China Renaissance Group, a Beijing-based investment bank that had been involved in several high-profile Chinese tech deals, could raise as much as US$800 million in a Hong Kong IPO, Reuters reports, citing sources with knowledge of the matter.
The investment bank, which is led by Bao Fan, one of China’s most famed rainmakers, is eyeing an offering in the range of US$600 million and US$800 million, according to the report.
It is targeting a valuation of between US$4 billion and US$5 billion, a source was quoted as saying.
Goldman Sachs and ICBC International are said to have been hired as joint sponsors for the planned Hong Kong IPO, which is tentatively scheduled for October.
Bao, 47, who has previously worked at Morgan Stanley and Credit Suisse, has been described as one of the best-connected bankers in China.
He plans to use part of the IPO proceeds to develop China Renaissance’s asset management business and to expand into markets such as United States and Southeast Asia, according to a Reuters source.
Founded in 2005, China Renaissance started as a two-person team, seeking to match up capital-hungry startups with eager venture capitalist and private-equity investors.
Since then, it has grown to become a 600-strong house that also provides underwriting, sales and trading services as well as research services.
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