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CICC rises on debut due to key decision
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SHARES of China International Capital Corp surged on their Hong Kong debut yesterday as the Chinese mainland’s decision to lift a ban on initial public offerings is likely to improve business prospects for investment banks.
The stock rose 7.39 percent to end at HK$11.04 (US$1.42) after gaining up to 11 percent in early session. The Hang Seng Index shed 0.6 percent.
CICC shares were fueled by a recovering stock market and the plan to resume IPOs after a four-month freeze, a move set to boost investment banks’ earnings, observers said.
“The resumption of IPOs on the Chinese mainland indicates China’s stock market has gone back to normal, which is good news for our company and the brokerage industry,” Ding Xuedong, CICC chairman, said at a listing ceremony.
CICC said earlier that investment banking accounts for 27 percent of its total revenue.
CICC, China’s first joint-venture investment bank, raised US$810 million last month after it priced its IPO at the top of its HK$9.12 to HK$10.28 indicative price range.
Almost half of the proceeds will be used to develop equity sales and trading, fixed income, currencies and commodities business. It plans to use 20 percent on wealth management and another 20 percent to grow its global influence, according to its prospectus.
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