Lufax is a China-based fintech company that connects small business owners (SBOs) with institutional lenders, primarily through its core brand Ping An Rongyi. Lufax does not primarily lend its own money — instead, it sources borrowers, assesses creditworthiness, matches them with bank and trust company funding partners, and then guarantees and services those loans through its licensed financing guarantee subsidiary. The typical Ping An Rongyi borrower is a Chinese SBO with fewer than 50 employees seeking a larger loan for business operations, underserved by traditional banks. Lufax offers general unsecured and secured loans with average tickets of roughly RMB198K and RMB445K respectively. Lufax's guarantee subsidiary now bears nearly all credit risk on new loans, making its economics resemble a balance-sheet lender even though most loans sit off-balance-sheet. Lufax also operates Ping An Consumer Finance, a licensed subsidiary that lends directly from its own balance sheet to retail consumers via third-party digital platforms including Ant Group, Meituan, and ByteDance. Consumer finance now accounts for 56% of new loan originations. Lufax sources SBO borrowers primarily through a direct sales force of roughly 21,800 employees across 172 cities. Lufax is majority-owned by Ping An Insurance following a 2024 share transaction. The company has faced serious governance issues, including undisclosed off-balance-sheet compensation payments to wealth management investors and a prior auditor retracting its audit opinions; Lufax has since replaced its auditor, CFO, and restructured senior leadership.