China International Capital Corporation has parted company with chief executive Levin Zhu – potentially smoothing the way for the investment bank to launch an initial public offering in Hong Kong.
CICC announced yesterday that Mr Zhu, son of Zhu Rongji, China’s former premier, had resigned as chief executive and chairman of its management committee. “His resignation will help pave the way for a neater process,” said one person close to the situation, referring to a future stock market flotation.
CICC, originally formed as a joint venture between Morgan Stanley and China Construction Bank, had been aiming for an IPO by year-end, according to media reports. However, the bank has not yet filed its initial prospectus with the Hong Kong Exchange – the first stage in the three month-plus process of listing.