Company Research Project

BUS 4476 – Strategic Management

Course Research Project Deliverable Four (CRPD-4)

Lufax Holding Ltd

(Strategic Management Case Analysis)

Group 7

Team Member Names

Anh Luong Viet Pham - 0770

Duong Thuy Nguyen - 2994

Nam Vu Lai - 0356

Son Vu – 6210

Date (local) Submitted

Sunday, May 30, 2021

1. Vision and Mission

a. Vision
Lufax has set up an automated trading platform through massive information. It has recruited
world-class talents and introduced, connected online distribution channels and offline asset
channels using the world-leading Internet, big data, and risk control technologies.
b. Mission
LuFax has implemented a unique, equipment-light business to provide the best solutions and
make retail borrowing and wealth management more accessible, safer, and more efficient.
2. External analysis:
a. Analysis of all General Environmental Segments
Technological Trends 
 Lufax can communicate and retail directly to the consumers or through modern
intermediaries such as eBay as well, for example.
 Lufax Fintech also uses current social networks to retail and use e-commerce to boost sales.
Economic Trends 
 Economic elements have the most obvious influence on the profitability and overall appeal of
Lufax.
 Higher GDP leads to higher disposable earnings and hence higher sales for Lufax.
Political / Legal Trends
The Chinese government has drawn up a 3-year program for policies and regulations relating to
this industry to oversee the Fintech firms' growth. China will also improve Fintech regulations to
guarantee data protection, secure users' financial records, resolving business, regional financial
threats.
Sociocultural Trends
 Companies like Lufax are expected to become more consumer-centric than product-centric.
 Similarly, market and consumer grouping dynamically move towards psychographics and
lifestyles to understand the consumer more.
Global Trends
 There are more efforts to build awareness about safety, especially within Fintech companies.
 Over the past decade, cryptocurrencies and blockchain have been refined and tuned for more
efficiency and increased security.
 Physical / Environmental Trends
 Consumers will be more tending towards the use of environmentally sustainable products.
 Companies may use environmental issues to adjust financial, natural, and social performance.
Demographic Trends
 The user base in China has many users due to a large population, with diversified products of
Fintech companies and broad application of mobile technology.
 According to a survey by Deloitte in China in 2018, Chinese users are replacing mobile
phones more often than users globally, with mobile payments dominating while fingerprint
authentication dominates biometrics.
 The Chinese receive unlimited mobile data and lead in high-tech intelligent homes.
b. Opportunities and Threats (Based on the analysis of all General Environmental
Segments)
Opportunities for Lufax Holdings, Inc.
- Economic segmentation: Lufax performs an asset-light lending marketplace, creating income
by matching institutional investors with borrowers, primarily small business owners.
- Sociocultural segment: According to KPMG's latest Global Consumers and Convergence
Survey, at the age of 16-65 in 31 countries, people own different technology equipment,
especially in China, the number of tech-savvy consumers participating in online shopping is
increasing. 80% of Chinese people are willing to use technology to receive advertisements. 24%
of the surveyed population in China tend to use electronic devices with the Internet.
- Technological segment: Lufax can rely on the development of AI and human factor analysis,
using it as a basis for predicting the demand needs of consumers, divide the right audience, and
create suitable tools to serve customers better, use these developments to improve efficiency,
lower costs, and other conversion processes.
Threats for Lufax Holdings, Inc.
 Currently, the Chinese government is making many strict regulations for Fintech companies.
In the current banking industry, the government has stated that they will probably limit the
number of banks the Fintech platform is affiliated with since they hold too much tech
companies' market share. 
 In addition, Lufax Holdings' threats come from other factors related to consumers, such as
changing preferences, switching to other technologies, or changing its company policy.
c. Industry Environment Analysis (Five forces model)
The threat of new entrants: Moderate
The market that Lufax aims at is highly potential, so many competitors want to join. The global
peer-to-peer (P2P) market is valued at $ 67.93 billion in 2019 and is expected to grow at a
CAGR of 29.7 percent between 2020 and 2027. New entrants can offer unique potential to
pressure down prices, costs, and investment costs needed to compete. However, the retail credit
business and wealth management sector has significant barriers to entry, especially new
regulations in China targeting small online lenders (OM), which gives Lufax an advantage.
Therefore, Lufax must have strategies to make its products unique and suitable to the market's
needs.
The threat of substitute products or services: Strong /Moderate
There are alternatives to products in the industry for Lufax. The high threat of substitute
products, due to the higher competition, similar outputs of Lufax holding also appear in the
market, Lufax Holding competes with Lending club, Renrendai, Xiaobai Maimai, as well as
some others. Lufax needs to define a development strategy in this fiercely competitive market
clearly. 
Buyer's bargaining power: Moderate
The industry in which Lufax Fintech operates is very fragmented, leading users getting an
advantage due to the competition between companies. When customers are enterprises, they
dominate in number and return to negotiate Lufax's policies to maximize benefits and costs,
which reduces Lufax's interests. Lufax needs to focus on differentiating its products and growing
demand with customers through different marketing strategies. Lufax can use economies of scale
to reduce production costs. 
Bargaining Power of Suppliers: Moderate/ Weak
There are various independent suppliers, resulting in weakened overall supplier control.
