UBS China managing director leaving company: sources

By Michael Flaherty

HONG KONG (Reuters) - UBS AG's (UBSN.VX: Quote, Profile, Research) managing director of its China investment banking division is leaving the firm, sources with knowledge of the situation said on Tuesday.

Will Li, who joined UBS from Citigroup (C.N: Quote, Profile, Research) about three years ago, played a key role in several major Chinese IPOs that UBS underwrote during the region's offering boom last year.

The Chinese IPO bubble burst earlier this year, and the offering market has since dried up.

Last year, Li was involved in the Country Garden Holdings Co. (2007.HK: Quote, Profile, Research) IPO, which raised US$1.66 billion in the biggest-ever IPO by a Chinese developer.

He also worked on the US$1.65 billion IPO by Beijing-based SOHO China Ltd (0410.HK: Quote, Profile, Research).

Li, reached by telephone, declined to comment on his departure, and UBS also declined comment.

Sources also said that Unis Chong, a member of UBS's M&A advisory team in Hong Kong, was leaving the company.

UBS would not comment on her departure, and she could not be reached.