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.

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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