Lufax Appoints Xiaodi Wang as Chief Compliance Officer
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 27 2026
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Should l Buy LU?
Lufax has appointed Ms. Xiaodi Wang as the Chief Compliance Officer of the company, with immediate effect. Xiaodi Wang joined Ping An Asset Management in September 2012 and currently serves as the general manager of the internal control and compliance department and board secretary. Prior to joining Ping An Asset Management, Wang had served as a compliance specialist at the compliance and internal audit department of AXA-SPDB Investment Managers from July 2009 to September 2012. She has served a specially appointed research fellow at the Lujiazui Institute of Financial Security since November 2024.
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About LU
LUFAX HOLDING LTD is a holding company mainly engaged in providing financial services for small and micro enterprises. The Company's core retail credit enablement business includes bank-funded loans, trust-funded loans and consumer finance loans. The Company is also engaged in wealth management and providing access to financial products and services. The Company conducts the business through its subsidiaries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Lufax Faces Securities Class Action Lawsuit
- Lawsuit Background: Lufax announced the removal of its auditor on January 27, 2025, due to concerns over undisclosed related-party transactions, triggering a nearly 14% drop in share price that day and raising serious doubts about the company's financial transparency among investors.
- Investor Losses: The class action lawsuit seeks to represent investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, with Hagens Berman urging affected investors to submit their claims, highlighting a crisis of trust in the company's financial reporting.
- Auditor Issues: Lufax's auditor, PwC, refused to allow its previous audit opinions to be included in any current or future company filings, indicating significant unreliability in the company's financial statements for 2022 and 2023, which further unsettled the market.
- Internal Control Failures: The class action alleges that Lufax lacked adequate internal controls and that its financial results were materially misstated, leading to a significant decline in investor confidence after the truth emerged on January 27, 2025, potentially impacting the company's long-term growth prospects.
See More
Reminder of Lufax Securities Class Action
- Class Action Notice: Rosen Law Firm reminds investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, to apply as lead plaintiffs by May 20, 2026, to potentially receive compensation without any out-of-pocket costs.
- Lawsuit Background: The lawsuit alleges that Lufax made false and misleading statements during the class period, failing to disclose inadequate internal controls and materially misstated financial results, resulting in investor losses when the truth emerged.
- Law Firm Credentials: Rosen Law Firm specializes in securities class actions and has achieved the largest securities class action settlement against a Chinese company, recovering over $438 million for investors in 2019 alone, highlighting its successful track record in this field.
- How to Participate: Investors can visit the Rosen Law Firm website or call the toll-free number for more information, emphasizing the importance of selecting qualified legal counsel to protect their rights, as no class has been certified yet, allowing for the option to remain an absent class member.
See More
Lufax Faces Class Action Lawsuit for Securities Fraud
- Class Action Initiated: Bronstein, Gewirtz & Grossman LLC has filed a class action lawsuit against Lufax and certain officers, aiming to recover damages for investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, highlighting serious concerns over corporate governance and financial transparency.
- Detailed Allegations: The complaint alleges that Lufax lacked adequate internal controls and materially misstated financial results during the class period, resulting in misleading statements about the company's business and prospects, which could undermine investor confidence and lead to stock price declines.
- Investor Action Call: Affected investors are encouraged to apply to be lead plaintiffs by May 20, 2026, allowing them to share in any potential recovery from the lawsuit, indicating that legal avenues are available for investors seeking compensation.
- Law Firm Background: Bronstein, Gewirtz & Grossman LLC is recognized for recovering hundreds of millions for investors, emphasizing its expertise in securities fraud class actions and its commitment to restoring investor capital and ensuring corporate accountability.
See More
Lufax Faces Securities Class Action Lawsuit
- Lawsuit Background: Lufax announced the removal of its auditor on January 27, 2025, due to concerns over undisclosed related-party transactions, triggering a nearly 14% drop in share price that day, reflecting severe investor concerns about the company's financial transparency.
- Internal Control Failures: The class action alleges that Lufax lacked adequate internal controls and materially misstated its financial results, which could further erode investor confidence in the company's financial health and impact its future fundraising capabilities.
- Auditor Opinion Rejection: PwC refused to consent to the incorporation of its audit opinions for 2022 and 2023 in any future company filings, indicating significant doubts about the reliability of the company's financial reporting and potentially leading to increased legal and regulatory risks.
- Investor Action Call: Hagens Berman is investigating whether Lufax intentionally violated accounting rules, urging investors who suffered significant losses to submit claims, highlighting a strong focus on corporate governance and compliance issues.
See More
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- False Statements Allegation: The complaint alleges that Lufax made false and misleading statements during the class period, failed to maintain adequate internal controls, and materially misstated financial results, leading to investor losses when the truth emerged.
- Legal Consultation Opportunity: Affected shareholders are encouraged to contact the Schall Law Firm for a free consultation regarding their rights, with provided contact details including phone and email, urging investors to participate for potential recovery.
- Lawsuit Status Explanation: The class action has not yet been certified, meaning investors are not represented by an attorney until certification occurs, and those who choose not to act will remain absent class members, potentially affecting their claims.
See More
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- Financial Reporting Submission: The company filed its 2024 20-F report on February 17, 2026, within the NYSE's extension period, ensuring compliance with the SEC and mitigating potential penalties.
- Impact of Auditor Change: The delay in filing was due to a change in auditors, but the appointment of Ernst & Young is expected to improve audit quality, thereby boosting investor confidence in the company's financial reporting.
