Despite an extremely challenging operating environment, Wall Street investment banks continue to be bullish on their China business.
JPMorgan Chase was recently demoted as the lead underwriter for the Hong Kong IPO of a Chinese software giant after the bank published research that was unflattering to the company and the Chinese Communist Party (CCP) regime.
The bank was poised to be the coveted “lead-left” banker on Kingsoft Cloud Holdings’ Hong Kong listing, according to a Bloomberg report citing people familiar with the proceedings. JPMorgan is still one of the underwriters, but has lost its role as the lead underwriter, now occupied by UBS and China International Capital Corp.
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