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Report: JPMorgan's Asia-Pacific i-banking chairman to leave

JPMorgan Chase & Co.'s Asia-Pacific investment banking chairman, Brian Gu, is leaving the company to join Xiaopeng Motors, an electric-car manufacturing startup based in Guangzhou, China, The Wall Street Journal reported March 1, citing "people familiar with the matter."

Gu, who joined JPMorgan in Hong Kong in 2004, will serve as an adviser to JPMorgan's Asia advisory council after he leaves his chairman position, the Journal said.

Xiaopeng Motors, also referred to as Xpeng, is backed by Chinese e-commerce giant Alibaba Group Holding Ltd. and Taiwan-based Foxconn Technology Group Co. Ltd.

The two co-led an approximately $347 million funding round for Xpeng in January. It has already raised $790 million, and is aiming to raise more than $1 billion in additional funding in 2018, according to the report.