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Enova Reports Third Quarter 2024 Results

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Strong top-line growth with total company revenue increasing 25% and originations increasing 28% from the third quarter of 2023Diluted earnings per share of $1.57 increased 22% and adjusted earnings per share of $2.45 increased 63% compared to the third quarter of 2023Credit performance remained strong compared to a year ago with lower consolidated net charge-off and delinquency ratios, a stable net revenue margin and a higher fair value premium on the total company portfolioLiquidity, including cash and marketable securities and available capacity on facilities, totaled $1.2 billion at September 30

CHICAGO, Oct. 22, 2024 /PRNewswire/ — Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced financial results for the third quarter ended September 30, 2024. 

“For the second quarter in a row, we generated annual growth above 25% in originations, revenue and adjusted EPS as we continue to leverage our world-class machine learning risk management algorithms and sophisticated unit economic framework to swiftly adapt to the operating environment,” said David Fisher, Enova’s CEO. “Both our consumer and small business customers are performing well, resulting in solid credit performance across our portfolio.  Looking forward, our diversified product offerings and strong competitive position coupled with a constructive, macroeconomic environment position us well for continued financial success.”

Third Quarter 2024 Summary

Total revenue of $690 million in the third quarter of 2024 increased 25% from $551 million in the third quarter of 2023.Net revenue margin of 58% in the third quarter of 2024, consistent with the third quarter of 2023, reflecting continued solid credit performance.Net income of $43 million, or $1.57 per diluted share, in the third quarter of 2024 increased 22% from $41 million, or $1.29 per diluted share, in the third quarter of 2023.Third quarter 2024 adjusted EBITDA, a non-GAAP measure, of $172 million increased 42% from $121 million in the third quarter of 2023.Adjusted earnings of $68 million, or $2.45 per diluted share, both non-GAAP measures, in the third quarter of 2024 increased from $48 million, or $1.50 per diluted share, in the third quarter of 2023.Total company combined loans and finance receivables increased 23% from the end of third quarter of 2023 to a record $3.8 billion with total company originations of $1.6 billion in the quarter.Repurchased $23 million of common stock under the company’s share repurchase program.

“Our ability to deliver strong top and bottom-line results that are in line or better than our expectations reflects the solid footing of our consumer and small business customers and the powerful combination of our diversified product offerings, scalable operating model and world-class risk management capabilities,” said Steve Cunningham, CFO of Enova. “Our solid balance sheet should provide tailwinds to our future profitability in a falling interest rate environment while enabling our ability to both efficiently fund growth and return significant capital to shareholders through share repurchases.”

For information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

Conference Call

Enova will host a conference call to discuss its third quarter 2024 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, October 22nd. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company’s earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until October 29, 2024, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 6898465.

About Enova

Enova International (NYSE: ENVA) is a leading financial services company with powerful online lending that serves small businesses and consumers who are underserved by traditional banks. Through its world-class analytics and machine learning algorithms, Enova has provided more than 11.1 million customers with over $58 billion in loans and financing. You can learn more about the company and its portfolio of businesses at www.enova.com.

Cautionary Statement Concerning Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova’s senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova’s business, including, without limitation, those risks and uncertainties indicated in Enova’s filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words “believes,” “estimates,” “plans,” “expects,” “anticipates” and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with generally accepted accounting principles, or GAAP, Enova provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of Enova’s operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova’s business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova’s GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova’s financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Combined Loans and Finance Receivables
The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes these non-GAAP measures provide investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova’s consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.

Adjusted Earnings Measures
In addition to reporting financial results in accordance with GAAP, Enova has provided adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of Enova’s financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as the Adjusted Earnings Measures, to assess operating performance and that such measures may highlight trends in Enova’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the adjustments shown below are useful to investors in order to allow them to compare Enova’s financial results during the periods shown without the effect of each of these expense items.

Adjusted EBITDA Measures
In addition to reporting financial results in accordance with GAAP, Enova has provided Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes and stock-based compensation. In addition, management believes that the adjustments for other nonoperating expenses, equity method investment income or loss and certain transaction-related costs shown below are useful to investors in order to allow them to compare our financial results during the periods shown without the effect of the expense items. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management believes Adjusted EBITDA Measures are used by investors to analyze operating performance and evaluate Enova’s ability to incur and service debt and Enova’s capacity for making capital expenditures. Adjusted EBITDA Measures are also useful to investors to help assess Enova’s estimated enterprise value.

