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Chinese investment bank files for IPO in Hong Kong

Chinese investment bank China International Capital Corporation (CICC) has filed for an initial public offering on the Hong Kong stock exchange, aiming to list by late September.27 Jul 2015

The filing to the stock exchange sees CICC aiming to raise US$1 billion in a listing by September 2015, people with knowledge of the matter told Dow Jones Business News.

Companies need to gain approval from the stock exchange before listing in Hong Kong.

CICC's net profit rose to 356.8 million yuan ($57.46 million) on revenue of 1.7 billion yuan in the three months through March, compared with profit of 178.4 million yuan and revenue of 1.1 billion yuan in the same period last year, Reuters said, citing the preliminary IPO prospectus filed with the stock exchange.

CICC was founded in 1995 and is headquartered in Beijing. It has branches in 18 Chinese mainland cities, plus Hong Kong, New York, London and Singapore.

CICC announced in June that it was restructuring from a limited liability company into a joint stock limited company. The bank changed its full Chinese name, but its abbreviated Chinese name and its English name and abbreviation will remain the same, it said.

Shanghai-based Yan Geng of Pinsent Masons, the law firm behind Out-Law.com said: "CICC's restructuring is the first step for its long-awaited initial public listing in Hong Kong. However, the listing will still be subject to market conditions and government approvals."