* JPMorgan previously withdrew from deal amid China hiring
* BofA, Goldman Sachs, Morgan Stanley, UBS named global
* Company scrapped London listing plan in favour of Hong
(Adds banks working on the deal; background of JPMorgan
HONG KONG, June 3 China's Tianhe Chemicals Group
Ltd is seeking to raise between $636 million and
$818 million in an Hong Kong initial public offering, according
to a term sheet of the deal seen by Reuters on Tuesday.
The listing drew attention in January this year when
JPMorgan stepped aside from the deal, amid an
investigation by U.S. authorities into its hiring practices in
JPMorgan's exit was driven by concerns raised about the
bank's employment of Joyce Wei, the daughter of Tianhe Chemicals
Chairman Qi Wei, IFR reported at the time, citing sources.
Hong Kong securities licence filings show that a Jiao Wei
worked at JPMorgan from January 2012 to August 2013, and is now
on the staff at UBS, joining the Swiss bank in
October. Jiao is Joyce Wei's Chinese name, sources familiar with
the matter previously told Reuters.
JPMorgan and UBS declined to comment on the reports at the
UBS is one of four joint global coordinators on the Tianhe
Chemicals IPO, the term sheet showed, along with Bank of America
Merrill Lynch, Morgan Stanley, and Goldman Sachs.
Tianhe Chemicals is offering shares between HK$1.75 and
HK$2.25 each, with 72.5 percent of the offer consisting of new
shares and the rest being sold by existing shareholders.
The company, which makes lubricating oil additives and
special fluorides, had planned to list in London in 2011 but
eventually decided that Hong Kong has a bigger pool of investors
for Chinese companies, according to IFR, a Thomson Reuters
The deal size could increase up to $940 million if the
so-called greenshoe option is exercised to meet additional
demand for the stock, the term sheet showed.
(Reporting by Denny Thomas and Lawrence White; Editing by
Edwina Gibbs and Stephen Coates)