DLA Piper has advised client Lufax Holding Ltd ("Lufax"), the  ultimate controlling company of Shanghai Lujiazui International Financial Asset Exchange Co. Ltd., on the issuance of new shares, raising approximately US$ 1.2 billion.

Through private placement in B Round financing, by both individual and institutional investors, the placement raised US$ 924 million. An additional US$ 292 million was raised through A Round investors through the exercise of top up rights, which was a continuation of their initial investment in Lufax which DLA Piper also acted for in its A Round financing, and brings the valuation of Lufax to US$ 18.5 billion.

Kit Kwok, partner at DLA Piper said: "The peer-to-peer lending market in China has grown substantially over the last year and this deal is further evidence that the Internet finance market is growing further still. This deal is also indicative of the continuing strength of capital markets and the FinTech sector in China".

The deal was led by Kit Kwok, partner (Shanghai), and supported by Pannie Yiu, Senior Associate (Shanghai), Janice Ma, Associate (Hong Kong) and Lilly Li, Legal Assistant (Shanghai).