JPMorgan shuts China tycoon’s account that made millions for bank: Sources
The Straits Times
Tang Hao had a $5.1 billion stake in US ad-tech firm AppLovin Corp as at early 2025. Read more at straitstimes.com.
Hong Kong – JPMorgan Chase & Co has shut the private banking account of Mr Tang Hao, a Chinese investor who rose to prominence after taking a multibillion-dollar stake in one of the world’s top-performing stocks, according to people familiar with the matter.
Mr Tang was a major client of JPMorgan’s China private banking team who generated millions of dollars in revenue before the firm ended relations a few months ago due to know-your-customer issues, the people said. Mr Tang had a US$4 billion (S$5.1 billion) stake in AppLovin Corp as at early 2025 after the US ad-tech firm’s shares surged more than 700 per cent the previous year.
“As a matter of policy, we are unable to confirm whether any individual is a client of the private bank,” a spokesperson for JPMorgan said. Joshua Grandy, a spokesperson at AppLovin, said the firm declined to comment. A representative for Mr Tang declined to comment.
Shunning an investor with a disclosed large stake in a public company is an unusual move for a major private bank. Even so, JPMorgan’s revenue from the China business has been growing, according to a person familiar with the matter.
Know-your-customer rules require banks to verify a client’s identity and source of funds to avoid potential illicit activity.
US‑based AppLovin, which provides marketing services to mobile app developers, was a beneficiary of the AI boom and ranked among the world’s best‑performing stocks in 2024.
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