Suppliers should search out new opportunities and invest in alternative markets, which can be
difficult for Lufax. Therefore, Lufax also needs to have suitable strategies to increase its
advantage. 
Intensity of Rivalry: Strong
China's P2P sector has expanded exponentially since 2012. Currently, Lufax Holding is the
leader in peer-to-peer lending in China. In the international market, competition in this industry
is high, coming from China and internationally. Some prominent service providers that compete
with Lufax are Lending club, Welab. Therefore, it requires Lufax to have appropriate strategies
in China's intensely competitive "fintech" environment and other markets worldwide. 
3. Competitor Analysis & Competitive Advantage
Lending Club: a competitor of Lufax Holding in the Fintech market, an online financial
community that brings together creditworthy borrowers and savvy investors.
(a) Strengths:
 Lending Club has built expertise at entering new markets and making them a success.
 They have a strong distribution network as well as a strong dealer community.
 Lending Club has an eclectic mix of patents and copyrights, help them in dealing with the
challenges posed by their competitors.
(b) Weaknesses:
 Lending Club's products' quality have gaps in the product range sold by the company. This
lack of product range can give their new competitors chances to enter the industry.
 They are not doing well in dealing with new entrants. The company has lost a small market
share in the niche categories.
 Financial planning is ineffective. The current asset ratio and liquid asset ratios indicate that
the business can better use its cash than it does now.
(c) Objectives:
 Better establish the brands of Lending Club.
 Introduce a new product or service to fill in the gap between the product range sold by the
company.
 Increase market share, improve customer loyalty and bring in new customers to Lending
Club.
(d) Strategies:
 Selling more to existing customers.
 Focusing on customer service and marketing efforts on retaining customers.
 Servicing Lending Club loan through technology-enabled processes.
4. Internal analysis: 
a. Strengths and Weaknesses
Strengths:
(a) Strong brand image
 Lufax is one of the world's most premium, well-known, and most famous brands.
 Lufax has a developing populace of steadfast clients, which adds to the soundness of the
business.
(b) Market research
 Lufax steadily expands its business.
 The company maintains to expand its portfolio by adding new products based on market
research and consumer data.
(c) People:
 Professionals and financial managers with extensive foreign business experience.
 Profound expertise in product design and production with a wide range of partners and
standards for selecting asset packages and structured plans.
Weaknesses:
 Project management is too focused on internal implementation rather than taking into
account all external stakeholders' interests.
 Lufax has a premium brand image attached, and thus all its products in the portfolio are
priced highly. This expands overall revenues yet decreases the affordability of its items.
b. Core Competencies (Based on analysis of the firm's Value Chain)
Lufax Fintech's core competencies are organizational sources and capacities that enable the
company to thrive in the face of significant challenges and strategic difficulties in local and
international markets.
5. Identify and describe the current Business-Level Strategy and its rationale
a. Differentiation Strategy
Lufax focuses on differentiation strategy, as government policy changes have put China's credit
Fintech industry in serious trouble. Lufax has undergone a significant difference in its business
model with a growing middle class from being a P2P player to being a credit facilitator for major
financial institutions. However, with its differentiated approach, Lufax has adjusted accordingly
by shifting its business model from a controversial P2P lending model to funding mainly by
large financial institutions.
b. Cost Leadership Strategy
Cost leaders appear to share certain key features. It is a challenge to charge cheap rates and make
a profit. Cost managers manage to highlight productivity in the supply chain: logistics,
production, distribution, and client service. By using this strategy, Lufax winning market share
from the cost-conscious or price-sensitive customers, decrease the risk of the supply chain’s
complexity and lower the attractiveness of discounters.
6. Identify and describe the current Corporate-Level Strategy and its rationale
Lufax uses a dominant business diversification strategy. The two main businesses of Lufax are
retail credit and wealth management. In 2019, around 82% of Lufax's revenues came from retail
credit, and 12% of revenue comes from wealth management. As of June 30, 2020, Lufax had
44.7 million registered users and 12.8 million active investors on its platform. Lufax aims at
wealthy consumers to provide them with more profound and more specialized services. With the
expansion of China's middle class, the demand for this segment is constantly growing. 
7. Current Merger & Acquisitions (if applicable)
According to the research, Lufax Holding has not provided information about Merger &
Acquisitions activities. Holding considered some possible Merger & Acquisition targets in 2018.
These include Prudential's Asia life insurance business, valued at more than £37 billion by
analysis of the UK and the Commonwealth Bank of Australia's general insurance business.
However, Lufax Holding later emphasized that the domestic market is the priority of China's
most influential financial and insurance group.
8. International Entry Mode (if applicable)
Currently, Lufax is using "New wholly own subsidiary" as its international entry mode.
a. LU Global is a wholly-owned subsidiary of Lufax Holding.
Incorporated in Singapore in 2017, LU Global is licensed and regulated by the Monetary
Authority of Singapore. It appears to be one of the first Singapore wealth management platforms
with end-to-end online account opening services and investment operations.
LU Global's Mission is to provide convenient, efficient, intelligent, and personalized online
