FINANCIAL SERVICES | Staff Reporter, Hong Kong

China Renaissance reportedly guns for US$800m in Hong Kong IPO

The investment bank is aiming for a valuation between US$4b to US$5b.

Reuters reports that investment bank China Renaissance is aiming to raise as much as US$800m in its Hong Kong debut tentatively scheduled at for October. It is targeting a valuation of between US$4b to US$5b.

Also read: Hong Kong can expect 15 more blockbuster IPOs in the second half of the year

The bank is best known for having advised on some blockbuster Chinese tech deals including the merger of ride-hailing giant Didi Chuxing in 2015.

China Renaissance Founder Bao Fan is said to plan to use the proceeds to develop the company’s asset management unit and to jumpstart its expansion plans into the US and Southeast Asia, sources told Reuters.

Goldman Sachs and ICBC International have been hired as joint sponsors.

Here’s more from Reuters:

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