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

September 30,

December 31,

2024

2023

2023

Assets

Cash and cash equivalents

$

67,500

$

62,908

$

54,357

Restricted cash

186,880

133,413

323,082

Loans and finance receivables at fair value

4,134,440

3,321,062

3,629,167

Income taxes receivable

66,290

65,664

44,129

Other receivables and prepaid expenses

68,926

58,624

71,982

Property and equipment, net

117,970

103,911

108,705

Operating lease right-of-use assets

12,705

15,984

14,251

Goodwill

279,275

279,275

279,275

Intangible assets, net

12,964

21,019

19,005

Other assets

28,746

41,193

41,583

Total assets

$

4,975,696

$

4,103,053

$

4,585,536

Liabilities and Stockholders’ Equity

Accounts payable and accrued expenses

$

259,535

$

275,160

$

261,156

Operating lease liabilities

26,346

27,136

27,042

Deferred tax liabilities, net

217,387

96,942

113,350

Long-term debt

3,293,735

2,442,784

2,943,805

Total liabilities

3,797,003

2,842,022

3,345,353

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.00001 par value, 250,000,000 shares authorized,
46,453,571, 45,140,504 and 45,339,814 shares issued and 26,266,846,
30,244,289 and 29,089,258 outstanding as of September 30, 2024 and
2023 and December 31, 2023, respectively

Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no
shares issued and outstanding

Additional paid in capital

318,223

274,053

284,256

Retained earnings

1,634,059

1,453,538

1,488,306

Accumulated other comprehensive loss

(9,422)

(7,203)

(6,264)

Treasury stock, at cost (20,186,725, 14,896,215 and 16,250,556
shares as of September 30, 2024 and 2023 and December 31, 2023,
respectively)

(764,167)

(459,357)

(526,115)

Total stockholders’ equity

1,178,693

1,261,031

1,240,183

Total liabilities and stockholders’ equity

$

4,975,696

$

4,103,053

$

4,585,536

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Revenue

$

689,924

$

551,360

$

1,928,249

$

1,534,047

Change in Fair Value

(289,568)

(231,749)

(811,836)

(629,161)

Net Revenue

400,356

319,611

1,116,413

904,886

Operating Expenses

Marketing

141,059

116,508

372,391

292,234

Operations and technology

56,628

51,686

165,960

147,816

General and administrative

38,916

37,731

118,489

111,117

Depreciation and amortization

10,039

9,954

30,011

29,123

Total Operating Expenses

246,642

215,879

686,851

580,290

Income from Operations

153,714

103,732

429,562

324,596

Interest expense, net

(76,902)

(48,666)

(213,453)

(137,571)

Foreign currency transaction (loss) gain

(95)

179

(162)

8

Equity method investment loss

(16,552)

(10)

(16,552)

(1,135)

Other nonoperating expenses

(4,678)

(25)

(5,691)

(279)

Income before Income Taxes

55,487

55,210

193,704

185,619

Provision for income taxes

12,073

13,925

47,951

45,266

Net income

$

43,414

$

41,285

$

145,753

$

140,353

Earnings Per Share

Earnings per common share:

Basic

$

1.64

$

1.35

$

5.36

$

4.53

Diluted

$

1.57

$

1.29

$

5.14

$

4.35

Weighted average common shares outstanding:

Basic

26,420

30,600

27,182

31,006

Diluted

27,711

31,902

28,382

32,269

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(dollars in thousands)

(Unaudited)

Nine Months Ended September 30,

2024

2023

Total cash flows provided by operating activities

$

1,108,056

$

852,581

Cash flows from investing activities

Loans and finance receivables

(1,298,988)

(895,010)

Capitalization of software development costs and purchases of fixed assets

(33,244)

(33,429)

Total cash flows used in investing activities

(1,332,232)

(928,439)

Cash flows provided by financing activities

101,911

93,569

Effect of exchange rates on cash, cash equivalents and restricted cash

(794)

210

Net (decrease) increase in cash, cash equivalents and restricted cash

(123,059)

17,921

Cash, cash equivalents and restricted cash at beginning of year

377,439

178,400

Cash, cash equivalents and restricted cash at end of period

$

254,380

$

196,321

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA

(dollars in thousands)

 

The following table includes financial information for loans and finance receivables, which is based on loan and finance receivable balances for the three months ended September 30, 2024 and 2023.

