Boutique investment bank China Renaissance, which helped broker some of the biggest deals in China’s tech scene, is looking to raise as much as $377 million from its own share offering in Hong Kong.
Founded by former Morgan Stanley banker Bao Fan in late 2004, the bank early on focussed on China’s then-nascent tech entrepreneurs and followed them as their businesses grew into billion-dollar companies. China Renaissance advised on key transactions including the mergers of group-buying and food-delivery firms Meituan and Dianping, and ride-hailing firms Didi and Kuadi, which formed Didi Chuxing.
But the listing comes amid a downturn for China tech stocks and weakness in Hong Kong shares. Several milestone tech initial public offerings, including smartphone maker Xiaomi, have struggled to rise above their IPO prices.