CICC 3908

CICC 3908

Postby winston » Thu Feb 12, 2015 3:47 am

Bank's sights on IPO

China International Capital Corp, the mainland's first Sino-foreign investment bank, is said to be readying plans to seek about US$1 billion (HK$7.8 billion) from an initial public offering in Hong Kong this year.

The Beijing-based company aims to launch the share sale in the second half, though CICC has still to seek approval from the Hong Kong stock exchange.

The once-dominant investment bank it has lost ground to rivals is said to be pushing ahead after a delay caused by the departure of long-time chief executive Levin Zhu in October. The firm has since hired Hopu Investment Management partner Bi Mingjian as its chief executive, which should help with a listing.

"With strength on both IPOs and research, CICC is set to benefit from China's stock-market rally," said Edmond Law, a Hong Kong-based analyst at UOB- Kay Hian Holdings.

Strong earnings by Chinese brokerages plus market reforms are also expected to help such firms sell shares.

Morgan Stanley helped create CICC in 1995 with China Construction Bank Corp as part of efforts to develop the country's capital markets.

It ranked ninth among underwriters of initial share sales in Hong Kong last year with a 4.2 percent market share, data shows. But it is currently second among arrangers of domestic IPOs after a 10th place in 2014.

CITIC Securities (6030), China's largest brokerage by market value, has gained 94 percent in Hong Kong since its first-time share sale in September 2011.

Source: BLOOMBERG
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Re: CICC IPO

Postby winston » Tue Oct 20, 2015 11:08 am

<IPO News>Investment Bank CICC Reportedly to Start IPO Next Tue

China International Capital Corporation (CICC), the leading investment bank in China, will convene the investors' meeting next Monday and start IPO next Tuesday (27 October), the market information revealed.

The company will list on 6 November, raising $7.8 billion.

It was reported that the stock's P/B will be at 1.2 times.

Source: AAStocks Financial News
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Re: CICC IPO

Postby winston » Wed Oct 21, 2015 7:47 am

China's CICC slashes size of Hong Kong IPO to $800 million -WSJ

Oct 20 China International Capital Corp. (CICC), the country's top domestic investment bank, slashed the size of its initial public offering in Hong Kong to $800 million, after saying last month it expected to raise $1 billion, sources told the Wall Street Journal on Tuesday.

The bank plans to list its shares on Nov. 9, two sources with knowledge of the deal told the paper, and could price its IPO on Oct. 30.

A spokeswoman for CICC declined to comment.

CICC said in its preliminary IPO prospectus it plans to use funds from the listing to expand its equity sales and trading and investment management businesses.

Government-controlled CICC made its name by taking some of China's largest state-owned enterprises onto the Shanghai and Hong Kong stock exchanges, helped by the connections of former CEO Levin Zhu, the son of former premier Zhu Rongji, who resigned from the firm last year.

The firm also counts private equity firms KKR & Co, TPG Capital Management and Singapore sovereign wealth fund GIC Ltd among its shareholders.

Source: Reuters
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Re: CICC IPO

Postby winston » Wed Oct 21, 2015 8:49 pm

China’s CICC Cuts Size of Planned Hong Kong IPO

Investment bank plans to go public amid a slump in share prices of Chinese brokerages

By KANE WU

China International Capital Corp., the Chinese investment-bank partly owned by KKR & Co., has cut the size of its planned initial public offering in Hong Kong to US$800 million from the $1 billion it was initially looking to raise last month, people with knowledge of the deal said Tuesday.

CICC, which made its name over a decade ago as the bank that helped take many state-owned firms public, has decided to raise less to reflect the slump in Chinese brokerage stocks since the country’s market rout in June, one of the people said.

For example, Huatai Securities Co.’s stock is down 29% since it raised US$5 billion in a May IPO that was one of the world’s biggest this year.

Stock markets more broadly remain weak since the market rout: Hong Kong’s benchmark Hang Seng Index, which is dominated by Chinese companies, is down 19% from its April peak, while the Shanghai and Shenzhen markets are down around 35% from their June highs.

CICC could start taking orders from investors as early as next Monday and price its IPO on Oct. 30, with listing slated for Nov. 9, according to two people with knowledge of the deal. It wasn’t immediately clear how much of the IPO will go toward cornerstone investors, or investors that commit to holding the stock for a period after it goes public.

CICC’s planned IPO is coming to market at a time when a couple of other big Chinese companies are also tapping investors.

State-owned debt-clearing agency China Huarong Asset Management Co. is seeking up to US$2.5 billion from its Hong Kong IPO, but has already managed to lock in orders for over 70% of its IPO at the bottom end of its price range from government entities including monopoly grid-operator State Grid Corp. China’s biggest reinsurer China Reinsurance (Group) Corp. is also preparing to go public, having just raised US$2 billion from investors after pricing its pending float at the top of a range.

CICC is likely to price its deal at 1.2 time book value, according to the people with knowledge of the deal, which puts it at a discount to rivals including the country’s biggest investment bank and brokerage, Citic Securities Co., which is trading at 2.6 times price-to-book.

The planned listing of CICC will give its shareholders, including private-equity firms KKR & Co. and TPG Capital, the chance to exit their investments despite the turmoil in Chinese stocks.

Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign-wealth fund, is the largest shareholder in CICC with a 43.35% stake. Singapore’s sovereign-wealth fund GIC Pte. Ltd. holds 16.35%, while TPG Capital owns 10.3% and KKR 10%, according to its annual report.

CICC was formed in 1995 by Morgan Stanley and China Construction Bank Corp. as China’s first Sino-foreign joint-venture investment bank. Morgan Stanley sold its stake in December 2010 to a consortium that included KKR, TPG, GIC and Great Eastern Holdings Ltd., the insurer controlled by Singapore’s Oversea-Chinese Banking Corp. It has offices in Hong Kong, New York, London and Singapore.

