CICC begins its restructure into a joint stock company
(19 May 2015 – China) China International Capital Corp (CICC) released a statement on 16 May saying the investment bank had started to restructure into a joint stock limited company.
The Beijing-based company elected a board of directors and supervisory committee at its shareholders meeting on 15 May.
The move follows the appointment of Bi Mingjian as chief executive officer, replacing Levin Zhu at the start of 2015.
Bi was formerly the company’s investment-banking head.
China’s first Sino-foreign investment bank said it is seeking US$1 billion (A$1.25 billion) from an initial public offering in Hong Kong this year.
CICC was formed in 1995 as a joint venture between Morgan Stanley and China Construction Corp, in 2010 Morgan Stanley sold its stake to investors.
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