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Tuesday, September 12, 2000, updated at 10:31(GMT+8)
Business  

China's First Joint-venture Investment Bank Celebrates Fifth Anniversary

China International Capital Corporation Limited (CICC), the first joint venture investment bank in China, recently celebrated the fifth anniversary of its incorporation in Beijing.

CICC was established by China Construction Bank, Morgan Stanley International Incorporated, China national Investment & Guaranty Corporation, Singapore Government Investment Corporation, and the Mingly Corporation Limited,

As a part of the celebration activities, a CICC forum was also held here. Over 250 participants from government agencies, banks, petrochemical companies as well as research institutions attending.

Themed China's Capital Markets and State Owned Enterprises Reforms (SOE Reform), the forum is aimed to promote the development of China's investment banking industry and facilitate the SOE reform through the growth of the capital markets.

Wang Xuebing, governor of China Construction Bank and chairman of CICC, said in his address: "In the past five years, CICC has developed products, services and an operating system in line with international standards in China's investment banking sector. Serving as a bridge between Chinese enterprises and the global capital markets, it has contributed to the reform of Chinese state- owned enterprises."

John J. Mack, President and CEO of Morgan Stanley Dean Witter & Co. said, "This joint venture between China Construction Bank and Morgan Stanley Dean Witter & Co. has provided a unique opportunity for MSDW to work closely with our Chinese partners, sharing expertise and experience in a spirit of mutual trust while building a high quality domestic investment bank. We believe that CICC will serve as one of the prototypes in the development of an effective and competitive financial services industry in China."

CICC has made impressive achievements in its five years of operation. It has secured more than 20 billion US dollars in equity and two billion US dollars in debt financing. It has also invested and organized co-investment of 80 million US dollars in six China-based companies.




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China International Capital Corporation Limited (CICC), the first joint venture investment bank in China, recently celebrated the fifth anniversary of its incorporation in Beijing.

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