JPMorgan Chase Reportedly Closes Private Banking Account of Chinese Tycoon

Bloomberg quoted sources as saying that JPMorgan has closed the private banking account of Chinese investor Tang Hao, who gained fame for buying one of the best-performing stocks globally worth billions of dollars.

Sources revealed that Tang Hao was an important client of JPMorgan’s China private banking team and generated millions of dollars in revenue for the bank. Several months ago, due to KYC (Know Your Customer) regulations, the bank terminated its business relationship with him. KYC rules require banks to verify clients’ identities and sources of funds to prevent potential illegal activities.

In early 2025, Tang Hao held shares in AppLovin Corp. worth $4 billion, with the company’s stock price soaring more than sevenfold in the previous year. AppLovin provides marketing services for mobile app developers and benefited from the AI boom, making it one of the best-performing stocks globally in 2024.

A JPMorgan spokesperson stated that, according to company policy, they cannot confirm whether any individual is a private banking client. Joshua Grandy, a spokesperson for AppLovin, said the company does not comment on this matter.

For a large private bank, ceasing cooperation with an investor holding significant shares in a publicly listed company is quite rare.

A 2025 document shows that Tang Hao owns a 3.2% stake in AppLovin. Besides investing, Tang Hao is also very active in philanthropy. In 2018, his family donated $20 million to Columbia University’s School of Engineering and established an AI research scholarship at Carnegie Mellon University through the Goldenway Education Foundation (now Tang Family Foundation).

In 2009, Tang Hao founded Goldenway Investments in Hong Kong, which has investments in multiple sectors.