- Citi hired ex-Credit Suisse MD Alexander Wong as APAC Industrials & Mobility managing director, reporting to Lei Li.
- The move bolsters Citi’s senior sector coverage as mobility, EV and industrial-tech dealmaking accelerates across Asia.
- Citi cited 2025 deals including Haier India’s stake sale and Geely’s US$2.4b Zeekr privatisation as proof of momentum.
- The bank expects strong Industrials & Mobility activity to continue into 2026 on a robust pipeline and improving transaction conditions.
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The appointment of Alexander Wong to Citi reflects a tactical reinforcement of its Industrials & Mobility coverage in APAC. Wong brings domain experience from Credit Suisse, where he focused on mobility and industrial technology, which remain high-growth and transformative in regionally critical economies like China and India. By reporting to Lei Li, APAC head for Industrials, Wong slots into a leadership structure designed to scale and respond to sectoral shifts.
Citi’s 2025 headline transactions in the Industrials space illustrate both the bank’s capability and the opportunity. The Haier India stake sale to Bharti Enterprises and Warburg Pincus marks a landmark China–India partnership, evidencing increasing cross-border capital flows. Similarly, Geely’s US$2.4 b privatisation of EV rival Zeekr underscores consolidation, capital intensity, and electrification—elements that elevate the Industrials & Mobility sector’s profile.
Looking into 2026, Citi expects strong dealflow, citing a favorable environment for transactions. This seems set in motion by macro-factors such as industrial policy in Asia supporting EVs, mobility infrastructure, and sustainable technologies; improved capital markets; and growing interest from financial sponsors and cross-border buyers.
From a strategic standpoint, the hire suggests Citi aims to deepen its bench in sectors undergoing rapid change—mobility transitions, industrial automation, EVs—while also positioning itself to capture the rising cross-border and tech-adjacent deal volume in Asia. However, challenges remain: competition from other banks building similar capabilities, navigating regulatory complexity in APAC, and execution risk in large industrial deals.
Open questions include: how Citi will differentiate its Industrials & Mobility platform against competitors including global banks and boutique advisers; what kind of sector themes Wong will prioritize (e.g., EVs, supply chain, AI in industry); and how regulatory and geopolitical headwinds—e.g., supply-chain protectionism, trade tensions—will impact deal viability.
Supporting Notes
- Citi has appointed Alexander Wong as Managing Director in its investment banking business covering Industrials & Mobility in APAC; he reports to Lei Li. Wong was previously MD at Credit Suisse responsible for mobility and industrial technology.
- Key 2025 transactions cited: the Haier India stake sale to Bharti Enterprises and Warburg Pincus, billed as largest China–India partnership; Geely’s US$2.4 b privatisation of Zeekr, described as the largest EV merger globally.
- Citi projects deal activity in Industrials will remain strong into 2026, supported by a healthy pipeline and a more favourable transaction environment.
- APAC deal flow is expected to be driven by cross-border M&A (including inbound from Middle East into China), growing activity from financial sponsors, and strong themes such as AI, healthcare, tech, and TMT.