China's CICC appoints ex-Hopu partner as CEO
China International Capital Corporation (CICC) has appointed Mingjian Bi, formerly investment banking chief in CICC and a partner at Hopu Investment Management, as its new CEO.
Bi will serve as the investment bank's acting CEO and chairman of its management committee until his appointment is approved by regulatory authorities, CICC said in a statement.
Bi previously served as CICC's deputy CEO, co-head of investment banking, co-chief operating officer and senior officers. He also worked for financial institutions such as the World Bank and China Construction Bank, as well as for Hopu.
Bi will succeed Levin Zhu, son of former Chinese premier Rongji Zhu, who resigned as CEO in October 2013 after 16 years in the PE-backed investment bank. A few days after Zhu's departure, Liqun Jin also stepped down as chairman. Xuedong Ding, chairman and CEO of China Investment Corporation (CIC), subsequently took over Jin's role.
CICC was established in 1995 as a joint venture between China Construction Bank and Morgan Stanley. In 2010, a group of investors including KKR, TPG Capital, Singapore sovereign wealth fund GIC Private and Great Eastern Life Assurance purchased a 34.3% stake in CICC from the US investment bank for about $1 billion.
The investment bank reportedly picked ABC International Holdings and CCB International as joint sponsors for an IPO in Hong Kong, although it has yet to make a regulatory filing.
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