Zhang Yi, a Goldman Sachs veteran of nearly two decades with expertise in manufacturing and industrial transactions, will join JPMorgan this summer as co-head of its China investment banking business alongside Michelle Wang. This move underscores JPMorgan’s effort to strengthen its local advisory capabilities in one of the world’s fastest-growing financial markets.

Following Zhang’s arrival, David Lau moves from co-head of the offshore China business to vice chair of Asia-Pacific investment banking, adding responsibility for key Hong Kong clients while retaining leadership of the healthcare investment banking group. This realignment aims to optimize senior coverage across the region.

Goldman Sachs ranked second in Hong Kong equity offerings last year while JPMorgan placed seventh, highlighting a notable competitive gap. With Chinese listings and fundraising surging—especially from technology and industrial firms—JPMorgan is targeting these opportunities to climb the league tables and expand its footprint in Asia’s IPO and capital markets.