Lufax Faces NYSE Compliance Challenge with Late Annual Report Filing

Lufax Holding Ltd, known for empowering small businesses with financial services in China, recently encountered a compliance issue with the New York Stock Exchange (NYSE). On May 13, 2025, the company was notified that its annual report on Form 20-F for the fiscal year ending December 31, 2024, had not been filed on time. This delay has placed Lufax at risk of falling out of compliance with the NYSE’s continuing listing standards.

The NYSE has stipulated that Lufax must submit this crucial report by October 30, 2025, in order to adhere to compliance protocols. Failure to meet this deadline could initiate suspension and delisting procedures, according to Section 804.00 of the Listed Company Manual. However, there is a glimmer of hope — if necessary, the NYSE may extend the deadline until April 30, 2026.

The underlying cause of this delay is attributed to a proposed change in Lufax's auditors. The company intends to replace its current auditors with Ernst & Young and Ernst & Young Hua Ming LLP, pending approval at an extraordinary general meeting scheduled for June 25, 2025. Thus, the timeline for filing the annual report hinges on the new auditors finalizing their audit of the company’s financial statements, which are integral to the report.

While the situation is critical, it’s important to note that the notice issued by the NYSE does not influence the listing status of Lufax's American depositary shares at this moment. The company remains determined to regain compliance with exchange requirements by filing its annual report within the specified timeline.

Lufax has established a robust position in China as a leading financial services enabler for small business owners. With partnerships spanning 85 financial institutions, the company has demonstrated its commitment to facilitating financing solutions that cater to the unique needs of its clientele. This multifaceted approach enables Lufax to thrive even amidst challenges, illustrating its resilience in the evolving landscape of financial services.

The company’s proactive response to the NYSE’s notice reflects its awareness of the importance of proper governance and compliance in maintaining investor confidence. Lufax aims not only to rectify the current situation but to reassure stakeholders of its financial integrity and operational transparency.

As the June 25 meeting approaches, all eyes will be on Lufax as it navigates this critical juncture. Investors and analysts alike will be keen to observe how the appointment of the new auditors unfolds and the subsequent impact on the filing of the annual report.

In conclusion, Lufax’s commitment to addressing this compliance issue is indicative of its proactive management approach. While the timeline is tight, the company’s intention to file the annual report promptly upon its auditors’ completion of the necessary work could serve as a pivotal moment in restoring its standing with the NYSE. Ultimately, Lufax continues to underscore its role as a vital financial partner for small business owners in China, even while managing the complexities of being a publicly listed company.

About Lufax

Lufax Holding Ltd specializes in facilitating financial services for small enterprises, with offerings designed to meet their diverse needs. By cultivating strong partnerships with numerous financial institutions, the company has established a reputation for reliability and innovation in the sector.

Safe Harbor Statement
This article contains forward-looking statements as defined by the U.S. Private Securities Litigation Reform Act of 1995, concerning Lufax's future strategies, business developments, and operational performance. Variations in actual results may arise due to numerous factors beyond the company's control.