China's CICC slashes IPO size to $1.11 billion: WSJ

China International Capital Corp reduced the size of its initial public offering in Hong Kong to US$800 million (S$1.11 billion).
China International Capital Corp reduced the size of its initial public offering in Hong Kong to US$800 million (S$1.11 billion). PHOTO: BLOOMBERG

BEIJING(Reuters) - China International Capital Corp (CICC), the country's top domestic investment bank, slashed the size of its initial public offering in Hong Kong to US$800 million (S$1.11 billion), after saying last month it expected to raise US$1 billion, sources told the Wall Street Journal on Tuesday.

The bank plans to list its shares on Nov 9, two sources with knowledge of the deal told the paper, and could price its IPO on Oct 30.

A spokesman for CICC declined to comment.

CICC said in its preliminary IPO prospectus it plans to use funds from the listing to expand its equity sales and trading and investment management businesses.

Government-controlled CICC made its name by taking some of China's largest state-owned enterprises onto the Shanghai and Hong Kong stock exchanges, helped by the connections of former CEO Levin Zhu, the son of former premier Zhu Rongji, who resigned from the firm last year.

The firm also counts private equity firms KKR & Co, TPG Capital Management and Singapore sovereign wealth fund GIC among its shareholders.