Three Months Ended September 30,

2024

2023

Change

Ending combined loan and finance receivable principal balance:

Company owned

$

3,593,366

$

2,904,686

$

688,680

Guaranteed by the Company(a)

18,292

13,684

4,608

Total combined loan and finance receivable principal balance(b)

$

3,611,658

$

2,918,370

$

693,288

Ending combined loan and finance receivable fair value balance:

Company owned

$

4,134,440

$

3,321,062

$

813,378

Guaranteed by the Company(a)

25,446

18,661

6,785

Ending combined loan and finance receivable fair value balance(b)

$

4,159,886

$

3,339,723

$

820,163

Fair value as a % of principal(c)

115.2

%

114.4

%

0.8

%

Ending combined loan and finance receivable balance, including
principal and accrued fees/interest outstanding:

Company owned

$

3,742,767

$

3,037,904

$

704,863

Guaranteed by the Company(a)

21,797

16,533

5,264

Ending combined loan and finance receivable balance(b)

$

3,764,564

$

3,054,437

$

710,127

Average combined loan and finance receivable balance, including
principal and accrued fees/interest outstanding:

Company owned(d)

$

3,658,014

$

2,947,494

$

710,520

Guaranteed by the Company(a)(d)

18,999

17,681

1,318

Average combined loan and finance receivable balance(a)(d)

$

3,677,013

$

2,965,175

$

711,838

Installment loans as percentage of average combined loan and finance receivable balance

45.9

%

53.0

%

(7.1)

%

Line of credit accounts as percentage of average combined loan and finance
receivable balance

54.1

%

47.0

%

7.1

%

Revenue

$

680,338

$

543,124

$

137,214

Change in fair value

(287,037)

(229,758)

(57,279)

Net revenue

393,301

313,366

79,935

Net revenue margin

57.8

%

57.7

%

0.1

%

Combined loan and finance receivable originations and purchases

$

1,613,920

$

1,261,186

$

352,734

Delinquencies:

>30 days delinquent

$

293,839

$

242,126

$

51,713

>30 days delinquent as a % of loan and finance receivable balance(c)

7.8

%

7.9

%

(0.1)

%

Charge-offs:

Charge-offs (net of recoveries)

$

309,325

$

277,903

$

31,422

Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(d)

8.4

%

9.4

%

(1.0)

%

(a)

Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated balance sheets.

(b)

Non-GAAP measure.

(c)

Determined using period-end balances.

(d)

The average combined loan and finance receivable balance is the average of the month-end balances during the period.

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)

Adjusted Earnings Measures

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Net income

$

43,414

$

41,285

$

145,753

$

140,353

Adjustments:

Transaction-related costs(a)

327

Lease termination and cease-use costs(b)

1,698

Equity method investment loss(c)

16,552

10

16,552

1,135

Other nonoperating expenses(d)

4,678

25

5,691

279

Intangible asset amortization

2,014

2,014

6,041

6,371

Stock-based compensation expense

8,116

7,075

23,519

19,280

Foreign currency transaction loss (gain)

95

(179)

162

(8)

Cumulative tax effect of adjustments

(6,949)

(2,228)

(12,181)

(7,163)

Adjusted earnings

$

67,920

$

48,002

$

185,864

$

161,945

Diluted earnings per share

$

1.57

$

1.29

$

5.14

$

4.35

Adjusted earnings per share

$

2.45

$

1.50

$

6.55

$

5.02

Adjusted EBITDA

Three Months Ended

Nine Months Ended

September 30,

September 30,

2024

2023

2024

2023

Net income

$

43,414

$

41,285

$

145,753

$

140,353

Depreciation and amortization expenses

10,039

9,954

30,011

29,123

Interest expense, net

76,902

48,666

213,453

137,571

Foreign currency transaction loss (gain)

95

(179)

162

(8)

Provision for income taxes

12,073

13,925

47,951

45,266

Stock-based compensation expense

8,116

7,075

23,519

19,280

Adjustments:

Transaction-related costs(a)

327

Equity method investment loss(c)

16,552

10

16,552

1,135

Other nonoperating expenses(d)

4,678

25

5,691

279

Adjusted EBITDA

$

171,869

$

120,761

$

483,419

$

372,999

Adjusted EBITDA margin calculated as follows:

Total Revenue

$

689,924

$

551,360

$

1,928,249

$

1,534,047

Adjusted EBITDA

171,869

120,761

483,419

372,999

Adjusted EBITDA as a percentage of total revenue

24.9

%

21.9

%

25.1

%

24.3

%

(a)

In the first quarter of 2024, the Company recorded $0.3 million ($0.2 million net of tax) of costs related to a consent solicitation for the Senior Notes due 2025.

(b)

In the first quarter of 2023, the Company recorded a loss of $1.7 million ($1.3 million net of tax) related to the exit of leased office space.

(c)

In the third quarter of 2024, the Company recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of its investment in Linear.

