Move over boutique houses. Home-grown investment banks are taking root within China’s tech groups, which are fostering in-house M&A groups to carry out their multi-billion dollar shopping sprees.
Baidu, Alibaba, and Tencent— China’s internet trinity collectively known as BAT — are among the country’s biggest dealmakers, spending a combined $64bn on acquisitions in the past 18 months, according to Dealogic data.
The trio are home to alumni from Goldman Sachs and other Wall Street banks and now boast in-house banking units of 40 to 70 people apiece, according to industry players.
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