CICC is a sponsor, or the bank responsible for the IPO, on its own float, as is ABC International, the investment banking unit of the Agricultural Bank of China Ltd., one of the country’s top four banks.


Source: Wall Street Journal
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Re: CICC IPO

Postby winston » Wed Oct 21, 2015 8:51 pm

China's CICC to launch $800 million Hong Kong listing next week: IFR

China International Capital Corp (CICC), the country's top domestic investment bank, is set to launch an initial public offering (IPO) in Hong Kong next week, seeking to raise about $800 million, IFR reported on Tuesday.

CICC is backed by private equity firm KKR & Co (KKR.N), TPG Capital and Singapore sovereign wealth fund GIC Ltd [GIC.UL].

The bank was originally targeting $1 billion from the listing but decided to cut the size as it did not want to sell too many shares at a relatively low valuation, IFR, a Thomson Reuters publication, said.

New shares will make up 90 percent of those on offer with the other 10 percent coming from shares to be sold by China's National Social Security Fund.

CICC plans to use the funds to expand its equity sales and trading and investment management businesses.

Government-controlled CICC made its name by taking some of China's largest state-owned enterprises onto the Shanghai and Hong Kong stock exchanges.

CICC was helped by the connections of former CEO Levin Zhu, the son of former premier Zhu Rongji, who resigned from the lender last year.

CICC will take orders from investors from Oct. 26-30, the price will be set on Oct. 30 and trading will commence on Nov. 9, IFR reported.

A spokeswoman for CICC declined to comment.

Source: Reuters
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Re: CICC IPO

Postby winston » Tue Oct 27, 2015 5:49 am

CICC kicks off $6.3b offering

China International Capital Corp opens its retail book today to raise up to HK$6.32 billion through an initial public offering in Hong Kong.

It has already secured pledges from cornerstone investors for more than half of the deal.

The nation's top investment bank will price shares at between HK$9.12 and HK$10.28 each, representing an entry fee of HK$4,153.40 for one board lot of 400 shares. An existing shareholder, China's National Social Security Fund, is selling 10 percent of the shares on offer.

The 10 investors, which cannot sell shares in CICC until six months after the IPO, include asset manager Silk Road Fund. It has pledged to acquire US$100 million (HK$780 million) worth of shares.

Steelmaker Baosteel Group, utility CGN Power (1816), China Mobile (0941) and fund manager Value Partners (0806) pledged US$50 million each.

CICC said its asset management business has benefited from the recent volatile stock market and the suspension of IPOs in the mainland has limited impact on its investment banking business.

"Investment banking business only accounts for 27 percent of our total revenue and the IPO business, which is mainly operated in Hong Kong, is only part of it," said chief executive Bi Jianming.

CICC will debut on November 9.

Source: Reuters
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Re: CICC IPO

Postby winston » Wed Oct 28, 2015 6:58 am

China International Capital Corp, the nation's top investment bank, received only HK$38.2 million worth of margin orders, reaching 60.7 percent of retail target, on the first day of selling the shares.

CICC's international tranche has been several times oversubscribed.

The company will price shares between HK$9.12 and HK$10.28 a piece, representing HK$4,153.44 for one board lot of 400 shares.

Source: The Standard
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Re: CICC IPO

Postby winston » Wed Oct 28, 2015 1:10 pm

CICC Plans Probe After Hong Kong Worker's Client Account Trades

by Paul Panckhurst

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... unt-trades
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Re: CICC IPO

Postby winston » Sun Nov 01, 2015 9:25 pm

vested

CICC prices Hong Kong IPO at top end of range

Private equity-backed investment bank China International Capital Corporation is understood to have priced its Hong Kong initial public offering at HK$10.28 (€1.20) a share, at the top end of its marketed range, raising around $811m.

TPG and KKR own a combined stake worth around $448m in CICC after the float, about a quarter less than the $592m they invested in 2010.

Source: The Wall Street Journal
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Re: CICC IPO

Postby winston » Sun Nov 01, 2015 9:34 pm

CICC, Investor Said to Raise $811 Million in Hong Kong IPO by Fox Hu

Silk Road Fund, Value Partners among cornerstone investors

Investment bank expanding equity sales, wealth management

China International Capital Corp., the first Sino-foreign investment bank, and an existing shareholder raised $811 million from a Hong Kong initial public offering, said people with knowledge of the matter.

The Beijing-based company and China’s National Council for Social Security Fund sold a combined 611.4 million shares at HK$10.28 apiece, the top of a marketed range, said the people, who asked not to be identified because the information is private. New shares account for 90.9 percent of the IPO, according to the prospectus.

CICC and other Chinese financial firms have helped to boost Hong Kong’s IPO volume to $26.2 billion this year, up 46 percent from the same period of 2014, according to data compiled by Bloomberg. The five biggest Hong Kong IPOs this year were done by financial companies from China, the data show.

The company offered shares at HK$9.12 to HK$10.28 each. Ten cornerstone investors agreed to buy $465 million of stock, or 57 percent of the offering. Cornerstone investors typically agree to hold on to their shares for six months in return for early, guaranteed allocation.

China’s Silk Road Fund invested $100 million, while Hong Kong-based fund manager Value Partners Group Ltd. bought $50 million of shares, the prospectus shows. U.S.-based Prudential Financial Inc. purchased $25 million of stock, while an arm of state-run Xinhua News Agency committed $30 million.

CICC plans to start trading on Nov. 9, according to the prospectus. A Hong Kong-based external spokesman declined to comment on the IPO.

Source: Bloomberg
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