China International Capital Corp., the country’s first investment bank, is asking competitors to pitch for roles on its initial public offering in Hong Kong, said people with knowledge of the matter.
The Beijing-based company plans to start the share sale as early as the fourth quarter, said the people, who asked not to be identified because the information is private. Several investment banks have received CICC’s request for proposals, they said.
CICC was founded in 1995 and is run by Chief Executive Officer Levin Zhu, the son of former Chinese Premier Zhu Rongji. The Chinese investment bank ranks No. 7 among underwriters of Hong Kong share sales this year, according to data compiled by Bloomberg.
A Beijing-based spokeswoman for CICC declined to comment on the IPO plan. The Wall Street Journal reported CICC’s listing preparations earlier today, citing unidentified people.
Morgan Stanley helped create CICC in 1995 with China Construction Bank Corp. as part of efforts to develop the country’s capital markets. The Wall Street firm sold its stake in 2010 to investors including KKR & Co., TPG Capital and Singaporean wealth fund GIC Pte.