Caixin
Apr 20, 2021 02:55 PM
BUSINESS & TECH

HSBC Asia Technology M&A Head Choy to Join Midea as Finance Chief

(Bloomberg) — HSBC Holdings PLC’s head of technology mergers and acquisitions in Asia Jeremy Choy is joining Chinese home appliance giant Midea Group Co. as its chief financial officer.

Midea announced Choy’s appointment on Monday, confirming an earlier Bloomberg News report. Choy, 39, is replacing Helmut Zodl, who left the Chinese company earlier this year to become the CFO of General Electric Co.’s health care business.

The Hong Kong-based veteran dealmaker is taking up the job as Midea seeks to diversify from its traditional home appliances business. The Chinese company, which focuses on making air conditioners, refrigerators and washing machines, is looking to tap into technology-driven areas such as smart living and the so called Internet of Things.

For his new role, Choy will be based at Midea’s headquarters in the southern Chinese city of Foshan, people familiar with the matter have said.

Choy joined HSBC in June 2019 from China Renaissance Holdings Ltd., where he was the head of M&A, according to his LinkedIn profile. He previously worked for JPMorgan Chase & Co. and Goldman Sachs Group Inc.

Midea’s founder and largest shareholder He Xiangjian does not hold a management role nor do his relatives — a rare occurrence for a Chinese family-owned company.

The company has grown via acquisitions including Kuka AG in 2017, in a deal that valued the German robot maker at 4.6 billion euros ($5.5 billion). That same year, it bought majority stakes in Toshiba Corp.’s home appliances business and Clivet SpA, an Italian maker of air conditioners, for undisclosed amounts.

More recent deals include its 13-billion-yuan ($2 billion) purchase of Chinese appliances maker Wuxi Little Swan Co. in 2019. In December 2020, it entered the elevator business with the purchase of Winone Elevator Co. Earlier this year, it agreed to buy a 29% stake in Beijing Wandong Medical Technology Co.

Choy’s move would follow those of other high-profile bankers joining large companies as CFOs. Peter Enns has joined property-casualty insurer Chubb Ltd. after more than 20 years in investment banking, most recently as global co-head of investment banking coverage at HSBC based in Hong Kong. Last year, Credit Suisse Group AG technology banker Alain Lam left the Swiss bank to join Chinese smartphone maker Xiaomi Corp.

Contact editor Yang Ge (geyang@caixin.com)

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