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Lufax Announces Changes in Board and Committee Composition

Lufax Holding Ltd, a prominent financial services provider for small businesses in China, has announced key adjustments to its Board of Directors scheduled for April 13, 2026. This decision comes after careful consideration by the company's nomination and remuneration committee, emphasizing the need for improved internal controls and corporate governance.

As part of these changes, Mr. Rusheng Yang and Mr. David Xianglin Li will not be nominated for re-election when their terms expire on April 13, 2026. Following this date, they will conclude their roles as independent non-executive directors and step down from all committee positions within the Board. The company expressed its gratitude to both directors, recognizing their contributions during their tenures.

In exciting news, Lufax welcomed Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng as new independent non-executive directors, effective April 14, 2026. Mr. Ip will take on the role of Chairman of the Audit Committee, while Mr. Cheng will serve as a committee member. Ms. Fangfang Cai will also join the nomination and remuneration committee as a member.

Experienced New Board Members

Mr. Koon Wing Ernest Ip, aged 65, boasts over four decades of expertise in accounting and auditing. He spent 34 years at PricewaterhouseCoopers Hong Kong (PwC), retiring as a partner in 2019. Following his time at PwC, he became the Group Chief Financial Officer of Fung Group, a collection of companies listed on the Hong Kong Stock Exchange. His impressive career includes significant roles in regulatory authorities and business associations, such as being a member of the Listing Committee of the Hong Kong Stock Exchange and serving on the Securities and Futures Commission of Hong Kong's advisory groups. Mr. Ip is also involved in various professional organizations and currently holds independent directorships in multiple companies, including Ping An Digital Bank and OneConnect Financial Technology.

Mr. Siu Hong Cheng, 66 years old, brings over 35 years of experience in the financial sector. Since November 2023, he has served as an independent non-executive director of Hong Kong Interbank Clearing Limited and has held numerous high-level positions in the financial industry, including Chief Operating Officer for Asia Pacific at HSBC from 2010 to 2019. His academic credentials include a bachelor's degree in electronic engineering from the University of Hong Kong, and he is active in various councils and committees contributing to technology and youth organizations in Hong Kong.

About Lufax

Lufax is recognized as a leading financial services provider for small business owners in China. The company specializes in financing products tailored to meet the specific needs of these entrepreneurs. Over the years, Lufax has fostered strong partnerships with 85 financial institutions across China, ensuring a stable support network for its clients. Through this corporate evolution and the new appointments, Lufax aims to strengthen its governance framework and continue its mission of supporting small businesses in the region.

In conclusion, the recent changes in leadership will likely play a vital role in enhancing Lufax's operational effectiveness and continuing its commitment to equipping small business owners with the financial tools they need to thrive.