Chinese companies are rushing to file initial public offerings in New York ahead of new U.S. rules that could effectively eliminate their chances of listing in the United States.

Chinese online wealth management platform and unit of Ping An Insurance Group, Lufax, has filed a confidential prospectus to raise up to US$3 billion in a U.S. initial public offering. Lufax’s filing joins those of KE Holdings, an online property platform backed by Tencent Holdings and SoftBank Group, and Xpeng Inc, a luxury electric car maker affiliated with Alibaba Group Holdings.

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