PE-backed CICC files for Hong Kong IPO

CICC's filing does not indicate the size or pricing of the offering.

As China's first domestic investment bank, CICC came to prominence underwriting share offerings for a host of state-owned and private Chinese companies. In addition to underwriting equity and bond deals, it also has brokerage, wealth management and private equity businesses.

CICC was set up in 1995 by Morgan Stanley and China Construction Bank as a joint venture investment bank. Levin Zhu, son of former Chinese premier Zhu Rongji, led the business for 16 years before stepping down in 2013. He was replaced as CEO by Mingjian Bi, formerly investment banking chief in CICC and a partner at Hopu Investment Management. Xuedong Ding, chairman and CEO of China Investment Corporation (CIC), subsequently took over the office of chairman from Liqun Jin.

In 2010, Morgan Stanley sold its 34.3% interest in CICC to KKR, TPG, GIC and Great Eastern Life for about $1 billion. GIC currently has a 16.35% interest in the business - of which 9% came from Morgan Stanley - with KKR holding 10%, TPG 10.3% and Great Eastern 5%. Central Huijin Investment, a subsidiary of CIC that has interests in several state-owned banks, is the leading shareholder with 43.17%.

CICC recorded revenues of RMB6.15 billion ($990 million) in 2014, up from RMB4.06 billion in 2013. Net profit rose to RMB1.12 billion from RMB370.1 million over the same period.

The offering is being sponsored by CICC and ABC International.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Exits
• Financials
• Greater China
• IPO
• CICC
• Exit
• KKR
• GIC Private
• TPG Capital
• Financial Services
• China