China Renaissance, ICBC partner on cross-border strategy

The pair will look to back entrepreneurs in mainland China, Hong Kong and the US.

Beijing-based investment bank China Renaissance Group and ICBC International, the overseas investment platform of the Industrial and Commercial Bank of China (ICBC) have teamed up on a cross-border strategy, the firms said in a statement.

Financial terms of the strategy were not disclosed.

Both parties will look to make investments in four key business areas: corporate finance, asset management, capital markets and wealth management across mainland China, Hong Kong and the US.

“Through this strategic partnership, which covers key areas including cross-border transactions, asset management and other investment services, CR Group will enhance our ability to provide credit and capital support to our client base in Hong Kong and international markets,” Fan Bao, chairman and CEO of CR Group, said. “It also helps us strengthen our collaboration with other Chinese and international financial institutions, which is a critical strategic pillar in our goal to provide truly global services to our clients.”

Investment bank China Renaissance is known for backing deals including bike-sharing company Mobike, whose other private equity investors include Temasek and Hillhouse Capital, as well as China’s largest ride-hailing company Didi Chuxing, which has received commitments from China Investment Corporation and CITIC Capital.

The firm also advised on the merger of Chinese online deals and food delivery companies Meituan and Dianping, reportedly worth $15 billion, and the $1.8 billion US listing of e-commerce company JD.com.

Earlier this month, the firm combined its Hong Kong and US businesses to provide a “one-stop financial services platform to its mainland China and US clients”. As of December 2016, the firm completed over 400 transactions worth over $80 billion in total deal value.

ICBC International is the sole overseas investment platform for ICBC. The firm offers Chinese and overseas investor financial products and services including underwriting, direct investment, securities sales and brokerage, asset management, bonds underwriting, merger & acquisition, restructuring advisory, top-up equity financing and placing, financial advisory, futures/derivatives, and others.

In 2011, ICBC International established private equity firm Rong Tong Capital which has over $2 billion of assets.