LGT puts $25m in China Renaissance as it eyes Asia tech

LGT has acquired $25m worth shares in Hong Kong-listed China Renaissance, a young investment bank specializing in Chinese technology companies.

The acquisition follows China Renaissance’s initial public offering of about $323m (HK$2,529.4m) on the Hong Kong exchange on 27 September.

“This investment is part of a strategic initiative to further strengthen LGT’s network with leading Asian tech entrepreneurs and to enhance our investment expertise in this exciting area that we expect will create a lot of value in the years and decades to come,” said Max Von und zu Liechtenstein, chief executive of LGT.

LGT Group Foundation, which has assets under management of $207.5bn, is a key investor in the investment bank with 1.12%.

Other cornerstone investors include Alipay, the digital payments arm of Alibaba and Snow Lake Capital, an Asian alternative investment manager, both committing $50m for an exchange of 14.5% of the offered shares, resulting in an ownership of 2.25%.

This made China Renaissance secure a total $125m from the three cornerstone investors.

LGT is the private banking and asset management group owned by Liechtenstein’s royal family.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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