China's CICC prepares for Hong Kong listing
By Prudence Ho
HONG KONG -- China International Capital Corp., one of China's top investment banks, is preparing for a Hong Kong listing, people familiar with the situation said.
The investment bank has invited bankers to pitch on underwriting its potential initial public offering in the city, the people said, but no time frame was immediately available. Bankers will meet the management of CICC in the coming weeks and then CICC will select banks that can handle the share sale.
CICC, one of China's first investment banks, was set up in 1995 by Morgan Stanley (MS) with China Construction Bank Corp. (CICHY) , a pioneering move at the time.
But after disputes emerged with the venture's management over personnel, the firm's culture and its dealings with other foreign banks, Morgan Stanley became a passive investor in CICC and sold its 34.3% stake in 2010.
(An expanded version of this report appears on WSJ:com http://online.wsj.com/articles/chinas-cicc-prepares-for-hong-kong-listing-1405313332?mod=mktw.).
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