The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

CICC powers on

The first investment banking joint venture to be approved by China’s State Council was in 1995. At the time, investment banking was a relatively new concept in China, although since then the industry has grown apace. The same can be said of the joint venture: China International Capital Corporation (CICC).

Banking: What lies behind China’s opening door?

Today, CICC, whose business stretches across capital markets, M&A advisory, sales and trading, research, asset management and private equity, is one of China’s leading investment banks. Unlike many local securities firms, it practises best international standards, attracts talented people and is focused in what it is doing.

"They are leaps and bounds ahead of us," says an investment banker. "We won’t catch them in the next few years. We view them as the benchmark."

CICC has arranged more than $100 billion in equity financing, more than $20 billion in debt financing and more than $80 billion in M&A in its 12-year history. According to the bank’s senior management, its success can be attributed to its unique shareholding structure. This includes Morgan Stanley, which has a 34.3% stake, Singapore’s Government Investment Corporation (7.35%) and three Chinese backers, two of which are part of the state.

"The shareholders were a great source of strength behind our success, especially in the initial stages of setting up the platform and aligning it with international standards," says Susan Li, head of the strategy coordination committee and vice-chair of CICC’s corporate finance committee.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree