One of the year’s largest listings is coming together in Hong Kong, but without the involvement of Wall Street banks, Manuel Baigorri, Julia Fioretti, Pei Li, and Linda Lew of Bloomberg reports. Chery Automobile’s planned Hong Kong initial public offering could raise about $1.5B and is being led by an all-Chinese bank roster after others chose to not participate, citing people familiar with the matter. JPMorgan (JPM) is no longer on the deal after being chosen by Chery in late 2024 to work on the offering, Bloomberg’s sources added. Some other international banks have also shied away from working on the transaction, the sources added.
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