Lufax Holding (LU) Up on 4th Day After NPL Sale Strategy

We recently published Rally Alert: 10 Stocks That Just Made Investors Richer. Lufax Holding Ltd. (NYSE:LU) is one of the best-performing stocks on Thursday.

Lufax Holdings extended its winning streak to a fourth straight day on Thursday, jumping 5.68 percent to close at $3.35 apiece as investor sentiment was bolstered by the company’s asset sale strategy to rid itself of non-performing loans.

Earlier this week, Lufax Holding Ltd. (NYSE:LU), through its subsidiary Ping An Consumer Finance, entered into an asset transfer agreement with Shenzhen China Merchants Ping An Asset Management for the sale of 469 million yuan worth of non-performing debts for a consideration of 36.44 million yuan.

The transfer of claims will effectively reduce the credit risk for Lufax Holding Ltd. (NYSE:LU), which announced earlier this year that it was able to narrow its total outstanding loans by 18 percent to 193.4 billion yuan from 235.2 billion yuan previously.

Lufax Holding Ltd. (NYSE:LU) is a dual-listed financial services company based in China, whose trading remains suspended on the Hong Kong Stock Exchange pending regulatory issues.

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