Saturday, November 27, 2021
Martin Hennecke

LU app dangles carrot for iBond
<p>Stella Zhai</p><p>&nbsp;</p><p>Lu International (Hong Kong) said new users who subscribe to the government&#39;s inflation-linked retail bonds, or iBond, through its mobile app LU Hong Kong will have an extra 8 percent coupon if they register before November 4.</p><p>Seven kinds of fees will be exempted, including handling fees for subscriptions, custodian fees, and early redemption fees, according to the online marketplace under Lufax, which is backed by Ping An Insurance (2318).</p><p>The Shanghai-headquartered Lufax earlier filed to list its shares in the US market. It is rumored to raise as much as US$3 billion (HK$23.4 billion).</p><p>The extra coupon can be used in transactions of all non-money market funds on the platform, including the iBond. The maximum investment in which the coupon can be used is HK$20,000, with a term of three months. That means each investor subscribing to two board lots of iBond can get a HK$400 bonus in addition to the guaranteed return of at least 2 percent.</p><p>The subscription period starts from October 23 and ends at 9pm on November 4, said LU HK.</p>
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