On September 24, 2026, after more than 600 days of suspension, the once-prominent online lending giant in mainland China, Lu Jin Suo Holdings, resumed trading on the Hong Kong Stock Exchange. However, its stock price plummeted by 40.83% on the first day back, reflecting the company’s troubled financial situation. The company had disclosed multiple transaction and accounting issues, leading to a further increase in losses in the first half of this year.
Lu Jin Suo Holdings had been suspended from trading on the Hong Kong Stock Exchange since January 28, 2025. The company announced on the evening of September 23 that it had met the resumption requirements set by the Hong Kong Stock Exchange and resumed trading the following morning.
After resuming trading, Lu Jin Suo’s stock price dropped by over 50% at one point, eventually closing at HK$6.45, down by 40.83% from the pre-suspension closing price, as reported by “Yicai”.
Lu Jin Suo Holdings, controlled by Ping An Group in China, used to be one of the largest P2P online lending platforms in mainland China. Since exiting the P2P business in 2019, the company has mainly focused on small and micro-enterprise loans and consumer finance.
The prolonged suspension of Lu Jin Suo is tied to auditing concerns raised by its former audit firm, PricewaterhouseCoopers (PwC), regarding certain asset transactions. In a September 21 announcement, Lu Jin Suo revealed that some transactions involved purchasing assets from companies related to the company without full approval, incomplete transaction records, and unresolved accounting issues. Subsequently, the company restated its financial statements for 2022 and 2023.
The announcement also disclosed that from 2017 to 2023, Lu Jin Suo provided a total of 3.84 billion yuan in loans to Shenzhen Decheng Investment and Development Co., Ltd., with some funds ultimately used to compensate investors who incurred losses from purchasing related financial products.
From October 2021 to July 2025, some employees also reimbursed approximately 77.9 million yuan in gifts, gift cards, entertainment, and catering expenses through a business controlled by Lu Jin Suo but not included in the company’s financial statements.
Another review commissioned by Lu Jin Suo identified 24 internal management issues, implicating several former senior executives in related transactions.
Although the company has resumed trading, the Hong Kong Stock Exchange can continue to investigate any potential violations of listing rules by Lu Jin Suo.
In 2025, Lu Jin Suo recorded a net loss of around 1.7 billion yuan. The company’s performance in the first half of 2026 revealed total revenue of 12.489 billion yuan, a year-on-year decrease of 11.3%. The net loss also widened from 519 million yuan in the same period last year to 694 million yuan, representing a 33.7% increase.
As of the end of June, Lu Jin Suo’s loan balance was 167.3 billion yuan, a 13.5% decrease compared to the previous year. The loan balance had declined from 315.4 billion yuan at the end of 2023 to 216.9 billion yuan at the end of 2024, then further to 183.8 billion yuan at the end of 2025, continuing to decrease in the first half of this year.