JPMorgan Loses Lead Role on China Deal After ‘Uninvestable’ Call
- JPMorgan may earn less in fees after losing lead-left place
- Bank’s analyst cut Kingsoft Cloud’s target price by half
JPMorgan Chase & Co. was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half, people familiar with the matter said.
The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing, the people said, asking not to be identified discussing private information. JPMorgan is still a sponsor of the offering, but is now ranked behind UBS Group AG and China International Capital Corp., the people said.