Investors Unimpressed By Massive Dividend From Shrinking Lufax [Seeking Alpha]
FinVolution Group American Depositary Shares (FINV)
Company Research
Source: Seeking Alpha
The company slashed the size of its loan portfolio by 45% last year, and expects to reduce it by another 32% this year as it focuses on higher-quality borrowers. The company is also rapidly shrinking its geographical reach to focus on the most profitable markets. The online lender's American depositary shares rose by just $1.11 in the two days after it announced a special dividend of $2.42 per ADS. Online lender Lufax Holding Ltd. NYSE: LU ; 6623.HK) just keeps getting smaller. First, the company underwent a radical transformation that saw its lending portfolio shrink by about nearly half in 2023, as it focused on higher-quality borrowers in a broader “de-risking” process. Now, Lufax's cash pile is about to undergo a similar downsizing with its announcement of a massive special dividend that will cost it around 10 billion yuan ($1.38 billion) – equal to about a quarter of its total cash at the end of last year. That massive dividend will see shareholders of record on April 9
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