Lufax (LU) Narrowed Its Loss 86%. Was the Improvement Mostly Tax-Driven?

Lufax Holding Ltd (NYSE:LU) narrowed its second-quarter net loss by 86.2% to RMB82 million from RMB594 million a year earlier. The headline improvement, however, came primarily from taxes. Pretax profit declined to RMB30 million from RMB266 million, while income-tax expense fell to RMB112 million from RMB861 million. Total income decreased 15.5% to RMB6.23 billion, and […]