It’s happened again: another senior banking professional has quit the finance sector to join a Chinese technology company.
Veteran tech analyst Andrew Lin left CICC in June and has now resurfaced at semiconductor firm Allystar as head of strategic investment and M&A, based in Beijing.
Lin was an executive director in CICC’s private equity arm for the final five months of his four-year tenure at the Chinese investment bank. His previous CICC role focused on Hong Kong and China tech-hardware research.
Both established and emerging Chinese tech companies have developed a strong taste for bankers and analysts over the past two years. Like Lin, many of these new recruits have gone into business development jobs, helping their employers to make domestic and overseas acquisitions.
Last year Credit Suisse head of China technology coverage Catherine Liu joined internet services provider Qihoo 360 as its chief strategy officer, while Ling Zhang, head of China health care at J.P. Morgan, moved to biotechnology company BGI Genomics as its chief operating officer.
Alibaba is particularly keen on bankers. It appointed 20-year Goldman veteran Michael Evans as its president in 2015, and a year later named another ex-Goldmanite, Douglas Feagin, as head of international business for its online finance arm, Ant Financial Services. As we noted last month, it’s also made a string of other recent hires from Western investment banks in Asia, including tech research analysts.
Lin is somewhat of an outlier among bank-to-tech movers because his two most recent employers were Chinese. Before joining CICC he worked for almost five years at asset manager China AMC.
He does have experience within Western institutions, however. After starting his career as a New York-based proprietary trader at Citigroup in 1996, he moved to Societe Generale Securities in Boston four years later to specialise in downstream technology research. In 2003, Lin relocated to Hong Kong as a VP-level analyst covering the Asian semiconductor sector.
As Chinese tech firms expand overseas, they are targeting banking professionals who combine local knowledge with experience in more mature markets.
Image credit: Image Source, Getty