Lufax Warns of RMB1.3-1.7B Q3 Loss, Appoints New CFO

summarizeSummary

Lufax warned that Q3 2026 net loss will be RMB1.3-1.7 billion, wider than its entire H1 loss, driven by credit impairments and tax charges, and named Ms. Jia Liu as its new CFO.

check_boxKey Events · Earnings and Guidance · LU

• Q3 2026 Profit Warning

  Lufax expects a net loss of RMB1,300-1,700 million for the three months ended September 30, 2026, versus a RMB694 million net loss for the full first half of 2026.

• Loss Drivers

  The wider loss stems from increased credit impairment losses, reduced deferred tax assets at the financing guarantee subsidiary, and additional tax expenses from domestic-to-overseas dividend distributions after the An Ke convertible note redemption.

• New CFO Appointed

  Ms. Jia Liu, formerly CFO of CITIC aiBank, was appointed Chief Financial Officer effective October 16, 2026, filling the vacancy from the July 24 CFO resignation.

• Q3 Results Pending

  The profit warning is based on unaudited management accounts not yet reviewed by the audit committee or auditors; full Q3 2026 results will be announced in due course.

auto_awesomeAnalysis · LU · Finance

Lufax expects a Q3 2026 net loss of RMB1,300-1,700 million, far wider than the RMB694 million loss for all of H1 2026. The drivers are rising credit impairment losses, a write-down of deferred tax assets at its financing guarantee subsidiary, and extra tax from moving cash onshore-to-offshore after redeeming the An Ke convertible notes. Coming on top of the September disclosure of RMB3.84 billion in hidden related-party transactions and the just-completed HKEX resumption, this points to continued balance-sheet stress. The simultaneous appointment of Ms. Jia Liu as CFO fills the vacancy left by the July resignation and puts a capital-markets veteran in the seat.