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.
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, said.
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