| Summary of Direct or Indirect Interests In The Principal Subsidiaries And The Principal Consolidated Affiliated Entities |
| (a) |
As of December 31, 2024 and 2025, the Company had direct or indirect interests in the principal subsidiaries and the principal consolidated affiliated entities as follows: |
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| Company name |
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Kind of legal entity and place of incorporation |
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Issued and paid-in capital/registered capital |
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Attributable equity
interest/economic
interest to the Group |
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| Controlled through direct or indirect equity holding: |
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| Gem Blazing Limited |
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Corporation, Cayman Islands |
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Intermediate holding, Cayman Islands |
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USD742,000,000 |
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100 |
% |
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100 |
% |
| Wincon Hong Kong Investment Company Limited |
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Corporation, Hong Kong |
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Intermediate holding, Hong Kong |
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USD742,000,000 |
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100 |
% |
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100 |
% |
| Weikun (Shanghai) Technology Service Co., Ltd. (“Weikun Technology”) |
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Corporation, the PRC |
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Technology advisory
service, the PRC |
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RMB7,923,258,050/ USD1,191,000,000 |
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100 |
% |
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100 |
% |
| Jinjiong (Shenzhen) Technology Service Company Ltd. (“Jinjiong Technology”) |
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Corporation, the PRC |
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I ntermediate holding , the PRC |
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RMB1,300,000,000 |
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100 |
% |
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100 |
% |
| Lufax Holding (Shenzhen) Technology Service Co., Ltd. |
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Corporation, the PRC |
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Internet platform
service, the PRC |
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RMB298,549,200/
RMB300,000,000 |
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100 |
% |
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100 |
% |
| Gem Alliance Limited |
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Corporation, Cayman Islands |
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Intermediate holding, Cayman Islands |
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USD1,828,535,620 |
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100 |
% |
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100 |
% |
| Harmonious Splendor Limited |
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Corporation, Hong Kong |
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Intermediate holding, Hong Kong |
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USD2,165,088,878 |
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100 |
% |
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100 |
% |
| Ping An Rongyi (Jiangsu) Financing Guarantee Co., Ltd. (iii) |
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Corporation, the PRC |
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Financing guarantee
services, the PRC |
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USD3,109,801,102 |
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100 |
% |
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100 |
% |
| Ping An Puhui Enterprises Management Co., Ltd. (ii) |
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Corporation, the PRC |
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Enterprise
management service,
the PRC |
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RMB9,435,425,000 |
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100 |
% |
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100 |
% |
| Chongqing Yuheao Commercial Information Consulting Co., Ltd. (iii) |
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Corporation, the PRC |
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Information service
consultation,
the PRC |
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RMB20,000,000 |
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100 |
% |
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100 |
% |
| Shenzhen Ping An Rongyi Investment & Consulting Co., Ltd. (iii) |
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Corporation, the PRC |
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Investment and
financial consulting
service, the PRC |
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RMB1,251,363,637 |
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100 |
% |
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100 |
% |
| Ping An Rongyi (Heilongjiang) Information Service Co., Ltd. (iii) |
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Corporation, the PRC |
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Information
technology services,
the PRC |
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RMB1,000,000,000 |
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100 |
% |
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100 |
% |
| Ping An Consumer Finance Co., Ltd. |
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Corporation, the PRC |
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Consumer finance
business, the PRC |
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RMB5,000,000,000 |
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70 |
% |
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70 |
% |
| PAO Bank Limited (“PAObank”) (i) |
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Corporation, Hong Kong |
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Banking services, Hong Kong |
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HKD2,700,000,000 |
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100 |
% |
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100 |
% |
| Heilongjiang Jinlian Yuntong Microfinance Co., Ltd. (“Heilongjiang Microfinance”) |
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Corporation, the PRC |
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Microfinance
services, the PRC |
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RMB10,000,000,000 |
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100 |
% |
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100 |
% |
| Controlled through Contractual Agreements: |
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| Shanghai Xiongguo Corporation Management Co., Ltd. (“Xiongguo”) |
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Corporation, the PRC |
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Intermediate holding, the PRC |
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RMB1,000,000,000 |
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100 |
% |
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100 |
% |
| Shanghai Lufax Information Technology Co., Ltd. |
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Corporation, the PRC |
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Online wealth
management
information platform
service, the PRC |
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RMB836,670,000 |
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100 |
% |
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100 |
% |
| Shenzhen Lufax Holding Enterprise Management Co., Ltd. |
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Corporation, the PRC |
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Intermediate holding, the PRC |
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RMB0/ RMB5,000,000 |
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100 |
% |
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100 |
% |
| Controlled through de facto control: |
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| Zhongshi Credit Management Co., Ltd. |
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Corporation, the PRC |
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Non-performing
asset management,
the PRC |
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RMB100,000,000 |
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90 |
% |
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90 |
% |
| Shenzhen Jiayun Hua’ao Information Service Co., Ltd. |
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Corporation, the PRC |
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Information
consulting services,
the PRC |
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RMB570,000,000 |
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100 |
% |
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100 |
% | The English names of certain subsidiaries of the Group represent the best effort by the Company’s management to translate their Chinese names, as these subsidiaries do not have official English names.
