China Renaissance completes first steps towards Hong Kong IPO, seeks up to US$400 million
The investment bank will begin the investor education phase next week, followed by roadshows in September
Investment bank China Renaissance, a major investor in tech start-ups, has completed preliminary steps towards an initial public offering in Hong Kong, in which it is seeking to raise as much as US$400 million.
The firm, which filed its listing application in June, has passed the listing hearing and will begin pre-deal investor education next week, during which analysts discuss the company’s valuation with potential investors. That will be followed by a series of international roadshows starting in mid-September, according to several people familiar with the matter.
The company is seeking a valuation of between US$3 billion and US$4 billion and is looking to raise between US$300 million and US$400 million, the people said. China Renaissance declined to comment.
Founded in 2004 by Bao Fan, a former Morgan Stanley and Credit Suisse banker, China Renaissance has advised on and invested in a number of high-profile mergers and acquisitions by Chinese technology start-ups, including those between Meituan and Dazhong Dianping and between Didi and Kuaidi, as well as the acquisition of Mobike by Meituan.
