BRIEF: Lufax replaces chief risk officer

Online lender Lufax Holding Ltd. (LU.US; 6623.HK) on Friday announced that Youn Jeong Lim resigned as the company’s chief risk officer, citing “personal work arrangements, and was replaced by Cheng Jianbo, effective Oct. 24. Before joining Lufax in April this year, Cheng’s previous employers included e-commerce giant JD.com, Ping An Bank and Ant Group, the financial affiliate of Alibaba.

Lufax’s U.S.-listed shares rose 2.8% on Friday after the announcement, and are up 38% this year. Its Hong Kong-listed shares have been suspended since January following a dispute with its auditor at that time.

The company said in July it has hired a new auditor, Ernst & Young, fulfilling a necessary step before it can resume filing new financial reports. It has yet to publish official quarterly results since the third quarter of last year. But in a July business update it said the balance of its total outstanding loan volume at the end of June stood at 193.4 billion yuan ($27 billion), down 17.8% from a year earlier.

By Doug Young

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