JPMorgan has exited a potentially lucrative role in the $1bn Hong Kong listing of a Chinese chemicals company because of the investigation into the US bank’s hiring of princelings.
This is the second time in as many months that JPMorgan has left an initial public offering because of the US authorities’ inquiry into princelings – the children of high-ranking Chinese leaders. Last month it quit the Hong Kong listing of Everbright Bank.
Tang Xiaoning, son of a former banking regulator who heads the state-owned parent company, China Everbright Group, is one of the princelings at the centre of the US investigation.
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