(d)

In the three- and nine-month periods ended September 30, 2024, the Company recorded other nonoperating expenses of $4.7 million ($3.5 million net of tax) and $5.7 million ($4.3 million net of tax) related to early extinguishment of debt. In the nine-month period ended September 30, 2023, the Company recorded other nonoperating expenses of $0.3 million ($0.2 million net of tax) related to early extinguishment of debt.

 

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SOURCE Enova International, Inc.

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Global AI Leader and Enterprise Transformation Visionary Zeya Ottomone Appointed Chief Executive Officer of Integrow

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Author of Empowered to Execute in the Agentic Era to Lead Next Generation of AI-Powered Enterprise Innovation

ATLANTA, July 24, 2026 /PRNewswire-PRWeb/ — Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

With more than three decades of executive leadership spanning Fortune 500 enterprises, global technology organizations, and enterprise software innovation, Ottomone joins Integrow at a defining moment in the evolution of artificial intelligence.

Widely recognized for helping organizations modernize operations, simplify complex business ecosystems, and deliver measurable transformation outcomes, Ottomone has led some of the industry’s largest enterprise modernization initiatives across ERP, CRM, workforce management, cloud computing, cybersecurity, artificial intelligence, and intelligent automation. His appointment signals Integrow’s commitment to redefining how enterprises execute strategy in the era of autonomous AI.

“Artificial Intelligence is no longer about automation alone, it’s about empowering organizations to execute faster, make smarter decisions, and fundamentally rethink how work gets done,” said Zeya Ottomone, Chief Executive Officer of Integrow. “We’re entering the Agentic Era, where intelligent AI agents become trusted digital teammates capable of planning, reasoning, collaborating and executing alongside people. At Integrow, we’re building the enterprise platform that makes that future practical, secure and measurable for every organization.”

Ottomone is internationally recognized as a leader in enterprise technology, SaaS transformation, digital modernization and AI-enabled business strategy. Throughout his career he has held executive leadership and C-level positions with ABB, Honeywell, AmerisourceBergen, Cable & Wireless, Chicago Tribune and Rimini Street, leading global organizations through large-scale transformation initiatives across North America, Europe, Asia-Pacific and the Middle East. His expertise spans enterprise applications, Salesforce ecosystems, ServiceNow, ERP modernization, customer experience, intelligent operations, data strategy, and the emerging field of Agentic AI.

Before joining Integrow, Ottomone led global SaaS Centers of Excellence focused on enterprise transformation, helping organizations modernize critical business operations while reducing technology complexity and accelerating innovation. A certified Lean Six Sigma Master Black Belt and recognized executive advisor, Ottomone has consistently delivered operational excellence by combining strategic leadership with emerging technologies to create sustainable business value.

His appointment also coincides with the upcoming publication of his new book, Empowered to Execute in the Agentic Era, which explores how organizations can bridge the gap between strategy and execution by leveraging AI, empowering people, and building intelligent enterprises capable of continuous innovation. The book reflects many of the same principles that will guide Integrow’s next phase of growth: human-centered AI, intelligent automation, operational excellence, and measurable business outcomes.

Under Ottomone’s leadership, Integrow will accelerate investment across:

Agentic AIEnterprise AI PlatformsIntelligent ERPAI-powered CRMHuman Capital ManagementIT Service ManagementPredictive AnalyticsAutonomous WorkflowsEnterprise CopilotsIndustry-specific AI Solutions

The company’s vision is to deliver a unified enterprise platform where AI is embedded into every business process, enabling organizations to eliminate operational silos, automate decision-making, increase productivity, and create competitive advantage through intelligent execution. “Zeya represents exactly the type of visionary leader required for the next generation of enterprise software,” said Harvey Nicholson, Chair of Corporate Governance and Member of Integrow’s Board of Directors. “His global experience, deep understanding of enterprise technology, and forward-looking vision for Agentic AI position Integrow to become one of the industry’s most innovative AI-powered enterprise software companies.”

Wayne Gadson, Chair of Growth Strategy, added: “The future belongs to organizations that can execute strategy with intelligence, speed and confidence. Zeya has spent his career helping enterprises achieve exactly that. His appointment marks the beginning of an exciting new chapter for Integrow, our customers and our partners worldwide.” As enterprises face mounting pressure to modernize operations, reduce costs, improve workforce productivity and harness the power of artificial intelligence, Integrow is uniquely positioned to help organizations transform through a single AI-powered enterprise platform that unifies finance, operations, customer engagement, workforce management, projects and service delivery.

