Lufax Shares Surge 17% as Xiang Ji Appointed Next CEO

The stock climbed to $3.13 in morning trading, representing a significant single-day gain for the operator of the Chinese small-business financial services platform. While the shares have risen 9% over the past year, the double-digit rally suggests strong investor support for the incoming leadership. Ji, who brings experience from his previous tenure at McKinsey, will take over the top role as the firm continues to navigate the evolving fintech landscape in China.

Boardroom Changes and Succession

The transition is part of a broader shift within the company’s leadership structure. Current CEO Yong Suk Cho is leaving for family and personal considerations, according to a company statement. His departure on March 31 concludes a period of leadership that saw the company navigate complex regulatory environments for financial services.

The company also announced an immediate reshuffle of its board of directors. Non-executive members Yonglin Xie and Xin Fu stepped down effective Tuesday, replaced by Fangfang Cai and Peifeng Li. These changes mark a comprehensive update to the company's governing body as Lufax prepares for the new fiscal year under Ji's direction.