Chinese investment bank CICChas launched a smaller flotation than initially planned as it seeks to convince investors of the potential to expand its sales and trading and wealth management operations.
The state-backed bank could raise up to $811m — down from expectations that it was looking for $1bn — after it priced its offering in a range of HK$9.12 to HK$10.28 a share.9
CICC, which was formed as a joint venture between Morgan Stanley and China Construction Bank in the 1990s, now counts China Investment Corporation, the country’s sovereign wealth fund, as its biggest shareholder.
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