China's Lufax picks banks for up to $5 billion Hong Kong IPO

Chinese online wealth management firm Lufax has hired five banks to work on an up to $5 billion Hong Kong initial public offering, IFR reported, citing people familiar with the situation. Lufax, backed by Ping An Insurance, has mandated Citic Securities, Citigroup, JP Morgan, Morgan Stanley and Goldman Sachs as joint sponsors for the float, according to IFR, a Thomson Reuters publication.
Lufax, valued at $18.5 billion in its last fundraising round in January 2016, could be raising $3 billion-$5 billion in the IPO as early as the first half of 2018, IFR reported.