CICC share change approved

08:42, December 01, 2010      

Email | Print | Subscribe | Comments | Forum 

China International Capital Corp (CICC), the country's top investment bank, has won regulatory approval for a major shareholding change, in what State media said was a green light for Morgan Stanley to sell its stake in CICC.

The China Securities Regulatory Commission (CSRC) said in a statement on its website that it had on Nov 26 approved CICC's application for the change that involved a stake of more than 5 percent in the company.

The regulator did not state the name of the shareholder involved, but the official Shanghai Securities News reported on Tuesday, without citing any sources, that the stake in question is held by Morgan Stanley.

The official China Securities Journal also said, citing "industry observers", that the approval was for Morgan Stanley's stake sale. Neither Morgan Stanley nor CICC was immediately available for comment.

Wall Street bank Morgan Stanley has long said it wanted to sell its 34.3 percent stake in CICC.

Private equity firms Kohlberg Kravis Roberts & Co and TPG Capital are expected to buy the stake for more than $1 billion, sources told Reuters in February.

Chinese media reported earlier this month that Morgan Stanley's application to sell the roughly $1 billion CICC stake would be approved by the CSRC by February 2011.

Central Huijin Investment Co, the domestic arm of China Investment Corp, the country's sovereign wealth fund, owns 43.35 percent of CICC, company data showed.

Separately, Jinling, Shanghai Belling and Feilo Acoustics, shareholders of China Fortune Securities, said they have agreed to China Fortune's plan to invest 680 million yuan ($102.1 million) in an investment bank joint venture with Morgan Stanley.

China Fortune will own two-thirds of the joint venture, the companies said in separate filings to the Shanghai Stock Exchange.

The companies said the joint venture plan was subject to regulatory approval.

Source:China Daily

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion