July 21, 2014 / 5:21 AM / 3 years ago

UPDATE 1-MOVES-China Renaissance Securities hires Yang Diao amid tech deal boom

(Recasts, adds spokesman confirmation, background on China Renaissance and tech IPO boom)

HONG KONG, July 21 (Reuters) - China Renaissance Securities has hired former JPMorgan executive Yang Diao as co-head of investment banking, according to an internal memo, adding another China technology-focused banker amid a boom in such deals this year.

Diao will work alongside Jason Lam who joined the firm last year, according to the internal memo seen by Reuters on Monday.

A spokesman for China Renaissance confirmed the contents of the memo.

China Renaissance is a China-based boutique investment bank specialising in the technology, consumer and healthcare sectors. The firm has advised on the listing of several Chinese technology companies in the United States this year, where firms are eager to take advantage of high valuations for internet stocks.

Chinese internet companies have also been on a buying spree this year, driving Asian M&A volumes to record heights as the leading players seek to aggregate content in a race to capture users’ attention. [ID: nL4N0P71PT]

China Renaissance advised on Chinese internet company JD.com’s $1.78 billion U.S. initial public offering (IPO) in May this year, as well as the IPOs of online cosmetic seller Jumei and messaging company Weibo Corp.

Those deals came ahead of the expected IPO of Chinese e-commerce giant Alibaba Group Holding Ltd IPO-BABA.N later this year, a deal that could raise more than the $16 billion pulled in by Facebook Inc in 2012.

Diao, who worked on the Jumei IPO and bond offerings for Chinese internet giants Baidu and Tencent, has left JPMorgan and will join China Renaissance on October 15th, the memo said.

Reporting By Lawrence White; Editing by Stephen Coates

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below