⁍ Lufax is one of China’s largest online wealth management platforms.

---

⁍ The company raised $2.36 billion in its initial public offering.

---

⁍ The IPO values Lufax as a whole at $32.9 billion.

---

– Shares of Lufax Holding, one of China’s largest online wealth management platforms, fell 14% in their debut on the New York Stock Exchange on Friday, after the company raised $2.36 billion in its initial public offering. The stock opened at $11.60 per American Depositary Share (ADS), down from the IPO price of $13.50 per ADS, per Reuters. Lufax had earlier priced its offering at the top end of its range between $11.50 and $13.50 per ADS, the company said in a statement. The IPO values Lufax as a whole at $32.9 billion, below the $39.4 billion in its last fundraising in late 2018, according to data provider PitchBook.