“Our mission is simple,” Ottomone concluded. “We don’t believe AI should replace people. We believe AI should elevate people. The organizations that will define the next decade won’t simply adopt AI—they’ll empower every employee to execute better decisions every day. That’s the future Integrow is building.”

About Integrow

Integrow is a global enterprise software company delivering next-generation AI-powered business applications built on Salesforce. The platform unifies ERP, CRM, Human Capital Management, IT Service Management, Project Management, Field Service, Finance and Operations into a single intelligent ecosystem enhanced by Agentic AI.

By embedding artificial intelligence into every workflow, Integrow enables organizations to modernize operations, accelerate innovation, improve decision-making and execute strategy with confidence.

For more information, visit www.integrow.com.

Media Contact

Media Team, Integrow, Inc., 1 855-333-4769, info@integrow.com, www.integrow.com 

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SOURCE Integrow, Inc.

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Lufax Announces Board and Management Changes

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SHANGHAI, July 24, 2026 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai (“Ms. Cai”), Mr. Shibang Guo (“Mr. Guo”) and Mr. Peifeng Li (“Mr. Li”) have resigned as non-executive directors of the Company and from their respective positions on the Board’s committees. Mr. Tongzhuan Xi (“Mr. Xi”) has resigned as an executive director, the chief financial officer and the authorised representative of the Company (“Authorised Representative”) under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders’ attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO’s duties will be temporarily assumed by the Company’s internal team to ensure continuity of the Company’s financial functions. Mr. Xiang Ji, an executive director and the Company’s chief executive officer, has been appointed as the Authorised Representative, the Company’s designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim (“Mr. Chim”) as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company’s Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

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SOURCE Lufax Holding Ltd

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UMD Smith School Researchers Warn AI Security Lapses Highlight Urgent Need for Independent Oversight

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COLLEGE PARK, Md., July 24, 2026 /PRNewswire/ — A series of recent AI security lapses—including the OpenAI–Hugging Face breach—raises a fundamental question, say a pair of researchers at the University of Maryland’s Robert H. Smith School of Business: Can tech companies safely govern the powerful AI systems they build, or is stronger outside oversight now essential?

In its incident report, OpenAI confirmed that one of its experimental AI agents exploited a weakness in its testing environment while working on a routine benchmark task. The system wasn’t instructed to behave maliciously; instead, its persistence turned a small design flaw into a real escape. Earlier tests showed similar behavior, including agents that learned to bypass security checks by manipulating authentication tokens.

This pattern echoes findings from Dean’s Professor of Information Systems Siva Viswanathan at the Smith School, who studies how large technology platforms enforce rules. His research on mobile app privacy—published in Management Science—examined Google’s rollout of Android 6.0, which gave users more control over what data apps could collect. Developers were granted a flexible window to update their apps. Many used that flexibility to delay compliance for months, continuing to gather user data until Google imposed consequences such as lower search rankings and reduced visibility in its app store.

Viswanathan’s takeaway: when companies rely on voluntary compliance, self‑interested actors often exploit the slack. Real accountability requires pairing flexibility with firm, enforceable penalties.

That lesson now reverberates across the AI sector. As companies race to build increasingly capable systems, Viswanathan says oversight must treat these AI systems as strategic actors and must include strong safeguards that can pause or reverse a system before harm occurs.

He notes that a separate study from Anthropic underscores the stakes. In controlled tests, even an AI system designed to monitor another AI inherited the same flaws it was supposed to catch. In some cases, the “judge” model failed to flag clear sabotage because it agreed with the agent’s goals, allowing dangerous behavior to pass without human review.

Balaji Padmanabhan, Dean’s Professor of Decisions, Operations and Information Technologies and director of the Smith School’s Center for Artificial Intelligence in Business, extends Viswanathan’s governance argument into the realm of autonomous AI agents, warning that the same structural weaknesses now carry far higher stakes.

“The fact that this breach occurred organically without the AI agent being asked to be malicious is itself notable. Imagine what someone who actually intends to do harm can do. It’s also not terribly reassuring that the same firms we depend on for AI infrastructure, who are facing these issues, are the ones assuring enterprises that their systems with guardrails are perfectly safe,” says Padmanabhan. “We have to wake up to the fact that we’ve created capabilities that let software become as powerful as we want it to be—and then some. It’s time we seriously ask what’s needed to create an infrastructure to play defense well.”

Across the independent studies, the pattern is consistent, says Viswanathan: Voluntary compliance fails when the governed actor is more capable than the regulator. And AI systems cannot be governed by trust or good intentions alone. Oversight must be preventive, independent and capable of stopping harmful behavior before it spreads.

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

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