JPMorgan Chase & Co. quit working on Tianhe Chemicals Group’s planned $1 billion initial public offering in Hong Kong amid a U.S. probe into hiring practices, two people with knowledge of the matter said.
The U.S. bank gave up the mandate as questions arose over Joyce Wei, a former employee, whose father is Tianhe Chemicals chairman Qi Wei, the people said, asking not to be identified because the information is private. UBS AG, which is also advising on the IPO, hired Wei toward the end of last year, two people with knowledge of the matter said.
