China Renaissance Securities has hired former JP Morgan banker Diao Yang as co-head of investment banking, strengthening its capability in coverage for China’s technology company clients.
Diao, who previously led investment banking TMT coverage in China at JPMorgan, will share the newly created role with co-head Jason Lam.
Lam joined the bank from Credit Suisse last year as a managing director and head of equity capital markets, a role he will now relinquish. Both of them will report to Bao Fan, chairman and CEO of China Renaissance.
Diao has worked with Chinese internet clients such as Vipshop, Jumei, Baidu and Tencent during his 10-year service with JP Morgan.
He has already left JP Morgan and will join China Renaissance on October 15, according to a source familiar with the situation.
China Renaissance will hire more staff in the fourth quarter as it bolsters its executive team, according to the source.
The TMT team at JP Morgan’s IB department, which is led by head of TMT banking John Hall, lost another senior China banker recently, Wang Jun, according to another source. Wang joined a private equity firm, said the source.
China Renaissance is a Beijing-headquartered independent investment bank with a focus on TMT, education and healthcare. The bank has advised on more than 190 transactions, and helped raise $19 billion capital and more than $6 billion in equity capital, according to the first source.
The bank has also helped in many US listings by Chinese tech companies such as JD.com, Jumei and Qunar.com, as well as Hong Kong IPOs such as Boyaa Interactive International’s $127 million listing.
Without strong distribution and sales capacities, the bank is more like a boutique investment bank specialising in advisory and consultant work in financings of TMT companies.
The US and Hong Kong will see more Chinese tech-related listings to tap the markets this year, among them Alibaba Group, which could raise as much as $15 billion through an IPO on the New York Stock Exchange.