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Online lender Lufax sees profit drops 86% y-o-y

Lufax Holding, the Chinese online lender backed by Ping An Insurance, reported an 86% year-on-year decline in profit in the first quarter, amid China’s lacklustre economic recovery, reports the South China Morning Post. Net income at the Shanghai-based company stood at RMB 732 million ($103.8 million) in the first three months, compared with RMB 5.29 billion…

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