- Funding Partnerships: Lufax has established relationships with 87 financial institutions, providing financing products tailored for small business owners, which further solidifies its leadership position in China's financial services market.
See More
Lufax Faces Securities Class Action Lawsuit
- Lawsuit Background: Lufax announced the removal of its auditor on January 27, 2025, due to concerns over undisclosed related-party transactions, triggering a nearly 14% drop in share price that day and raising serious doubts about the company's financial transparency among investors.
- Investor Losses: The class action lawsuit seeks to represent investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, with Hagens Berman urging affected investors to submit their claims, highlighting a crisis of trust in the company's financial reporting.
- Auditor Issues: Lufax's auditor, PwC, refused to allow its previous audit opinions to be included in any current or future company filings, indicating significant unreliability in the company's financial statements for 2022 and 2023, which further unsettled the market.
- Internal Control Failures: The class action alleges that Lufax lacked adequate internal controls and that its financial results were materially misstated, leading to a significant decline in investor confidence after the truth emerged on January 27, 2025, potentially impacting the company's long-term growth prospects.
See More
Reminder of Lufax Securities Class Action
- Class Action Notice: Rosen Law Firm reminds investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, to apply as lead plaintiffs by May 20, 2026, to potentially receive compensation without any out-of-pocket costs.
- Lawsuit Background: The lawsuit alleges that Lufax made false and misleading statements during the class period, failing to disclose inadequate internal controls and materially misstated financial results, resulting in investor losses when the truth emerged.
- Law Firm Credentials: Rosen Law Firm specializes in securities class actions and has achieved the largest securities class action settlement against a Chinese company, recovering over $438 million for investors in 2019 alone, highlighting its successful track record in this field.
- How to Participate: Investors can visit the Rosen Law Firm website or call the toll-free number for more information, emphasizing the importance of selecting qualified legal counsel to protect their rights, as no class has been certified yet, allowing for the option to remain an absent class member.
See More
Lufax Faces Class Action Lawsuit for Securities Fraud
- Class Action Initiated: Bronstein, Gewirtz & Grossman LLC has filed a class action lawsuit against Lufax and certain officers, aiming to recover damages for investors who purchased Lufax securities between April 7, 2023, and January 26, 2025, highlighting serious concerns over corporate governance and financial transparency.
- Detailed Allegations: The complaint alleges that Lufax lacked adequate internal controls and materially misstated financial results during the class period, resulting in misleading statements about the company's business and prospects, which could undermine investor confidence and lead to stock price declines.
- Investor Action Call: Affected investors are encouraged to apply to be lead plaintiffs by May 20, 2026, allowing them to share in any potential recovery from the lawsuit, indicating that legal avenues are available for investors seeking compensation.
- Law Firm Background: Bronstein, Gewirtz & Grossman LLC is recognized for recovering hundreds of millions for investors, emphasizing its expertise in securities fraud class actions and its commitment to restoring investor capital and ensuring corporate accountability.
See More
Lufax Faces Securities Class Action Lawsuit
- Lawsuit Background: Lufax announced the removal of its auditor on January 27, 2025, due to concerns over undisclosed related-party transactions, triggering a nearly 14% drop in share price that day, reflecting severe investor concerns about the company's financial transparency.
- Internal Control Failures: The class action alleges that Lufax lacked adequate internal controls and materially misstated its financial results, which could further erode investor confidence in the company's financial health and impact its future fundraising capabilities.
- Auditor Opinion Rejection: PwC refused to consent to the incorporation of its audit opinions for 2022 and 2023 in any future company filings, indicating significant doubts about the reliability of the company's financial reporting and potentially leading to increased legal and regulatory risks.
- Investor Action Call: Hagens Berman is investigating whether Lufax intentionally violated accounting rules, urging investors who suffered significant losses to submit claims, highlighting a strong focus on corporate governance and compliance issues.
See More
Lufax Faces Class Action Lawsuit Reminder
- Class Action Reminder: The Schall Law Firm reminds investors of a class action lawsuit against Lufax for violations of §§10(b) and 20(a) of the Securities Exchange Act, concerning securities purchased between April 7, 2023, and January 26, 2025, with a deadline to contact the firm by May 20, 2026.
- False Statements Allegation: The complaint alleges that Lufax made false and misleading statements during the class period, failed to maintain adequate internal controls, and materially misstated financial results, leading to investor losses when the truth emerged.
- Legal Consultation Opportunity: Affected shareholders are encouraged to contact the Schall Law Firm for a free consultation regarding their rights, with provided contact details including phone and email, urging investors to participate for potential recovery.
- Lawsuit Status Explanation: The class action has not yet been certified, meaning investors are not represented by an attorney until certification occurs, and those who choose not to act will remain absent class members, potentially affecting their claims.
See More
Lufax Regains Compliance with NYSE Listing Standards
- Compliance Restoration: Lufax received confirmation from the NYSE on April 30, 2026, indicating it has regained compliance with listing standards, which enhances market confidence by removing it from the late filers list.
- Financial Reporting Submission: The company filed its 2024 20-F report on February 17, 2026, within the NYSE's extension period, ensuring compliance with the SEC and mitigating potential penalties.
- Impact of Auditor Change: The delay in filing was due to a change in auditors, but the appointment of Ernst & Young is expected to improve audit quality, thereby boosting investor confidence in the company's financial reporting.
- Funding Partnerships: Lufax has established relationships with 87 financial institutions, providing financing products tailored for small business owners, which further solidifies its leadership position in China's financial services market.
See More
