People focus

Henry Chung

Director, Investment Banking, Head of Equity Capital Markets

Henry Chung specialises in all capital market transactions, including securities offerings and takeovers.

Henry has advised on the IPOs of Mighty River Power, Synlait Milk, Genesis Energy, EROAD, Scales Corporation, NZ King Salmon, AFT Pharmaceuticals, and My Food Bag. He has also been involved in raising additional equity for a number of large and small cap NZX companies including Auckland Airport, Argosy Property, Contact Energy, Heartland Bank, Kathmandu, Pacific Edge, Precinct Properties, SKYCITY, Steel & Tube, and Seeka. Henry acted as buy side adviser on the takeovers of New Zealand Oil & Gas, and Trilogy.

Prior to joining Jarden in 2011, Henry was a corporate solicitor. He thrives on the challenge of raising capital for growing New Zealand businesses, and supporting the development of the capital markets.

Henry has a BCom (Finance) / LLB (Hons) from the University of Auckland.

Where does your passion for finance come from?

I enjoy problem solving, identifying value, and applying this to the solutions we tailor for clients. It’s about developing a deep understanding of a business’ goals and finding opportunities to help them achieve those. That goes hand-in-hand with building lasting relationships – being in it for the long term. It is great to form connections with people over the years, and work with companies as they develop.

One of these connections actually spans back to my first introduction to stocks as a teenager. My father had bought each member of the family some shares in Auckland Airport when it listed on the NZX in 1998, and I remember he would regularly check the share price through teletext.

Skipping ahead, quite a few years, to my time working in corporate law – I was part of a team advising Auckland Airport in 2009 on its $126 million capital raising. Then at Jarden, we helped them navigate through the start of the Covid-19 pandemic in 2020 and position themselves for recovery, with $1.2 billion of equity capital raised. During the early days of the pandemic, it was especially meaningful to work alongside clients to help steer though the many challenges.

After starting your career in law, what led you to investment banking? What aspects of your legal experience have you found useful for banking?

Studying both law and finance, I always had both areas in mind from the beginning. As a corporate lawyer, a focus on projects was on identifying areas of risk and advising a client on how to mitigate those risks.

A lot of the projects we worked on involved partnerships, including with investment banks, and it was valuable in learning the many factors involved in a transaction. I actually worked closely with Jarden (then as First NZ Capital) on many transactions, including the recapitalisations of Fisher & Paykel Appliances, Pyne Gould Corporation, and PGG Wrightson. Interest and curiosity for the investment banking side of these projects led me to Jarden. While both law and banking are about problem solving and doing the best for your client, investment banking is particularly about identifying value and understanding the impact. Analysis is very important, and the legal skillset definitely crosses over. Also, it’s great to be able to build upon many of the connections I established as a lawyer, now in banking.

What do you enjoy most about your work? Tell us about some transactions that have been highlights for you.

The opportunity to raise capital for growth is something that really drives me - being able to support a company to unlock opportunities that can help it expand, and the flow-on effect that has for listed markets and the wider economy. From advising on the government mixed ownership models for Mighty River Power and Genesis Energy to the funding of the development of downtown Auckland with Precinct Properties, helping provide a platform for key infrastructure is an opportunity I value.

It’s also meaningful to be part of transactions that have played a part in helping New Zealand businesses succeed on the global stage. For example, the IPO of AFT Pharmaceuticals to help them further develop their products, or that of Synlait Milk, which supported significant capital expenditure. Likewise, another highlight has been projects that have supported growth of the listed agricultural/horticultural sector in New Zealand – like with Scales Corporation, as well as NZ King Salmon, and Synlait. It’s great to see how these companies have expanded their operations, footprint, and number of employees over the years, and continue to contribute significantly to our economy.

Equally, our work is also about being there to help clients navigate through challenging times. Covid-19 is a current example, as mentioned earlier with Auckland International Airport, as well as raising capital for Kathmandu to help strengthen its balance sheet as the pandemic hit right after a period of bold expansion.

What do you value about Jarden?

We are genuinely focused on New Zealand and Australian markets, and place importance on long-term relationships and outcomes. These are also key drivers for me personally, so it’s great to be part of a firm that always has this front-of-mind when entering a transaction. The path of growth that we’re on also promotes exciting ideas and initiatives.

Jarden’s focus on quality connections translates to our internal culture. There’s an emphasis on making sure we can also be there for important life and family moments. For me, that’s being able to attend my children’s showcases and sporting events. We’re all encouraged, and know, that we have each other’s backs to ensure we’re there for our clients, while also being able to be there for these special times.

How would you describe a career in investment banking to those considering working in the sector?

A solid foundation for a career in investment banking encompasses passion for capital markets, and supporting companies through both the ups & downs – along with strong analytical skills. With New Zealand’s industry being smaller than many other countries, you have the opportunity to be trained as a generalist and work across a variety of areas. This puts you in good stead to gain a broad skillset and hone your interests before specialising. We also have flatter structures in our market, which means you can start engaging with clients early in your career and build those direct relationships. Investment banking is a career path that offers many opportunities to make valuable contributions to companies, investors, and economies.