China International Capital Corporation related stories
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- China International Takes Stake in Zheshang Trust
China International Capital Corp., which is partly owned by U.S. private equity firms TPG Capital and Kohlberg Kravis Roberts & Co., will become the countries first investment bank to manage a trust company, Reuters reported, citing an article in the Financial Times. CICC will buy a 35% stake in Zheshang Trust, and will have primary responsibility for management.
- Citic Launches $773M Mezzanine Fund
The private equity arm of China’s Citic Securities Co. has launched a 5 billion yuan ($773 million) mezzanine fund, Reuters reported. The fund will supply financing for acquisitions, Reuters wrote. Citic Private Equity Funds Management currently manages two funds: a 9 billion yuan local-currency fund and a $1 billion dollar-denominated fund.
- CICC, Citigroup, Goldman, Others to Arrange Vancl IPO
Chinese online clothing company Vancl has mandated CICC, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley to arrange its up to $1 billion U.S. initial public offering, Reuters reported, citing a story in the IFR. Vancl is backed by investors including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners. Based in Beijing, it is one of the most profitable consumer retail websites in China, Reuters said.
- China International Capital Executive Steps Down
Ding Wei, the head of investment banking at private equity-backed China International Capital Corp., will step down, Reuters reported, citing a story in the online edition of Chinese financial magazine Caing. Wei’s departure comes less than a month after Morgan Stanley sold its minority stake in CICC to a group of investors including buyout shops TPG Capital and Kohlberg Kravis Roberts & Co.
- KKR and TPG Lead Syndicate in CICC Purchase
Just days after Chinese regulators approved Morgan Stanley’s divestment from China International Capital Corp., a syndicate of investors, led by private equity firms Kohlberg Kravis Roberts & Co. and TPG Capital, have stepped up with an offer, Reuters reported. The two U.S. buyout shops, as well as the Government of Singapore Investment Corp. and the insurance arm of Oversea-Chinese Banking Corp., have teamed up to buy the 34.3% stake. Morgan Stanley is expected to get more than $1 billion for the stake, which it received for just $37 million more than a decade ago, Reuters said.
- Morgan Stanley Given Okay to Exit CICC
Chinese regulators have given Morgan Stanley the green light to sell its stake in China International Capital Corp., Reuters reported. Morgan Stanley has long wanted to sell the 34.3% stake in CICC, Reuters said, adding that private equity firms Kohlberg Kravis Roberts & Co. and TPG Capital are expected to buy the stake for more than $1 billion.
- Far East Leasing Plans IPO in Hong Kong, Seeks To Raise $500 Million - Reuters
Far East Leasing plans to hold an initial public offering in Hong Kong in the first quarter of 2011, Reuters reported citing banking sources. Far East Leasing, which is a subsidiary of Sinochem, seeks to raise $500 million from the IPO. Kohlberg Kravis Roberts & Co. was one of the investors of the IPO, the source said.