China's peer-to-peer lender and broker Lufax, an Internet financial arm of Ping An Insurance, is reportedly close to completing a round of fundraising valuing the company at about 18 billion U.S. dollars.

It's being reported that the company is raising almost one billion U.S. dollars by selling a stake of about 5 percent to a group of Chinese and overseas investors.

Lufax is also said to have attracted investor demand for about five times the amount it raised.

Officially called Shanghai Lujiazui International Financial Asset Exchange Company, it's run by former McKinsey & Co. consultant Gregory Gibb.

Earlier reports say Lufax is seeking an initial public offering in Hong Kong in the second half of next year.

It's also reported it's hoping to raise a maximum of 5 billion US dollars via the IPO.