China Renaissance Holdings Ltd. officially listed on the Main Board of the Hong Kong Stock Exchange at 9:30 a.m. on Sept. 27, under the ticker 1911.HK. This marks the emergence of world-class Chinese investment banks, as reported by Chinese media.
The company raised about $345 million through the IPO. Its share price, however, dropped by a disappointing 19 percent during the first day of trading.
Founded in 2004, China Renaissance is a leading boutique investment bank specializing in various financial services including private placement advisory, merger and acquisition advisory, securities underwriting, research, sales and trading as well as investment management. It is well-known in the Chinese technology industry for having invested in tech giants such as Meituan, JD.com and Didi Chuxing. It also famously handled the merger between Meituan and Dianping.
Bao Fan, founder and CEO of China Renaissance, expressed his gratitude towards all the employees for their dedication in the past 14 years. “The rejuvenation of the Chinese people and the rising new economy offered us this historical opportunity. We should be thankful for this era, for that it allowed us to pursue our dreams.”
The company submitted its listing documents to the Hong Kong Stock Exchange on June 25 this year and officially started its IPO roadshow on Sept. 14.
Cornerstone investors include Ant Financial, LGT Group Foundation (LGT) and Snow Lake Funds. During the public offering period, People’s Insurance Company of China (PICC), hedge fund Coatue Management, Sunshine Insurance Group, Keywise Capital as well as the Capital Group, one of the world’s largest and most experienced investment management companies, also subscribed for the shares.
China Renaissance’s IPO was jointly underwritten by Goldman Sachs Group and ICBC International and was advised by the company itself.