On Breakingviews – Boutique bank rides Chinese unicorns downhill, says AlecMac11:
Fan Bao, founder, Chairman and CEO of China Renaissance Group, an investment bank led by one of the country’s most famed rainmakers, holds a news conference on its IPO in Hong Kong, China September 13, 2018. REUTERS/Bobby Yip
China Renaissance, started by the former Morgan Stanley banker 14 years ago, built its reputation as a consigliere to hot new startups. It advised e-commerce outfit JD.com on a string of deals, including its U.S. initial public offering five years ago. It also helped online-services upstarts Meituan and Dianping merge in 2015. The bank’s own market debut was not a great advertisement for its services, however. An original valuation target of $5 billion wound up at $2.3 billion.
Bao’s shop has suffered accordingly. Fewer and smaller deals mean less fees. China Renaissance’s advisory revenue tumbled 30%, to $52 million, in the first half from the same span in 2018. Rivals including Bank of America and JPMorgan also are focusing more on private sales of securities, which could threaten the boutique’s top spot in Dealogic’s ranking of Chinese tech advisers.
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Boutique bank rides Chinese unicorns downhillSince its IPO a year ago, China Renaissance has lost half its market value. Hot tech clients cooled off and new funding dried up. Boss Fan Bao is counting on his own startup investing and a new brokerage to help steady things. If the downturn lasts, however, it will impede both.
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