PROFIT CHARMING. Technology-focused China Renaissance is doing better than some of its clients’ share prices. The Hong Kong-listed investment bank said on Monday it expects a 311% rise in net profit for 2020. Gains come from its investment management unit and its advisory work, which included fintech lender Lufax’s $2.4 billion New York initial public offering and the $3.5 billion Hong Kong debut of JD Health. Shares jumped over 9% on the news, leaving China Renaissance just shy of last month’s all-time peak. That only adds to its relative priciness: the stock trades at 1.9 times estimates of its book value for 2021, versus 1 times for the Hong Kong shares of rival China International Capital Corporation and 1.4 times international giant Morgan Stanley. Bankers are off to a good start in 2021 with listings galore planned but both those and the chances of China Renaissance repeating its gains depend on stocks remaining all charged up. (By Jennifer Hughes)