CIC sets up shop in Hong Kong

The $300bn Chinese sovereign wealth fund has set up a Hong Kong subsidiary to expand its investment overseas.

China Investment Corporation (CIC) has established a wholly-owned subsidiary in Hong Kong, CIC International (Hong Kong) Co.

“CIC will fully utilise Hong Kong’s position as an international financial centre as well as its world-class investment and financial services to develop and expand CIC’s investment activities outside the mainland,” the Chinese sovereign wealth fund said in a statement.

In addition, CIC has appointed Lawrence J. Lau as the chairman of its Hong Kong subsidiary. Lau has previously served as a member of international advisory council of CIC, and had been the principal of The Chinese University of Hong Kong from 2004 to 2010.

Established in September 2007, CIC currently manages more than $300 billion. The firm is reportedly committing $300 million to a $1 billion fund set up by The Export-Import Bank of China to invest in Southeast Asian infrastructure and new energy projects.