Bulking up

15 October 2020 By Yawen Chen Follow @ywchen1

The investment bank leading Ant’s IPO is planning a $1 bln secondary listing in Shanghai. It could fund mergers as officials push industry consolidation and help fend off Wall Street rivals. Local peers are also angling for super-broker status, making more capital essential.

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China International Capital Corp, the country’s oldest investment bank, said on Sept. 25 it has gained approval from the China Securities Regulatory Commission for a secondary listing in Shanghai. CICC plans to sell up to 458.6 million A-shares, or 9.5% of its enlarged capital base, and will kick off the public share sale on Oct. 14. The proceeds will be used to increase capital, replenish working capital and support the development of its domestic and overseas businesses, CICC said.

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