(Bloomberg) -- HSBC Holdings Plc’s global co-head of technology, media and telecom 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 out the team with key hires in China, Southeast Asia and India, according to a memo seen by Bloomberg News. A spokesperson for the bank confirmed the memo. 

Bailey will continue to lead TMT 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 Inc., 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 Group Inc.

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

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

©2024 Bloomberg L.P.