Archegos Fallout, Digital RMB, and Lufax Deep Dive

Q4 China Internet Earnings Report

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Theme Highlight:

Lufax can tell us a lot about the future of the China internet sector, having coolly navigated two of the most publicized recent headline risks. First, it listed on NYSE in October 2020 at the height of potential “delisting” headlines stemming from the Holding Foreign Companies Accountable Act (HFCA). Second, they welcomed China’s new regulatory requirements for financial technology platforms – the same regulations which postponed Ant Group’s highly anticipated IPO. We spoke with Lufax CFO James Zheng to better understand its business model, growth trajectory, and trends in China’s financial technology space, including the digital RMB.

Report Highlights:

  • Archegos fallout and its impact on KWEB holdings
  • New regulation requires internet platforms to open up to competitors.
  • The People’s Bank of China (PBOC) is close to rolling out a digital RMB nationwide and major payments processors operated by Tencent and Ant Group are likely to assist.

Q4 China Internet Report Contents:

  • Subsector Analysis
  • Theme Highlight: Lufax & The Future of Digital Banking In China
  • KWEB Top 10 Holdings Earnings Update