Davis Polk Leads CICC's $1B Hong Kong IPO
The deal gives shareholders KKR and TPG Capital the chance to exit stakes they've held in the Chinese investment bank since 2010.
July 27, 2015 at 01:28 AM
2 minute read
Davis Polk & Wardwell is advising Chinese investment bank China International Capital Corp. on a planned $1 billion initial public offering in Hong Kong.
According to regulatory filings, Beijing-based CICC plans to list in September, allowing private equity shareholders KKR & Co. and TPG Capital to exit that stakes in CICC they acquired five years ago. CICC said it will use the net proceeds to grow its equity underwriting, and wealth and investment management businesses.
CICC was China's first joint venture investment bank, formed in 1995 mainly by a partnership between China Construction Bank and Morgan Stanley. The latter sold its shares to KKR and TPG in 2010. Central Huijin Investment Co. Ltd., a subsidiary of sovereign wealth fund China Investment Corp., is the largest shareholder with a 43.4 percent stake in CICC.
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