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Report: China Renaissance Hong Kong IPO attracts 3 cornerstone investors

Alibaba Group Holding Ltd. affiliate Ant Financial Services Group and two other companies will invest in the planned IPO of Beijing-based investment bank China Renaissance as cornerstone investors, the South China Morning Post reported, citing people familiar with the matter.

The two other investors in China Renaissance's IPO in Hong Kong are LGT Group Foundation and Asian alternative investment management firm Snow Lake Capital. China Renaissance is looking to raise up to US$400 million in the IPO, the people said.

The investment bank is set to launch its IPO Sept. 13 and is seeking a valuation of between US$3 billion and US$4 billion, according to the sources.

In its stock exchange filing, China Renaissance said it has three principal business lines: investment banking, investment management and its onshore securities platform Huajing Securities.