<p>Financial technology firm Lufax has raised $2.4 billion ahead of its Wall Street debut Friday, a report said, marking one of the best US initial public offerings by a Chinese company this year, despite flaring tensions between Beijing and Washington.</p>.<p>The listing comes less than a week before Chinese fintech titan Ant Group is expected to begin trading in Hong Kong and Shanghai following a world record IPO, though it also takes place at a time of heightened volatility on world markets caused by a virus resurgence and US election uncertainty.</p>.<p>A number of high-profile Chinese firms -- especially those in the tech sector -- have turned to Hong Kong and China to raise cash as the world's two superpowers battle over a range of issues that have soured relations and raised concerns that companies traded in New York could be delisted.</p>.<p>However, Lufax's Wall Street debut marks the latest by a Chinese firm this year, making the $10.9 billion in 2020 the highest in six years.</p>.<p>The company sold 175 million American Depository Receipts at $13.50 apiece, Bloomberg News said, citing unnamed sources. Two ADRs represents one ordinary share.</p>.<p>Backed by China's largest insurer by value Ping An Insurance Group, Lufax was launched in Shanghai in 2011 as one of a host of fintech start-ups focused on online lending service.</p>.<p>After a state tightening on the peer-to-peer lending sector it now focuses mainly on wealth management and financial services.</p>.<p>Lufax was ranked fourth in the world in terms of valuation for a young unlisted company at $38 billion, according to Hurun group in August.</p>.<p>In a filing to the US Stock Exchange in early October, Lufax cited "uncertainties regarding the interpretation and enforcement of (Chinese) laws, rules and regulations".</p>.<p>Ant Group's listing through a split float between Hong Kong and Shanghai would exceed the $29 billion chalked up by Saudi Aramco last year.</p>
<p>Financial technology firm Lufax has raised $2.4 billion ahead of its Wall Street debut Friday, a report said, marking one of the best US initial public offerings by a Chinese company this year, despite flaring tensions between Beijing and Washington.</p>.<p>The listing comes less than a week before Chinese fintech titan Ant Group is expected to begin trading in Hong Kong and Shanghai following a world record IPO, though it also takes place at a time of heightened volatility on world markets caused by a virus resurgence and US election uncertainty.</p>.<p>A number of high-profile Chinese firms -- especially those in the tech sector -- have turned to Hong Kong and China to raise cash as the world's two superpowers battle over a range of issues that have soured relations and raised concerns that companies traded in New York could be delisted.</p>.<p>However, Lufax's Wall Street debut marks the latest by a Chinese firm this year, making the $10.9 billion in 2020 the highest in six years.</p>.<p>The company sold 175 million American Depository Receipts at $13.50 apiece, Bloomberg News said, citing unnamed sources. Two ADRs represents one ordinary share.</p>.<p>Backed by China's largest insurer by value Ping An Insurance Group, Lufax was launched in Shanghai in 2011 as one of a host of fintech start-ups focused on online lending service.</p>.<p>After a state tightening on the peer-to-peer lending sector it now focuses mainly on wealth management and financial services.</p>.<p>Lufax was ranked fourth in the world in terms of valuation for a young unlisted company at $38 billion, according to Hurun group in August.</p>.<p>In a filing to the US Stock Exchange in early October, Lufax cited "uncertainties regarding the interpretation and enforcement of (Chinese) laws, rules and regulations".</p>.<p>Ant Group's listing through a split float between Hong Kong and Shanghai would exceed the $29 billion chalked up by Saudi Aramco last year.</p>