JPMorgan quits $1bn Chinese IPO over ‘elephant hunting’ probe
America’s biggest bank, JPMorgan Chase has quit work on a Chinese firm’s initial public offering over a probe that it may be part of a larger ‘jobs for contracts’ hiring scheme called 'elephant hunting', made famous in the 2000s.
The bank has cut ties with Tianhe Chemicals, a Jinzhou-based lubricant additive supplier, over its $1 billion IPO, both Reuters and the FT report on Tuesday, citing sources with direct knowledge of the matter.
At the center of the story is Joyce Wei, the daughter of Tianhe Chemicals Chairman Qi Wei, who worked at JPMorgan between January 2012 and August 2013, which multiple sources have confirmed.
This is the second Chinese IPO the bank has dropped over the ‘princeling probe’ – the hiring of relatives of wealthy and prominent Chinese businessmen in an effort to win company contracts
America’s biggest bank, JPMorgan Chase has quit work on a Chinese firm’s initial public offering over a probe that it may be part of a larger ‘jobs for contracts’ hiring scheme called 'elephant hunting', made famous in the 2000s.
The bank has cut ties with Tianhe Chemicals, a Jinzhou-based lubricant additive supplier, over its $1 billion IPO, both Reuters and the FT report on Tuesday, citing sources with direct knowledge of the matter.
At the center of the story is Joyce Wei, the daughter of Tianhe Chemicals Chairman Qi Wei, who worked at JPMorgan between January 2012 and August 2013, which multiple sources have confirmed.
This is the second Chinese IPO the bank has dropped over the ‘princeling probe’ – the hiring of relatives of wealthy and prominent Chinese businessmen in an effort to win company contracts
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