wealth management services for global investors. It announced that people could access its
international investment funds more efficiently with less complex terms and lower minimum
sums with just a mobile app.
b. LU International (Hong Kong) Limited, namely "LU Hong Kong," is also owned by
Lufax Holding. LUHK provides various services when strictly following SFC's regulations,
holding type 1, type 4, and type 9 licenses. It is an online wealth management platform. LUHK is
committed to made global products more accessible and offers financial products with easy-to-
understand terms with lower minimum investment amounts. 
9. Cooperative Alliances & Strategies
Lu International, the Singapore unit seen as key to Chinese online wealth management giant
Lufax's global ambitions, aims to expand in the Asia-Pacific. It marked the first time a Chinese
Fintech company had set up its headquarters internationally in Singapore under China's Belt and
Road Initiative. After that, Lu International (Hong Kong) Limited, specifically "LU Hong
 Kong," is also owned by Lufax Holding, established in 2020, marking the next step of this
group. 
Strategic Alliance: The strategic alliance with Kasikornbank is strong and mutually beneficial.
In Singapore, on August 18, 2020, LUHK and Kasikornbank, one of Thailand's biggest banks,
announced Strategic Alliance to meet rising demands for digital financial services in Thailand.
With this partnership, LUHK's technology and expertise are leveraged with the help of
Kasikornbank. This platform will be simultaneously performed and managed by both parties.
10. Describe the corporate governance structures and current Board of Directors
Corporate Governance Structures
Lufax Platform: Pure Ping An Pu Hui: Focusing on retail Financial Assets Exchange
opening platform and consumer financing services
a. P2P platform a. Ping An Zhi Tong Loan a. Qianhai Financial Assets Exchange: Focusing
b. PE fund platform b. Ping An Guarantee Insurance on cross-border and institutional businesses 
c. Cross-border trading c. P2P business b. Chongqing Financial Assets Exchange:
platform Focusing on local government financing and
institutional businesses 
Current Board of Directors
Guangheng Ji - Chairman of the Board and Chairman of Lufax Executive Committee
- chairman of the board since January 2021, co-chairman of the board, and the chairman of the
Lufax Executive Committee since April 2020. 
Gregory Dean Gibb - Director and Co-Chief Executive Officer - the co-chief executive
officer of Lufax Holding since January 2021. 
Yong Suk Cho - Director and Co-Chief Executive Officer - the co-chief executive officer of
Lufax Holding since January 2021.
Rui Li - Director - a director of Lufax Holding since January 2021, currently the Finance
Director of Ping An Group, overseeing group-wide finance transformation and accounting
operations. 
Rusheng Yang - Director - an independent director of Lufax Holding since July 2020. 
Weidong Li - Director - an independent director of Lufax Holding since April 2018. 
Xudong Zhang - Director - an independent director of Lufax Holding since April 2018. 
Yunwei Tang - Director - an independent director of Lufax Holding since January 2021. 
Xianglin Li - Director - an independent director of Lufax Holding since January 2021.
11. Describe the company's organizational structure and culture
Lufax's corporate culture is shown in the following sections: Staff Training, Creation Camp,
Team Building, Star Power, Knowledge Sharing, and Staff Union Activities. At Lufax, the
leadership team always tries to create a close relationship between employees and subordinates.
They organize training sessions to train and improve skills for employees, share work experience
and manage the Staff Union activities. These activities will make employees always see and
learn from successful people who have gone before, helping them to be motivated to contribute
more to the company. In addition, the company always organizes external activities such as
Creation Camp or Team Building to bond their employees and create a dynamic and creative
environment for employees to make efforts to learn from other colleagues.
12. Describe evidence that the effectiveness of the organizational structure is [or is not]
providing support to its business and corporate strategies
Lufax, the world's most significant financial services spin-off for the Ping An Group, uses an
extensive database of its parent company to provide a top-quality investor and borrower. Every
credit created for Lufax is inexpensive and offers greater integration of resource resources in the
ecosystem. Lufax has access to 210 million clients and a vital user purchase channel for its
digital loan and property management business through the Ping An Ecosystem. In the first half
of the year, borrowers from Ping An accounted for 36.9 percent of Lufx loans, while investors
bought from the group accounted for 45 percent of customer assets.
Users from Ping An are more likely than those obtained via other methods to be more profitable.
Online marketing and referrals to customer own assets of 30,387 Yuan and 12,658 Yuan
correspondingly. On average, investors from Ping An own 32,228 yuan with the platform.
The link between Lufax and Ping An has also provided them the latest data and technological
access. With the analysis and insights of Ping An, Lufax succeeded in developing a credit risk
model that can determine the desire and capacity of borrowers to repay big loans. This
significant aspect distinguishes Lufax from other competitors. Lufax enabled average loans of
146,513 yuan and 422,398 yuan for loans secured. Lending below ten thousand yuan comes from
most other digital lenders.
13. Provide detailed financial information to demonstrate the extent to which the company
measures its performance against industry standards
Financial Ratios: Historical Comparison
Note: The inventory information is not available on the internet, so we cannot calculate some
ratios which require inventory in the calculation. The Common equity information is also
missing, so we cannot calculate the ROE ratio either. Lufax’s IPO was in 2020, so there is no
market ratio in 2018 and 2019.

