中金公司在港上市首日大涨 CICC jumps 10% in Hong Kong trading debut
China International Capital Corporation overcame a soft market with an opening bounce on its stock market debut in Hong Kong after the Chinese investment bank cut the size of its initial public offering by nearly a fifth to raise $811m.
Shares in CICC, formed 20 years ago as a joint venture between Morgan Stanley and China Construction Bank, were priced at the top of the range. They were up 9.5 per cent in mid-morning trading on Monday at HK$11.26, after touching a high of $11.38.
The debut coincided with an upturn in shares of mainland-based brokers following Beijing’s decision on Friday to resume IPOs after a four-month halt, which should give their revenue a boost. Citic Securities, the leader in mainland league tables, was 3 per cent higher in Hong Kong.
CICC is best known for winning mandates from its fellow state-owned groups, notably on the blockbuster IPOs of China’s giant national corporations in the mid-2000s.
Morgan Stanley sold its 34 per cent stake in 2010 to a group led by KKR and TPG, neither of which is selling down in the IPO.
Last year the Chinese bank delayed its plans to list after the departure of Levin Zhu, its chief executive and son of Zhu Rongji, China’s former premier.
Almost all the funds raised via the IPO, which was reduced from initial plans to raise at least $1bn, are fresh equity. Only China Investment Corporation — the country’s sovereign wealth fund and CICC’s dominant shareholder — lowered its holdings.
Following the float, CIC holds 30.1 per cent with GIC, Singapore’s sovereign wealth fund, owning 12.3 per cent. TPG and KKR have 7.7 per cent and 7.5 per cent respectively.
CICC said the funds would go towards developing sales and trading, wealth management including margin finance, and boosting its international presence.