Lufax may unveil IPO plan later this year

Lufax, a Chinese peer-to-peer lender and broker, is seeking to list itself as early as the second half of this year either in Hong Kong or Shanghai, Chairman Gregory Gibb said.

The company, which recently rebranded its business as lu.com, doesn't have a specific fundraising target for the initial public offering, Gibb said in an e-mail, adding it would depend on valuation at the time of the sale. Lufax could raise as much as $5 billion from its IPO, the Wall Street Journal reported Jan 26, citing people familiar with the deal.

"Our target window is as early as the second half of 2016 or 2017; Our ultimate decision will take into account broader market conditions," Gibb said.