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CICC revenue hits 1.7b yuan in Q1

CICC revenue hits 1.7b yuan in Q1

BEIJING: China International Capital Corp, the country’s top domestic investment bank, said its first-quarter profit doubled due to a jump in fees and commissions, as stock trading in mainland markets soared ahead of its planned Hong Kong listing.

CICC’s net profit rose to 356.8 million yuan (US$57.4 million) on revenue of 1.7 billion yuan in the three months through March, compared with profit of 178.4 million yuan and revenue of 1.1 billion yuan in the same period last year, the preliminary IPO prospectus said.

The bank plans to raise up to US$1 billion with the listing, publication IFR said earlier.

CICC made its name taking some of the largest state-owned enterprises onto the Shanghai and Hong Kong stock exchanges. The bank worked on marquee IPOs including the 2006 listing of the Industrial and Commercial Bank of China, but as private firms have become bigger players, it has been left behind by outfits with strong ties to entrepreneurs in the technology and industrial sectors.

CICC’s majority shareholder, Central Huijin Investment Ltd, a unit of China’s US$747 billion sovereign wealth fund, controls a 43.2 percent stake.