  Case Year-2018 Case Year-2019 Case Year-2020 Assessment

Liquidity Ratios      
Current Ratio  1.75x 1.77x 1.78x  P
Quick Ratio  n/a n/a n/a
         
Asset Utilization Ratios        
Inventory Turnover  n/a n/a n/a  
DSI  n/a n/a n/a  
AR Turnover  2.02x 1.82x 2.23x  P
DSO (ACP)  181 days 201 days  164 days  P
Fixed Asset Turnover  0.67x 0.60x 0.31x  N
Total Asset Turnover  0.34x 0.32x 0.21x  N
         
Debt Management Ratios        
Debt Ratio  70.36% 67.8%  66.59%  P
TIE  21.77x  13.79x  7.25x  N
         
Profitability Ratios        
Gross Margin  100%  100%  100%  -
Operating Margin  48.3% 43.8% 39.9%  N
Profit Margin  33.6% 27.8% 23.6%  N
BEP  16.6% 14.0% 8.3%  N
ROA  11.6% 8.9%  4.9%  N
ROE        
       
Market Ratios        
P/E  n/a n/a  75.2x  -
P/CF  n/a n/a  30.4x  -
M/B  n/a n/a  2.8x  -

Assessment Notation: P = Positive Trend, N = Negative Trend, Dash (-) = No Change.

