China bans Nomura senior investment banker from leaving mainland — sources

Authorities in China have ordered a senior Nomura Holdings banker overseeing the firm's investment banking operations there not to leave the mainland, two sources with knowledge of the matter said.In this articleSignage for Nomura Holdings Inc. displayed outside a Nomura Securities Co. branch in Tokyo, Japan, on Monday, April 24, 2023.Nomura Holdings

Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. The Financial Times newspaper, which first reported the matter, citing sources, said the ban was connected to China's investigation into top tech dealmaker Bao Fan and his former colleague Cong Lin.

Nomura's Wang had an overlap with Cong at the unit from 2011 to 2016, his LinkedIn page shows. Wang is assisting the authorities with their investigation of Cong, for which he needs to stay on the mainland, one of the sources said. Earlier this year, foreign firms were rattled by Chinese authorities' raids on U.S. consultancy firms Bain & Company and Mintz Group. Last month, Beijing fined Mintz about $1.5 million for doing "unapproved statistical work".

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