China International Capital Corporation

China International Capital Corporation Limited (CICC; 中国国际金融股份有限公司) is one of China's leading investment banking firms that engages in investment banking, securities, investment management, and other financial services primarily with institutional clients.

China International Capital Corporation Limited
Native name
中国国际金融股份有限公司
TypePublic
SEHK: 3908 (H share)
IndustryBanking, Financial services
Founded1995 (1995)
HeadquartersChina World Office 2,
1 Jianguomenwai Avenue,
Chaoyang District,
Beijing, China
Key people
Ding Xuedong (Chairman)
Bi Mingjian (CEO)
ProductsAsset management, investment banking, investment management, mutual funds, wealth management
Number of employees
4,200 (2015)
Websitecicc.com

CICC was founded in 1995 and is headquartered at China World Office 2, Jianguomen Outer Street, Beijing, China. It also has offices in Shanghai, Hong Kong, Singapore, London, and New York City. The firm provides equity and debt underwriting, mergers and acquisitions advisory, equity sales and trading, and fixed income, commodities and currency services to its clients. It also has a diversified investment management platform that includes asset management, mutual fund, fund of funds, and private equity.

History

On July 31, 1995, CICC was incorporated by China Construction Bank, Morgan Stanley, China National Investment and Guaranty Co Ltd, GIC, and the Mingly Corporation, as the first Sino-foreign joint venture investment bank. At the time of CICC's incorporation, China Construction Bank and Morgan Stanley were its largest shareholders, with a 42.5% and 35% interest, respectively.

In 1997, CICC established its first overseas subsidiary in Hong Kong, through which CICC became the first Chinese investment bank conducting securities underwriting business in Hong Kong. CICC completed its first overseas initial public offering project, the IPO of China Mobile on the Hong Kong Stock Exchange, which marked the beginning of the restructuring and overseas listing of large state-owned enterprises directly under the State Council of China, and was also the largest IPO in Asia in 1997 as well as the largest IPO of China-based companies ever up until the end of 1997.[1]

In 2004, China Construction Bank transferred its equity interest to China Jianyin Investment, which later transferred that to China Central Huijin, a wholly owned subsidiary of China Investment Corporation. In 2010, Morgan Stanley sold its holdings to TPG, KKR, GIC and Great Eastern.[2] CICC established its FICC division, and was one of the earliest investment banks to conduct fixed income business in China.

In 2007, CICC set up its wealth management division, and was one of the earliest investment banks to engage in wealth management business in China.

In 2010, CICC became the first investment bank to obtain approval from the China Securities Regulatory Commission to raise and manage private equity funds.

In 2015, CICC was converted into a joint stock company with limited liability whose top three shareholders were Huijin, GIC and TPG. In November 2015, CICC completed its own IPO on the Hong Kong Stock Exchange.[3]

In 2016 CICC acquired China Investment Securities from Central Huijin in an all-share deal.[4]

In 2017, CICC acquired a majority stake (50+%) in US KraneShares, a leading exchange-traded fund provider that focuses on Chinese listed companies, with its biggest fund (KWEB) focused on Chinese Internet companies.[5] In 2017, giant Chinese internet company, Tencent acquired a 5% stake in CICC.[6]

Notable former employees

See also

References
  1. "1997: China Telecom's US$4.2bn IPO: landmark privatisation". IFRe. Retrieved 2016-02-06.
  2. "Morgan Stanley Receives Regulatory Approvals for CICC Stake Sale". Morgan Stanley. Retrieved 2016-02-06.
  3. "Prospectus: Global Offering" (PDF).
  4. "CICC acquires China Investment Securities for US$2.5 billion". The Gulf Time Emirates Business. 5 November 2016. Retrieved 8 October 2020.
  5. "BRIEF-China's CICC to acquire majority stake in U.S. asset management firm KraneShares". Reuters. Retrieved 8 October 2020.
  6. "Tencent's stake purchase boosts CICC shares to all-time high". Reuters. Retrieved 8 October 2020.
  7. Venkat, P. R. "Temasek Taps CICC Heavyweight for China Operation". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-05.
  8. Hughes, Jennifer. "China's rainmakers head for cover". Financial Times. ISSN 0307-1766. Retrieved 2016-02-05.
  9. Ho, Prudence. "CICC Chairman Jin Liqun Resigns". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-05.
  10. Barboza, David. "Longtime Chief Leaves C.I.C.C., a Major Chinese Investment Bank". DealBook. Retrieved 2016-02-06.

Further reading

McGregor, James (2005). One Billion Customers: Lessons from the Front Lines of Doing Business in China. New York: Free Press. ISBN 978-0743258418.

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