses

(310,113)

(365,503)

(50,295)

(691,970)

(1,642,727)

(226,047)

Net profit/(loss) for the period

1,003,618

(729,991)

(100,450)

1,735,988

(1,559,952)

(214,657)

Net profit/(loss) attributable to:

Owners of the Group

965,349

(792,072)

(108,993)

1,637,325

(1,662,535)

(228,772)

Non-controlling interests

38,269

62,081

8,543

98,663

102,583

14,116

Net profit/(loss) for the period

1,003,618

(729,991)

(100,450)

1,735,988

(1,559,952)

(214,657)

Earnings per share

-Basic earnings/(loss) per share

0.84

(0.69)

(0.09)

1.43

(1.45)

(0.20)

-Diluted earnings/(loss) per share

0.84

(0.69)

(0.09)

1.43

(1.45)

(0.20)

-Basic earnings/(loss) per ADS

1.68

(1.38)

(0.19)

2.86

(2.90)

(0.40)

-Diluted earnings/(loss) per ADS

1.68

(1.38)

(0.19)

2.86

(2.90)

(0.40)

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of June 30,

2023

2024

RMB

RMB

USD

Assets

Cash at bank

39,598,785

37,113,898

5,107,042

Restricted cash

11,145,838

10,683,924

1,470,157

Financial assets at fair value through profit or loss

28,892,604

29,249,592

4,024,878

Financial assets at fair value through other comprehensive income

–

1,739,416

239,352

Financial assets at amortized cost

3,011,570

2,918,120

401,547

Accounts and other receivables and contract assets

7,293,671

5,410,456

744,504

Loans to customers

129,693,954

112,708,888

15,509,259

Deferred tax assets

5,572,042

5,476,280

753,561

Property and equipment

180,310

162,426

22,351

Investments accounted for using the equity method

2,609

–

–

Intangible assets

874,919

1,016,210

139,835

Right-of-use assets

400,900

349,884

48,146

Goodwill

8,911,445

9,171,729

1,262,072

Other assets

1,444,362

929,279

127,873

Total assets

237,023,009

216,930,102

29,850,575

Liabilities

Payable to platform users

985,761

781,083

107,481

Borrowings

38,823,284

41,002,213

5,642,092

Customer deposits

–

3,126,937

430,281

Current income tax liabilities

782,096

447,523

61,581

Accounts and other payables and contract liabilities

6,977,118

15,188,201

2,089,966

Payable to investors of consolidated structured entities

83,264,738

61,693,369

8,489,290

Financing guarantee liabilities

4,185,532

3,507,405

482,635

Deferred tax liabilities

524,064

427,332

58,803

Lease liabilities

386,694

342,671

47,153

Convertible promissory note payable

5,650,268

5,898,783

811,700

Other liabilities

1,759,672

1,838,182

252,942

Total liabilities

143,339,227

134,253,699

18,473,924

Equity

Share capital

75

75

10

Share premium

32,142,233

22,306,417

3,069,465

Treasury shares

(5,642,768)

(5,642,768)

(776,471)

Other reserves

155,849

544,621

74,942

Retained earnings

65,487,099

63,824,564

8,782,552

Total equity attributable to owners of the Company

92,142,488

81,032,909

11,150,499

Non-controlling interests

1,541,294

1,643,494

226,152

Total equity

93,683,782

82,676,403

11,376,652

Total liabilities and equity

237,023,009

216,930,102

29,850,575

 

 

LUFAX HOLDING LTD

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended June 30,

Six Months Ended June 30

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Net cash generated from/(used in)
operating activities

1,994,730

2,997,614

412,485

5,280,779

3,500,146

481,636

Net cash (used in)/generated from
investing activities

(339,249)

(224,994)

(30,960)

1,835,491

2,522,047

347,045

Net cash (used in) financing activities

(8,844,090)

(4,688,244)

(645,124)

(11,621,316)

(4,189,061)

(576,434)

Effects of exchange rate changes on
cash and cash equivalents

393,412

78,616

10,818

427,092

85,317

11,740

Net (decrease)/increase in cash and
cash equivalents

(6,795,197)

