HSBC’s global co-head of technology, media and telecom (TMT) Winston Cheng is leaving the bank to join a major tech firm. 

Cheng joined HSBC’s investment banking team in 2021, based in Hong Kong, and together with Dan Bailey built the team with key hires in China, South-east Asia and India, as indicated by a memo seen by Bloomberg News and confirmed by the bank. 

Bailey will continue to lead TMT team globally, while Cheng will be joining a Fortune 500 company in the tech industry in mid-April, the memo said. 

Cheng was previously president of international at JD.com, where he led international investments and mergers and acquisitions. Before that, he worked in investment banking for 20 years, with stints at Bank of America Merrill Lynch and Goldman Sachs.

During his time with the bank, the lender secured several high-profile mandates, including Chinese artificial intelligence firm Sensetime Group’s initial public offering in Hong Kong and Lenovo Group’s acquisition of PCCW IT services. 

Investment-banking-deal flows out of China have been muted across the tech sector and other industries amid a deteriorating macroeconomy and stricter regulations for new listings. While China’s tech crackdown has eased, geopolitical tensions and underperforming shares have weighed on foreign investor sentiment. BLOOMBERG

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