Levin Zhu resigns as CEO of CICC

The private equity-backed investment bank had reportedly picked ABC International Holdings and CCB International as joint sponsors for an IPO in Hong Kong as early as this quarter, although it has yet to make a regulatory filing.

COO Shoukang Lin serve as acting CEO following Zhu's departure, according to a statement. The official Securities Times reported on Tuesday that Zhu was looking to start his own internet-related company.

Earlier this year, the bank also lost Guorong Jiang, co-head of investment banking, and Marshall Nicholson, co-head of international investment banking.

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 covers IPO underwriting, bond deals and brokerage services. Its private equity arm - CICC Capital - manages about RMB15 billion ($2.4 billion) in assets, which compromise principal investments as well as funds focused on M&A, venture capital, growth capital, financial services and real estate. The firm targets industrial consolidations, growth enterprises and cross-border investments.

In the statement, the CICC board thanked Zhu, adding that "under his leadership, CICC has established a research-based full-service investment bank business framework of three major business segments: investment banking, sales and trading and investment management."

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• Topics
• Greater China
• Financials
• People
• China
• KKR
• TPG Capital
• Financial Services
• GIC Private
• Appointments
• CICC