Shanghai-based Lufax, which was set up by Ping An Insurance Group (>> Ping An Insurance Group Company)<2318.HK> in 2011, aims to file a listing application at the end of January, the newspaper said, citing sources close to the company.

Lufax is expected to sell $6 billion-$9 billion worth of shares in the IPO, representing 10 to 15 percent of its valuation, one source told the newspaper.

The company was valued at $18.5 billion when it raised $1.2 billion from a group of investors in early 2016. (http://bit.ly/2mDzQFB)

Ping An shares listed in Hong Kong jumped nearly 4 percent to a record on Monday.

Lufax declined to comment when contacted by Reuters. Ping An did not immediately respond to a request for comment.

With a $60 billion valuation, Lufax would become the second mega fintech share offering in Hong Kong after ZhongAn Online Property & Casualty Insurance Co Ltd (>> ZhongAn Online P & C Insurance Co Ltd), which raised $1.5 billion in September, giving it a valuation of $13 billion.

Lufax is set to become China's second most valuable fintech firm after Alibaba's (>> Alibaba Group Holding) affiliate, Ant Financial, which was valued at $75 billion by CLSA in 2016, the newspaper said.

In December, Lufax had mandated Citic Securities, Citigroup, JP Morgan, Morgan Stanley and Goldman Sachs as joint sponsors for the float, according to IFR, a Thomson Reuters publication.

Hong Kong is now set to allow dual-class shares under rule changes to be proposed by the city's stock exchange as it raises the stakes in its battle against New York for blockbuster Chinese initial public offerings.

Such shares grant differentiated voting rights and underpin the alternative governance and shareholding structures favoured by many owners of new age industries such as technology.

(Reporting by Donny Kwok; Editing by Malcolm Foster)