(1,837,008)

(252,781)

(4,077,954)

1,918,449

263,987

Cash and cash equivalents at the
beginning of the period

32,254,754

22,235,553

3,059,714

29,537,511

18,480,096

2,542,946

Cash and cash equivalents at the end of
the period

25,459,557

20,398,545

2,806,933

25,459,557

20,398,545

2,806,933

 

View original content:https://www.prnewswire.com/news-releases/lufax-reports-second-quarter-2024-financial-results-302227333.html

SOURCE Lufax Holding Ltd

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Technology

KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution

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September 23, 2024

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The partnership will enable KM Malta Airlines to provide passengers with a seamless payment experience and access to their preferred payment methods.

LONDON, Sept. 23, 2024 /CNW/ — CellPoint Digital, a global pioneer in Payment Orchestration, is proud to announce it has partnered with KM Malta Airlines to support the airline’s payment processes across multiple sales channels, including on its website and App, allowing passengers in future to pay with key alternative payment methods (APMs) like Apple Pay.

From the start of operations on March 31, 2024, CellPoint Digital was entrusted to support KM Malta Airlines’ payment processes across. Using CellPoint Digital’s Payment Orchestration platform, KM Malta Airlines launched the service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects the airline’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as a valued payment solution provider.

Through its partnership with CellPoint Digital, KM Malta Airlines gains access to a network of acquirer connections, including its newly introduced partner, Shift4 (formerly Finaro), to support its growth strategy. This allows the airline to optimise transaction routing, reduce payment costs, and settle in its preferred currency.

“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KM Malta Airlines demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”

Roy Kinnear, CCO of KM Malta Airlines, stated, “A highly optimised, cost-efficient payment strategy is important to the success of our airline. That’s why we partnered with experts in aviation payments to deliver a comprehensive platform tailored to our passengers’ needs and allowing us to expand our offering of customer choice payment mechanisms.”

The Advantage of Day-One Payment Orchestration

Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KM Malta Airlines will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KM Malta Airline’s preferred acquiring partner, Shift4.

For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at steven.osei@cellpointdigital.com

About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more. 

About KM Malta Airlines

The KM Malta Airlines schedule serves 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.

Bookings can be made on kmmaltairlines.com

Contact: media@kmmaltairlines.com

 

View original content:https://www.prnewswire.com/news-releases/km-malta-airlines-the-maltese-islands-new-national-carrier-implements-cellpoint-digitals-payment-orchestration-solution-302254685.html

SOURCE CellPoint Digital

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Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships

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September 23, 2024

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Advantech (TWSE: 2395), a global leader in industrial IoT and embedded computing solutions, has officially inaugurated its expanded regional office in Singapore. This strategic investment is set to enhance Advantech’s core competencies within the ASEAN region. Located at 7002 Ang Mo Kio Avenue 5, the new office will double the company’s current facility space, enhancing its infrastructure to meet the rising demand for high-technology solutions, particularly in the semiconductor sector. The expansion underscores Advantech’s commitment to collaborating with silicon and ecosystem partners and investing in local talent development through industry-academia partnerships. The new office will also support Advantech’s Configure-To-Order Service (CTOS), reinforcing its strategic goal of deepening and localising industry presence while advancing a comprehensive AIoT industry development strategy.

Vincent Chang, Managing Director of Asia and Intercontinental Region at Advantech, stated, “The relocation to our new premises marks a significant milestone in Advantech’s nearly 30 years of growth in Singapore. Established in 1995, Advantech Singapore has grown to become a pivotal hub in the ASEAN region, leading to the creation of Advantech Malaysia, Thailand, Indonesia, and Vietnam as key regional business units. Advantech envisions Singapore evolving into a Corporate Development Core Competency hub, focusing on business intelligence, strategic planning, and advancing branding, public relations, and ESG programmes across the ASEAN region.”