| (a) |
As of December 31, 2024 and 2025, the Company had direct or indirect interests in the principal subsidiaries and the principal consolidated affiliated entities as follows. |
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(i) |
On November 13, 2023, the Group entered into a share purchase agreement with OneConnect Financial Technology Co., Ltd. (as the seller) (“OCFT”) and PAO Bank Limited (previously known as Ping An OneConnect Bank (Hong Kong) Limited) (the “PAObank”), pursuant to which OCFT conditionally agreed to sell, and the Group conditionally agreed to acquire PAObank through the sale and purchase of the entire issued share capital of the indirect holding company of PAObank, Jin Yi Tong Limited, at a consideration of HKD933 million in cash. On April 2, 2024, all the conditions precedent to the acquisition of PAObank had been fulfilled. Upon that, the acquisition was completed and the PAObank became a wholly-owned subsidiary of the Group. As of December 31, 2025, following the Group’s acquisition of PAObank, the Group completed multiple capital injections, with HKD500 million in 2024 and HKD700 million in 2025. As mentioned in Note 53, PAO Bank Limited was renamed as Ping An Digital Bank (International) Limited in March 2026. |
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(ii) |
On August 5, 2024, Harmonious Splendor Limited, the parent company of Ping An Puhui Enterprises Management Co., Ltd., increased its capital contribution to Ping An Puhui Enterprises Management Co., Ltd. from RMB8,494,800,000 to RMB9,435,425,000. |
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(iii) |
In 2024, Ping An Puhui Financing Guarantee Co., Ltd., Chongqing Jinan Microloan Co., Ltd., Ping An Puhui Investment & Consulting Co., Ltd. and Ping An Puhui Information Services Co., Ltd. were renamed as Ping An Rongyi (Jiangsu) Financing Guarantee Co., Ltd., Chongqing Yuheao Commercial Information Consulting Co., Ltd , Shenzhen Ping An Rongyi Investment & Consulting Co., Ltd. and Ping An Rongyi (Heilongjiang) Information Service Co., Ltd., respectively. |
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| Summary of the major consolidated structured entities other than consolidated affiliated entities of the group |
| (b) |
The following table sets forth the major consolidated structured entities other than Consolidated Affiliated Entities of the Group as of December 31, 2025. |
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Name |
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Remaining paid-in capital of structured entities (i) |
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Trust A |
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3,539,000 |
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3,539,000 |
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Asset Management Product A |
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3,458,341 |
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3,458,341 |
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Wealth Management Product A |
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2,473,064 |
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2,473,064 |
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Trust B |
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2,188,707 |
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2,188,707 |
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Asset Management Product B |
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2,000,438 |
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2,000,438 |
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Trust C |
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1,529,513 |
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1,529,513 |
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Asset Management Product C |
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1,431,107 |
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1,431,107 |
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Trust D |
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1,359,000 |
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1,359,000 |
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Trust E |
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1,320,000 |
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1,320,000 |
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Wealth Management Product B |
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1,174,048 |
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1,174,048 |
| Ping An Group and its subsidiaries also made investments in these structured entities. Meanwhile, Ping An Group and its subsidiaries also provide certain services to certain consolidated structured entities.
| |
(i) |
The remaining paid-in capital is the amount not yet paid to the investors. |
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| Summary of cash flow summary and income summary of consolidated affiliated entities and subsidaries |
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For the year ended December 31, |
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| Inter-company revenues |
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90,513 |
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554,293 |
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15,026 |
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| Total income |
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287,994 |
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430,361 |
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276,053 |
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| Inter-company expenses |
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(311,248 |
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(140,989 |
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(113,313 |
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| Total expenses |
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(532,838 |
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(910,908 |
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(350,571 |
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| Net loss |
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(244,844 |
) |
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(480,547 |
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(74,518 |
) |
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For the year ended December 31, |
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| Inter-company cash flow |
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592,730 |
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(1,431,064 |
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(944,744 |
) |
| Reclassification (i) |
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(538,060 |
) |
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— |
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— |
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| Other operating activities |
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615,102 |
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3,400 |
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(75,013 |
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| Net cash generated from/(used in) operating activities |
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669,772 |
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(1,427,664 |
) |
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(1,019,757 |
) |
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| Inter-company cash flow |
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311,736 |
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234,747 |
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— |
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| Reclassification (i) |
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538,060 |
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— |
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— |
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| Payment for advances to consolidated entities |
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(700,000 |
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(3,430,000 |
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(180,000 |
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| Receipts of repayment of the advances from consolidated entities |
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— |
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3,648,130 |
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1,200,283 |
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| Proceeds from sale of investment assets |
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2,539,903 |
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2,372,250 |
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2,872,801 |
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| Payment for acquisition of investment assets |
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(859,230 |
) |
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(1,656,500 |
) |
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(2,790,000 |
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| Other investing activities |
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(181 |
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86,767 |
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4 |
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| Net cash generated from investing activities |
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1,830,288 |
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1,255,394 |
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1,103,088 |
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| Repayment for advances to consolidated entities |
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(4,679,877 |
) |
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— |
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— |
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| Receipts of advances from consolidated entities |
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37,850 |
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— |
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— |
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| Repayment of interest expenses and borrowings |
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— |
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(48,333 |
) |
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— |
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| Net cash used in financing activities |
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(4,642,027 |
) |
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(48,333 |
) |
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— |
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| Effect of exchange rate changes on cash and cash equivalents |
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9 |
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— |
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— |
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| Net increase/(decrease) in cash |
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(2,141,958 |
) |
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(220,603 |
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83,331 |
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| Cash at the beginning of the year |
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2,449,898 |
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307,940 |
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87,337 |
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| Cash at the end of the year |
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307,940 |
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87,337 |
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170,668 |
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(i) |
This represents the reclassification of certain cash flows that were considered as investing activities in the financial statements of consolidated entities and consolidated affiliated entities’ subsidiaries and as operating activities in the consolidated financial statements of the Group. |
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