China International Capital Corp. aims to complete the first round of fund-raising this month for 5 billion yuan ($768 million) to invest in domestic takeovers, said a company executive with direct knowledge.
Investors include pension funds and insurers, said the official, who declined to be identified as the matter is confidential. Yang Guang, a Beijing-based spokesman for CICC, declined to comment.
CICC, China’s top-ranked investment bank in 2010, is raising funds as the nation’s regulator amends takeover rules to allow buyers to raise cash through private placements.
Jiangsu Yanghe Brewery Joint-Stock Co. in March said it planned to invest 300 million yuan in CICC’s “industry consolidation” fund, according to a statement to Shenzhen Stock Exchange from the Chinese liquor maker. The fund would be managed by the bank’s CICC Jiacheng Investment Management Co. investment unit, Jiangsu Yanghe said.
The Beijing-based firm received approval from the China Securities Regulatory Commission in February to set up the fund, according to the executive.
The investment bank last year was ranked first in advising on takeovers involving Chinese companies and among managers of domestic equity sales, according to data compiled by Bloomberg.