On November 14th, Lujin Holdings (NYSE: LU; 06623. HK) released its financial report for the third quarter of 2023. Data shows that Lujin Holdings achieved operating revenue of approximately 8.1 billion yuan and net profit of 131 million yuan in the third quarter. As of September 30th, Lujin Holdings has served approximately 20 million customers, with an enabled loan balance of 366.3 billion yuan and a new loan of 50.5 billion yuan in the third quarter.
The financial report shows that stabilizing the quality of new loan assets and optimizing costs are the main reasons for Lujin Holdings to maintain profitability. In the third quarter, credit impairment losses decreased by 24.1% year-on-year, and total expenses in the third quarter decreased by 30.1% year-on-year.  
  It is reported that Ping An Inclusive Financing Guarantee Co., Ltd., a subsidiary of Lujin Holdings, continues to increase its guarantee ratio, and through the financing guarantee model, helps cooperative banks better achieve the "dare to lend and willing to lend" of small and micro loans. In the third quarter, the risk-taking ratio of new loans granted by Lujin Holdings (excluding consumer finance companies) increased from 21.7% in the same period last year to 54.3%.
On the day of the financial report release, Lujin Holdings also announced that it would acquire 100% of the shares of Ping An One Account Bank. The announcement shows that Ping An One Account Bank is the first virtual bank in Hong Kong to focus on providing flexible and efficient banking services for small and medium-sized enterprises.  
Market participants believe that acquiring Ping An One Account Bank is an important step for Lujin Holdings to expand into the international market. Lujinsuo Holdings has over 18 years of experience in digital small and micro financing services. Based on its understanding of the Hong Kong market, Lujinsuo can leverage its virtual banking license to create innovative digital banking services, use financial technology to support inclusive finance in Hong Kong, serve the development of Hong Kong's real economy, and promote the construction of the Hong Kong International Financial Center.