HSBC banker Chew to join SoftBank Ventures-backed Carro

HSBC Holdings Plc’s top automotive investment banker in Asia is leaving to join a Singapore-based car startup, backed by Softbank Ventures Asia, people with knowledge of the matter said.

Ernest Chew, who heads the British lender’s capital goods and automotive investment banking team in the region, will join Carro as its chief financial officer in February, said the people, asking not to be identified as the information is private. Chew is currently on gardening leave, they said.

Like their predecessors in the 1990s internet boom, Asia’s financiers are leaving top-tier firms to join startups focused on cryptocurrency, biotech and consumers in the hopes of hitting the stock-option jackpot. Brian Gu, JPMorgan Chase & Co.’s former chairman of Asia Pacific investment banking, joined electric vehicle company Xpeng Motors last year after more than a decade at the U.S. bank.

Chew’s 14-year stint at HSBC included a period during which the lender acted as an adviser for Zhejiang Geely Holding Group on its acquisition of carmaker Proton Holdings Bhd and Lotus Cars. He will be replaced by Misi Tang, who is joining from rival Barclays Plc.

Carro Chief Executive Officer Aaron Tan declined to comment.

Carro, a Southeast Asian automotive marketplace founded in 2015, raised $30 million in August from investors including Softbank Ventures Asia and Singapore government-linked EDBI, the company said in a statement. The startup also counts Insignia Ventures Partners and Singtel Innov8 as investors. The latest financing brought the total raised by the company to more than $100 million.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.