Advantech is also excited to launch the second year of its AIoT Innowork programme with Singapore Polytechnic (SP). This year’s projects will focus on sustainable development, net-zero emissions, and generative AI. Students will use Advantech’s WISE-PaaS, a cloud-based platform, to develop AIoT solutions, including a smart outdoor agriculture proof-of-concept within SP’s campus. Additionally, the programme will advance intelligent EV charging and parking space monitoring with Advantech’s LoRaWAN gateway and generative AI, featuring a dashboard for carpark occupancy and an assistive chatbot for availability queries.

In response to the government’s focus on future workforce development, a student team from SP is set to create a proof of concept for a “Generative AI-powered Virtual Sales Agent.” This innovative project aims to transform customer interactions by enhancing sales and engagement through cutting-edge AI technology. SP envisions this technology revolutionising customer engagement, enhancing service support, and improving operational efficiency.

Advantech Singapore is dedicated to advancing the “MySkillsFuture” programme, a key initiative by the Singapore government to support lifelong learning. Advantech aims to build a collaborative value chain that fosters a sustainable and thriving IoT ecosystem by partnering with ecosystem players, academic institutions, and industry leaders. Additionally, through academic collaboration, Advantech seeks to cultivate industry growth and align with its social responsibility objectives by producing and distributing urban farming products to underserved communities. These strategic partnerships are poised to drive long-term industry success and reinforce Advantech’s commitment to its ESG goals.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/advantech-unveils-expanded-singapore-office-to-boost-asean-presence-and-support-aiot-innovations-with-strategic-partnerships-302255164.html

SOURCE Advantech Co. Singapore Pte Ltd

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Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf

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September 23, 2024

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DUBAI, UAE, Sept. 23, 2024 /PRNewswire/ — Trade Estonia, part of Enterprise Estonia, is concluding its participation at the ITS World Congress 2024 in Dubai, further asserting its leadership in intelligent transport systems (ITS) and smart mobility. Estonia, known for being the first country to allow testing autonomous vehicles on public roads since 2017, showcased its innovative technologies that are setting new benchmarks in smart mobility and ITS.

At the exhibition, Trade Estonia displayed pioneering solutions, including Bamboo Apps’ cutting-edge dispatch system for autonomous shuttles, enabling remote monitoring of unmanned vehicles to enhance safety and efficiency. e-Pavement integrates sensors within road surfaces to improve safety and traffic management, while Auve Tech’s autonomous shuttles seamlessly integrate with public transport, offering efficient and eco-friendly urban mobility solutions. Metrosert is enhancing the precision of smart infrastructure, and Digilogistika Keskus is optimising logistics through advanced digital platforms, boosting supply chain efficiency in smart cities.

H.E. The Ambassador of Estonia to the UAE Maria Belovas stated, “Estonia’s footprint in integrating cutting-edge technology is pivotal in enhancing transportation safety, efficiency, and mobility. Our innovations are designed to meet the evolving needs of global smart cities and ensure a sustainable future for transportation.”

These advancements exemplify Estonia’s commitment to developing intelligent, sustainable, and efficient transport solutions that address both urban and rural mobility needs, and solidifying its global network.

In addition to presenting its technological progress at the ITS World Congress, Estonia focused on building meaningful connections and exploring new avenues for collaboration.

Forging Strategic Global Partnerships

Estonia is dedicated to expanding its international impact by building strategic partnerships, particularly in the Gulf region.

A recent networking event, hosted by H.E. The Ambassador of Finland, Ms. Tuula Yrjölä, and H.E. The Ambassador of Estonia, Ms. Maria Belovas, brought together Finnish and Estonian business delegations to cultivate global connections in smart mobility. The event also facilitated valuable discussions on future collaborations, reflecting Trade Estonia’s ongoing mission to support global innovation and sustainability in transport.

Ms. Maria Belovas highlighted the importance of these international connections in advancing the organisation’s strategic goals and enriching global collaborative efforts.

Building on this momentum, Trade Estonia is gearing up for its next significant engagement at GITEX Global 2024. This upcoming event will serve as a new stage for Estonia to underline their technological advancements and explore new avenues for collaboration with global technology leaders.

About Trade Estonia

Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.

Photo: https://mma.prnewswire.com/media/2512077/Maria_Belovas.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/estonia-strengthens-smart-mobility-networking-and-strategic-partnerships-in-the-gulf-302255186.html

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