A company at the centre of the furore over investment banks’ China hiring practices is pushing ahead with its initial public offering in Hong Kong, in a deal that could raise up to $818m.
Tianhe Chemicals Group, a Chinese speciality chemicals maker, launched its offering yesterday. The company is selling 2.8bn shares, 73 per cent of which are new, to be priced between HK$1.75-HK$2.25 each. The privately owned company specialises in producing oil additives and speciality fluorochemicals used in areas including electronics, optics and surface treatments such as waterproofing fabric.
Initially it was expected to target a deal of at least $1bn, but sentiment towards Chinese stocks has been weak this year as investors fretted about the country’s slowing economic growth. But should demand be strong enough for bankers to exercise an overallotment option, Tianhe could raise as much as $940m.
Tianhe shot to wider prominence when US investigators last year began probing banks’ hiring of China’s “princelings” – well-connected children of Chinese leaders – in order to win business. Joyce Wei, daughter of Tianhe chairman Wei Qi, worked at JPMorgan between January 2012 and August 2013. Ms Wei is not strictly a princeling as Tianhe is a private company, part-owned by Morgan Stanley’s private equity arm, and not government-controlled. The probe has hurt JPMorgan’s business in Asia.
Tianhe’s offering is being led by Bank of America Merrill Lynch, Morgan Stanley, UBS and Goldman Sachs as global co-ordinators.
因美国调查机构去年开始调查投资银行为赢得业务而在中国聘用“太子党”的行为——即中国领导人拥有广泛人脉的子女，天合化工迅速获得了更广泛的知名度。魏娇(Joyce Wei)是天合化工董事长魏奇的女儿，2012年1月至2013年8月在摩根大通(JPMorgan)工作。魏娇并不是严格意义上的太子党，因为天合化工是一家私营企业，而非受政府掌控——摩根士丹利(Morgan Stanley)旗下的私募股权投资部门也持有该公司部分股权。美国方面的调查已对摩根大通在亚洲的业务造成了负面影响。
美国银行-美林(Bank of America Merrill Lynch)、摩根士丹利、瑞银(UBS)和高盛(Goldman Sachs)担任天合化工IPO的全球联席协调人。