CICC

In a brief announcement on its website, China's securities regulator said it had approved a transfer of more than 5 per cent of CICC shares.

By the time the January board meeting came round, top management of CICC was all but entirely in Chinese hands.

CICC is aggressively trying to win more fees from helping companies list.

But simply getting CICC's shares listed could unlock enough value to cover over the company's warts.

Management's demands did not bode well for Morgan Stanley's efforts to shed CICC.

CICC in 2009 the chemical industry strategy report, the chemical industry's profits will be at the bottom of the first quarter of next year.

Private equity firms rarely make investments without a clear exit plan and the most obvious would be to take CICC public.

One complicating issue in the sale process is the existence of so-called phantom shares granted to CICC's management as an incentive.

Sale of its CICC stake for about $1bn will produce a healthy profit on the initial investment of $37m Morgan Stanley made 15 years ago.

As one of China's top investment banks, CICC has specialized in sprucing up state-owned firms ahead of initial public offerings.

Yet it is an essential part, argued Mr. Xing of CICC, so much so that the demographic implications need closer analysis.

Yet it is an essential part, Xing of CICC argues, so much so that the demographic implications need closer analysis.

Morgan Stanley had hoped to use its initial stake in CICC as a springboard to build its own local securities firm.

For starters, the phantom shares, awards that effectively give CICC staff a claim to profits, are a cloud on any potential offering.

CICC said it had nothing to do with any possible stake purchase in China AMC.

Morgan Stanley needs to sell the CICC stake before local regulators entertain its plans for a new venture.

Few of the ventures-apart from UBS, CICC and CLSA's six-year-old venture-have access to the secondary market to trade Chinese shares.

Besides Wanhua, large Chinese companies are increasingly expanding to Europe, including CICC, China telecom and Huawei.

It is unclear whether it will be allowed to keep its stake in CICC and form the new venture with China Fortune Securities.

Bidders will review CICC's books and interview management to determine the maximum amount they are willing to offer.

'The debt burden is heavy, and without support the Group does not have ability to repay' CICC analysts wrote in a note to clients.

This means the onus on CICC is to make its profit within China, meaning it has to keep salaries under control.

"'Home' now has running water, electricity, highways, even internet access, " says Ha Jiming of CICC, an investment bank.

Connections from Mr Zhu and others helped make CICC powerful and those connections are now helping to stymie Morgan Stanley.

The CICC deal provides evidence of just how far apart the expectations of potential buyers and sellers generally remain.

"The banks are highly responsive to government policy, " said Ha Jiming, of CICC, China's largest investment bank.

CICC estimates consumer prices rose 4. 5 percent in December from a year earlier, while Merrill's forecast is 4. 8 percent.

CICC is now run by Levin Zhu , son of Zhu Rongji, a former prime minister.

However, its ambition was thwarted by China's determination to ensure that CICC remained under local control.

When CICC was formed, the Wall Street bank's leaders were exultant.

CICC has employed a minimal leverage business model and focused on fee income driven by its investment banking.

Morgan Stanley, TPG, and KKR declined to comment on the Journal report. CICC could not immediately be reached for comment.

Even CICC's trump card, Chief Executive Levin Zhu, the son of former Chinese premier Zhu Rongji, carries a risk.

Mr Zhu and the management team at CICC were also voicing their demands to potential buyers, though more obliquely.

As for the owners, "what have they done for CICC? " Mr Ding asked pointedly, these people say.

CICC's chief executive is the son of former Chinese premier Zhu Rongji, a key figure in the reform of China's state-owned firms.

The lead manager of the CCB bond issue was China International Capital Corp.

Morgan Stanley helped found CICC, one of China's biggest investment banks, in 1995.

Global economic recovery and a rebound in China's investment-banking market could make its CICC stake more attractive.

Morgan Stanley's experience suggests investors can't always expect to get what they want from CICC.

But CICC's management wasn't happy with that.

Mr Zhu joined CICC in 1998, brought in by Mr Wang, and for years maintained a low profile.

The sale of the CICC stake also is politically sensitive.

Macquarie and CICC declined to comment yesterday.

China may cut the portion held in US dollars, according to China International Capital Corp(CICC) recently.

CICC said yesterday: "We received the licence on Monday and we will operate our fund as a separate subsidiary of CICC. "

The CICC analysts estimated these companies would see their profit fall 1% if the yuan gains 5% on the dollar.

"This is a very smart move, " said Ha Jiming, the chief economist at CICC, China's largest investment bank.

Investment banking provides 36% of CICC's revenue compared with just 11% for rival Citic Securities Co.

CICC will take a 35 per cent stake in Zheshang Trust, based in the wealthy eastern city of Hangzhou.

Morgan Stanley, meanwhile, owns 34 per cent of CICC, which has been leading Chinese IPO league tables.

This year, CICC played to standing-room-only crowds.

"The worst time is over for China's economy, " said Ha Jiming, an economist at China International Capital Corporation in Beijing.

CICC declined to comment on the development or on its investment activities in the UK and Europe.

CICC executives are paid far more than their counterparts at other mainland brokerage firms such as Citic Securities.

Morgan Stanley invested $37m for its stake when CICC was founded 13 years ago but lacks control of management decisions.

CICC CEO Levin Zhu's father is former Premier Zhu Rongji.

China Investment Corp, China's sovereign investment fund, which is a separate entity to CICC, invested $5bn in Morgan Stanley in late 2007.

The departures come as regulators examine the deal to sell Morgan Stanley's 34. 3 per cent stake in CICC to KKR and TPG for about $1bn.

Morgan Stanley owns a passive 34 per cent stake in China International Capital Corp, the country's top securities group.

CICC, for example, has only a small international presence.

Some, such as CICC, are experienced players.

Goldman Sachs is AgBank's stabilisation agent in Hong Kong and Chinese investment bank China International Capital Corp in Shanghai.

CICC was ranked 13th by estimated revenue in equity capital markets last year in the Asia-Pacific region, according to Dealogic.

CICC topped the Chinese league tables for equity capital markets and merger-and-acquisition advisory work last year, according to Dealogic.

The Global Logistics IPO was CICC's first as a bookrunner outside Hong Kong and China.

Primary Research on Numeric Simulative Computation of CICC Superconduction Stability

The structure and performance parameter of the CICC of Superconducting Magnet in EAST is introduced;

China International Capital Corporation Limited (CICC)

China International Conference on High-Performance Ceramics, CICC

CICC's net profit dropped 49% to 627. 4 million yuan ($91. 9 million) last year from 1. 24 billion yuan in 2007.

Executive Director, Research Department, CICC

Managing Director, Research Department, CICC

Vice President, Research Department, CICC