JPMorgan Chase & Co. closed the private banking account of Chinese investor Tang Hao. The closure occurred several months ago.
Tang Hao holds a significant stake in the ad-tech firm AppLovin Corp. His holdings reached a valuation of approximately $4 billion by early 2025.
The bank cited know-your-customer issues as the reason for the closure. Industry observers consider the move unusual for a major private bank given Tang's substantial public stake in a U.S. company.
JPMorgan, AppLovin, and a representative for Tang all declined to comment.