Core Viewpoint - The significant stock price increase of Lufax Holdings (LU.N) by 15.61% to $3.11 is attributed to the completion of its audit process and management restructuring, signaling a resolution to the audit issues that have plagued the company for over a year [2][3]. Audit Resolution - Lufax completed its financial audit for the fiscal years 2022 to 2024 two and a half months ahead of the deadline, with Ernst & Young providing an authoritative audit opinion [4]. - The adjustments to the 2023 fiscal year financial report showed a net profit change of 7.9%, which did not reach the lower limit of market expectations of 8%-15% [4]. - The audit issues were primarily technical compliance problems rather than fundamental financial flaws, as indicated by the relatively manageable adjustments [4]. Market Performance - The stock price of Lufax remained stable during the audit turmoil, reflecting investor focus on current operations and future growth rather than past issues [5]. Business Performance - As of December 2024, Lufax's loan balance reached 216.9 billion yuan, with new loans of 21.31 billion yuan, showing slight growth compared to 2.08 billion yuan in 2023 [6]. - The customer base expanded to 25.9 million, with active customers increasing to 5 million, up from 3.9 million in 2023 [6]. - The consumer finance segment showed significant growth, with customer numbers rising to 4.1 million and loan balances increasing to 50.1 billion yuan, alongside a decrease in non-performing loan ratio from 1.5% to 1.2% [7]. Management Restructuring - The management changes, including the appointment of Ji Xiang as CEO and the addition of Cai Fangfang to the board, are seen as strategic moves to address future challenges [8][9]. - Ji Xiang's background in retail banking and strategic management aligns with Lufax's focus on quality and prudent operations [8]. - Cai Fangfang's extensive experience in compliance and human resources is expected to enhance corporate governance and risk management [9]. Governance Improvements - Lufax has engaged Deloitte for a special review of its internal control systems, aiming to enhance governance and operational efficiency [10]. - The combination of audit completion, management changes, and internal control improvements indicates a comprehensive approach to governance repair [10]. - The market's positive response, reflected in the stock price surge, suggests that the core obstacles to Lufax's recovery have been largely addressed [10].
审计收尾叠加股价创60日新高，陆控最不确定性时刻已经过去