Financial Ratios: Competitor Comparison Case Year  2020

  Lufax Lending Mastercard Industry Assessment
 Holding Club
Liquidity Ratios          
Current Ratio  1.78x  15.9x  1.61x  1.6x  S
Quick Ratio  n/a  n/a  n/a  2.28x  
           
Asset Utilization Ratios          
Inventory Turnover n/a  n/a  n/a  14.17x  
DSI n/a  n/a  n/a    
AR Turnover 2.23x  n/a  5.83x  7.55x W
DSO (ACP) 164 days  n/a  63 days  48 days  W
Fixed Asset Turnover 0.31x  0.26x  0.81x  n/a  -
Total Asset Turnover 0.21x  0.17x  0.46x  0.67x  W
           
Debt Management
Ratios          
Debt Ratio  66.59%  61.14%  80.68%  S
TIE  7.25x  n/a  21.42x    W
           
Profitability Ratios          
Gross Margin  100% 77.4%  100% 59.53%  S
Operating Margin 39.9%  -59.6%  52.81%  31.08%  S
Profit Margin 23.6%  -59.6%  41.9%  21.74%  S
BEP 8.3%  -10.09%  24.24%    -
ROA  4.9%  -8.24% 20.04% 9.17%  W
ROE        30.89%  
         
Market Ratios          
P/E  75.2x   E is negative  55.96x  38.35x  S
P/CF  30.4x  2.13x  55.04x 24.58x   S
M/B  2.8x  1.29x  54.67x  7.83x  W
Assessment Notation: S = Strength, W = Weakness, Dash (-) = Neutral.
Overall, Lufax Holding is doing well in manage its current ratio, AR turnover, DSO, and Debt
with positive trends over three years. Lufax's current ratio is 1.78, a little bit more than its
competitor - MasterCard, and an industry average of 1.6, which means Lufax has a strong
liquidity position. However, the AR turnover is approximately three times less than the industry
average (2.23x to 7.55x). That means Lufax need to improve more on collecting its receivables
or money owed by clients. An extremely high DSO is also a negative sign because their
customers cannot pay cash on time. Another weakness is its ability to cover its interest charges.
Mastercard's TIE is three-time higher than Lufax's TIE, which means it can cover its interest
charges by a much higher margin of safety.
On the other hand, the gross margin is 100%, which means it can retain $1 from each dollar
generated. That is the strength of Lufax. Besides, the operating margin is also high (although it
declined gradually over three years) compared to the industry average (39.9% and 31.08%). The
profit margin is also falling over three years, but 23.6% is still considered high. Next, the P/E
ratio is relatively high (75.2x), which means Lufax has a strong growth prospect. To sum up,
Lufax's overall financial health is good but still needs to improve. So here are some
recommendation to improve the firm's performance:
(1) Improve customer relationships: By establishing a better quality of work and
communicating efficiently with your customers, they will have a better attitude toward the
company and pay their bills as soon as possible.
(2) Encourage customers for early payment: We need our customers to pay as soon as
possible. So we can offer our clients discounts or rewards for early payment of invoices.
(3) Pay down debt: The firm's creditors might bring legal actions if the firm cannot pay down
debt, which could result in bankruptcy. Reducing debt will lower the company's interest
payment. It will make the TIE ratio become better. When Lufax can increase its TIE ratio, it will
be easier for them to borrow additional money.
14. Provide an accurate description and evidence that organizational controls exist and the
extent of their effectiveness in supporting desired outcomes
Organizational Controls
To optimally exploit the enterprise's competitive advantage, Lufax has used policies to control
the structure and business activities of the enterprise. Lufax strengthens corporate governance
based on business practices in a systematic, professional and systematic manner.
Lufax applies the ESG (Environmental, Social, and Governance) governance model, a model
used for subsidiaries in the ecosystem of Ping An group. The Board of Directors has the power to
oversee all matters of the ESG. The company's ESG office and other corporate functions act as
the task force responsible for coordinating internal and external ESG matters. The overall work
plan is governed by clear management objectives, clear responsibilities, precise due diligence
mechanisms, and continuous improvement in ESG issues and risks. Regularly reporting to the
director and senior executives on ESG risk management, objectives, plans, implementation, and
progress ensures effective ESG management.
The internal organization and community welfare control are essential in the long-term
development strategy at Lufax Holding. The company outlines a plan to keep the community of
both employees and customers healthy through sports facilities such as creation camps, team
building, staff Union activities, etc. In addition, Lufax regularly has staff training activities,
contests such as Star Power to motivate and encourage employees to improve their self-study
spirit.
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