Beijing-based investment bank China Renaissance is shifting its focus back toward the US this year, now that founder Bao Fan has been released from state detention.
The Chinese financial institution, which has roughly RMB 32 billion (USD 4.6 billion) in assets under management, hired a new head of capital markets in the US and is increasing its resources to help Chinese companies that are increasingly looking to diversify beyond the domestic market.
A younger generation of Chinese entrepreneurs, inspired by their global upbringing and education in Western countries, is setting its sights overseas as weak consumption and property woes continue to dog China’s economy.
“We have the resources as a company overall to cater to them and service them,” Enna Weng, China Renaissance’s new head of capital markets in the US, told Nikkei Asia in an interview. “We know how to cater to the second generation, how to grow alongside [them] with our US expertise.”
Weng pointed to Pop Mart, the company behind the once globally viral Labubu dolls, and Luckin Coffee‘s recent entrance into the US market as examples of corporate China’s international footprint.
Companies from the world’s second largest economy in recent years have accelerated the “chuhai” trend, which means to go overseas, as their home market shrinks, segueing from exporters to global brand builders. Some, like electric vehicle maker BYD and battery producer Contemporary Amperex Technology (CATL), have also moved manufacturing bases outside China to “geopolitically neutral” countries over heightened diplomatic tensions.
Weng, who has also worked at Freedom Capital Markets and Barclays, said these companies have a lot of potential to grow and are also interested in listing in the US through reverse mergers or special purpose acquisition companies.
“We’re going to see a lot of that, I think, in the near term,” she said.
China Renaissance is hiring at least seven new North America staff in banking and sales this year after scaling back its operations in 2023, when star dealmaker Bao, who founded the bank in 2005 with two other men, was unable to be contacted. His disappearance rattled China’s financial sector before he reemerged last August as the Chinese government began exploring ways to boost confidence among private businesses.
A decade ago, when record numbers of Chinese companies were listing in the US, the boutique investment bank was involved in underwriting some of the larger ones, including those of e-commerce giants JD.com and Tencent. It also oversaw major Chinese tech mergers, including those of delivery giants Meituan and Dianping, and ride-hailing services Didi and Kuaidi.
The number of blockbuster listings in the US declined after the Chinese government launched an investigation into Didi days after the taxi-hailing company listed on the New York Stock Exchange in the summer of 2021, with the help of China Renaissance. Intense government pressure forced Didi to delist less than a year later.
Companies looking to list outside of mainland China must obtain approval from Chinese regulators. In the past year, such approvals have slowed to a trickle.
Geopolitical tensions have also made it difficult to seek US funding. In addition, US regulators tightened restrictions after small-cap listings by Chinese companies were found to be involved in pump-and-dump schemes.
While acknowledging the challenges, Weng remains confident that more globalized companies can overcome these hurdles. Her investment bank is looking at listings valued at USD 200 million to USD 3 billion, focusing on healthcare, consumer goods, and crypto and digital assets.
“We want to grow with the company early on,” Weng said, “so we can help them eliminate or reduce risks to be a better global stage company.”
China Renaissance is also looking to help take Asian biotechnology patents to North America via licensing deals that let established pharmaceutical companies develop and commercialize intellectual property from smaller Asian players.
In China, biotech licensing surged to a record high last year, when 186 deals were signed, according to data provider Pharmcube.
“We would like to help companies to license out to the United States from Asia, not just China,” Weng said. “We have had a presence in Singapore as well, so we want to go into other regions in Asia, in [South] Korea, in Japan, in Southeast Asia, and cater to entrepreneurs there” and help them navigate their way in the US and Canada.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.
Note: RMB figures are converted to USD at rates of RMB 6.90 = USD 1 based on estimates as of March 25, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.