The series B round closed by Ping An-backed Lufax is the biggest deal so far in what has been a bumper month for China's online finance sector.

Peer-to-peer lending company Lufax’s oversubscribed $1.2bn series B round, closed at an $18.5bn valuation, has helped to illustrate the rush to invest in China’s online finance sector.

Approximately $924m of the funding came from new investors including Bank of China Group, food producer Cofco, investment bank Guotai Junan and investment group Minsheng Shangyin International, while a further $292m was supplied by Lufax’s series A investors.

Insurance group Ping An, BlackPine Private Equity Partners, CDH Investments and China International Capital…