PE-backed CICC to pick advisers for IPO – report
The private equity-backed China International Capital Corporation (CICC), China’s largest investment bank, has reportedly picked ABC International Holdings and CCB International as joint sponsors for its Hong Kong IPO.
According to Bloomberg, the share sale, which is expected in the fourth quarter of this year, could value CICC at more than $3 billion. The investment bank itself will act as the leading sponsor for the IPO.
The Beijing-headquartered investment bank is headed by CEO Levin Zhu, the son of former Chinese premier Zhu Rongji. Morgan Stanley invested $37 million in CICC when it was established in 1995, becoming the second largest shareholder in the firm.
In 2010, a group of investors including KKR, TPG Capital, Singapore's GIC Private and The Eastern Life Assurance took a 34.3% stake in CICC from the US investment bank.Apart from underwriting equity and bond deals, CICC also has brokerage and private equity businesses. It has 16 brokerage branches in cities such as Shanghai, Shenzhen and Beijing.
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