SHANGHAI - China International Capital Corp Ltd , the country's oldest investment bank, will kick off its Shanghai public share sale on Wednesday , seeking to raise an estimated US$1 billion for expansion.
The eighth-biggest Chinese securities firm by assets said in an exchange filing that it will conduct price consultation with investors on Wednesday, and accept subscriptions on Oct 20, ahead of a Shanghai listing. The government is also encouraging the formation of world-class Chinese investment banks amid rising competition after it fully opened the sector to foreign companies in April.
"If we cannot supplement our capital strength ... we face the risk of customer loss and market share shrinkage," CICC said in the filing.SHANGHAI OFFERING CICC plans to sell up to 458.59 million A-shares, or 9.5 per cent of its enlarged capital base. The offering could be worth over US$1 billion based on the latest price of CICC's Hong Kong-traded stock.