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Lufax Granted Extension for Filing Annual Report

Lufax Holding Ltd, a prominent financial services provider for small business owners in China, announced today that it has been granted an extension by the New York Stock Exchange (NYSE) for the filing of its annual report on Form 20-F for the fiscal year that concluded on December 31, 2024. This extension extends the deadline to April 30, 2026, providing the company with additional time to comply with necessary regulations.

The announcement comes in light of prior communications regarding potential delays in filing this essential report. Lufax has been facing challenges due to an impending change in its auditors for the fiscal year 2025. The NYSE previously indicated that Lufax was not fully compliant with its continual listing standards, prompting the necessity for timely and comprehensive reporting.

To address these compliance issues, Lufax has appointed Ernst & Young and its Chinese affiliate, Ernst & Young Hua Ming LLP, as the new auditors. The company is currently collaborating closely with these independent auditors to ensure that the 2024 Form 20-F is finalized and filed as swiftly as possible.

Despite the extended deadline, officials at Lufax understand the importance of adherence to the NYSE's expectations and have expressed their commitment to fulfilling these obligations. They acknowledge the critical nature of maintaining transparency and compliance in their operations, especially as they work to assure stakeholders and investors of the company's stability and integrity.

In the event that Lufax does not file its annual report by the newly established deadline, it could lead to a suspension and potential delisting from the NYSE. Lufax is therefore making a concerted effort to meet the set guidelines, as this is vital not only for compliance but also for the company’s continued operations within the volatile financial landscape.

Lufax has built a substantial reputation as a crucial financial enabler for small businesses in China by offering tailored financing solutions that cater to the unique needs of this sector. The company's partnerships with approximately 85 financial institutions in China have fortified its position within the financial services industry. Many of these partnerships have lasted for over three years, showcasing Lufax's reliability as a funding partner.

With the NYSE extension granted, Lufax remains focused on its operations and compliance objectives, aiming to adhere to the timeline and ensure a successful filing process. The company looks forward to resolving the current complications and is determined to uphold its obligations to investors and the market.

In summary, Lufax Holding Ltd’s recent extension for filing its 2024 annual report represents a critical moment for the company. As they navigate through the changes in audit arrangements, the focus will remain on regaining compliance, ensuring the transparency of its financial reports, and supporting the small businesses it serves effectively. As Lufax progresses through this financial reporting season, all eyes will be on their forthcoming actions to secure their ongoing presence on the NYSE and affirm their commitment to their stakeholders.

The importance of adhering to these regulations cannot be overstated as Lufax strives to maintain its reputation and operational integrity in the competitive financial landscape. As the company approaches the filing date, their actions will be pivotal in determining their future as an NYSE-listed entity.