China Renaissance, an investment bank founded by Bao Fan, has filed for a Hong Kong IPO, aiming to raise as much as USD 800 million.
Details of the IPO plan are not yet in public. Informed sources say China Renaissance is targeting a valuation of between USD 4 billion and USD 5 billion. Goldman Sachs and ICBC International have been hired as joint sponsors. The IPO launch has been tentatively scheduled for October.
Since established in 2005, China Renaissance has involved in a series of most influential financing, M&A and IPO moves in China's Internet industry, including the 2015 merger of ride-hailing giant Didi Chuxing.
Over the past 13 years, China Renaissance has grown from a financial advisor to a well-known full-service investment bank, with its business range expanding from angel investment to IPO financing and M&A.
In 2012, Bao decided to transform the company to a full-service investment bank. With the establishment of China Renaissance Securities in Hong Kong, China Renaissance obtained the license from Hong Kong Securities and Futures Commission and officially started IPO and M&A deals in public market. In 2013, the company obtained a securities trader license in the US. When LightInTheBox Holding launched IPO in the US in June 2013, China Renaissance was a sponsor for its first time. In the following two years, the company was hired for most Chinese IT companies' IPO deals in the US, including JD.com, Jumei International Holding Limited, Momo, Tuniu, Leju and China Auto Rental.
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