Tencent and Alibaba’s fierce rivalry has extended into the world of investment banking, with China’s dominant tech duo demanding that bankers working for them avoid doing so for their rival.
The requirements have in effect split investment banks into two camps, said several people with knowledge of the matter, highlighting the companies’ clout in virtually every sphere of China’s economy as well as their prolific dealmaking.
Ant Financial, the Alibaba payments affiliate that is closing a $10bn funding round, made a number of banks sign “very restrictive non-compete” agreements preventing them from working for Tencent entities, said one banker.
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