China's biggest Internet deal needed just one good banker

Hong Kong

THIS week's US$15 billion merger of two Chinese startups stood out for a number of reasons. It's the largest-ever combination in the nation's Internet industry, it forms a dominant player in the booming local services market - and just one bank brokered the deal.

Boutique investment bank China Renaissance Partners advised both discount site Meituan.com and restaurant-review service Dianping.com on their merger this week, earning fees from each of the two companies backed by rival tech billionaires.