- China bans Nomura senior investment banker from leaving mainland -sources

Chinese authorities have imposed a travel ban on a senior Nomura Holdings banker who oversees the firm’s investment banking operations in China, according to two anonymous sources. This ban comes at a time when Western businesses are growing concerned about the deteriorating prospects in China’s economy, as well as new laws that make operating conditions more challenging. The banker in question, Charles Wang Zhonghe, is not allowed to leave the mainland. It is unclear when the ban was implemented, but Wang is based in Hong Kong. Nomura declined to comment on the matter, and Wang did not respond to a request for comment. The ban is reportedly connected to China’s investigation into tech dealmaker Bao Fan and his former colleague Cong Lin. Cong, the former president of China Renaissance Holdings, is being investigated for suspected wrongdoing during his time as the CEO of ICBC International. Wang had an overlap with Cong at the unit from 2011 to 2016 and is assisting authorities with their investigation. Chinese foreign ministry spokesperson Wang Wenbin stated that he was unaware of the situation and reiterated China’s commitment to providing a market-oriented and internationalized business environment for foreign enterprises. This travel ban is part of a larger trend of exit bans in China, which has raised concerns among foreign business lobbies. Despite these concerns, the European Union trade chief stated that the bloc has no intention of severing ties with China but emphasized that China could do more to reduce the perception of risk. Wang, who joined Nomura in 2018, has previously worked at Deutsche Bank, Zhong De Securities, and ICBC. He recently attended work events in mainland China and was appointed as chairman of Nomura Orient International Securities in Shanghai.