(Bloomberg) — JPMorgan Chase & Co. hired Zhang Yi to co-head its China investment banking business with Michelle Wang, according to an internal memo.
Zhang comes from Goldman Sachs Group Inc., which is losing its second senior China banker in the past two months. Zhang will join in the summer.
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A spokesman at JPMorgan confirmed the content of the memo. A Goldman spokesperson declined to comment.
With Zhang coming on board, David Lau, co-head of JPMorgan’s offshore business for China, will become vice chair of investment banking for Asia-Pacific, leading coverage of several of the most important Hong Kong clients, adding to his role as head of health-care investment banking in the region, according to the memo.
Zhang is expected to help JPMorgan narrow its gap with Wall Street competitors in China. Goldman ranked second in arranging Hong Kong equity offerings last year, trailing only Morgan Stanley. JPMorgan placed seventh, according to data compiled by Bloomberg.
The exit follows the January retirement of Goldman’s former co-head of China, Cai Wei, compounding the bank’s losses of senior dealmakers at a pivotal moment. Zhang had been with Goldman for almost two decades, and has a strong track record in manufacturing and industrial-related transactions.
Mainland China companies have led a resurgence in fundraising activity in Hong Kong, which had its busiest January ever for listings. Chinese technology firms, including those in AI, have contributed to the rush, along with companies already listed onshore, like pig breeder Muyuan Foods Co.
A wave of banker departures is anticipated after bonuses are paid out, but the churn this year may be higher as deal flows rebound. The pressure has escalated under Hong Kong’s more stringent inspections of initial public offerings, heightening the premium on bankers who can navigate a tighter regulatory environment.
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