China International Capital Corporation
|Traded as||SEHK: 3908 (H share)|
|Industry||Banking, Financial services|
|Headquarters||China World Office 2, |
1 Jianguomenwai Avenue,
|Ding Xuedong (Chairman)|
Bi Mingjian (CEO)
|Products||Asset management, investment banking, investment management, mutual funds, wealth management|
Number of employees
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.
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.
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.
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. 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.
In 2016 CICC acquired China Investment Securities from Central Huijin in an all-share deal. In 2017, CICC acquired a majority stake (50+%) in US KraneShares, a leading electronic trading fund that focuses on Chinese listed companies, with its biggest fund (KWEB) focused on Chinese Internet companies. In 2017, giant Chinese internet company, Tencent acquired a 5% stake in CICC.
Notable former employees
- Bei Duoguang – CEO of JPMorgan First Capital Securities
- Ding Wei – Head of Temasek China
- Fang Fenglei – Chairman of Goldman Sachs Gao Hua Securities, Chairman of Hopu Investments
- Ha Jiming – Vice Chairman, China of Goldman Sachs Private Wealth Management
- Jiang Guorong – Vice Chairman of UBS Asia
- Jin Liqun – President of Asian Infrastructure Investment Bank
- David X. Li – Chinese statistician
- Wang Qishan – member of the Politburo Standing Committee
- Wu Jinglian – Chinese economist
- Wu Shangzhi – Chairman and Managing Partner of CDH Investments
- Xu Xiaonian – Professor of Economics and Finance at China Europe International Business School
- Levin Zhu – son of Zhu Rongji, a former Premier of the People's Republic of China
- "1997: China Telecom's US$4.2bn IPO: landmark privatisation". IFRe. Retrieved 2016-02-06.
- "Morgan Stanley Receives Regulatory Approvals for CICC Stake Sale". Morgan Stanley. Retrieved 2016-02-06.
- "Prospectus: Global Offering" (PDF).
- Venkat, P. R. "Temasek Taps CICC Heavyweight for China Operation". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-05.
- Hughes, Jennifer. "China's rainmakers head for cover". Financial Times. ISSN 0307-1766. Retrieved 2016-02-05.
- Ho, Prudence. "CICC Chairman Jin Liqun Resigns". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-02-05.
- Barboza, David. "Longtime Chief Leaves C.I.C.C., a Major Chinese Investment Bank". DealBook. Retrieved 2016-02-06.