China’s first joint venture investment bank
Established in 1995 as a strategic partnership among prestigious Chinese and international financial institutions and corporations, CICC is the first joint venture investment bank in China and has a registered capital of US$125 million.

The founding shareholders are:
China Jianyin Investment Limited
Morgan Stanley International Incorporated
China National Investment & Guaranty Co., Ltd.
The Government of Singapore Investment Corporation
Mingly Corporation

Headquartered in Beijing, with offices in Hong Kong, Shanghai and Shenzhen, CICC’s core business departments are Investment Banking, Capital Markets, Sales & Trading, Research, Fixed Income and Asset Management. These core businesses are enhanced by internal risk control and information technology systems as well as other supporting departments.

A wide range of financial services
CICC is licensed or authorized by the relevant governmental authorities to engage in the following business activities:
1. Brokerage business for Renminbi common stocks (A-shares), Renminbi special stocks (B-shares), shares issued overseas, domestically and internationally offered government bonds, corporate bonds and enterprise bonds;
2. Proprietary business for Renminbi special stocks (B-shares), shares issued overseas, domestically and internationally offered government bonds, corporate bonds and enterprise bonds;
3. Underwriting business for Renminbi common stocks (A-shares), Renminbi special stocks (B-shares), shares issued overseas, domestically and internationally offered government bonds, corporate bonds and enterprise bonds;
4. Asset management;
5. Sponsoring and managing funds;
6. Advising on corporate restructuring, mergers and acquisitions;
7. Advising on financing transactions;
8. Advising investment and other advisory services;
9. Purchasing and selling foreign currencies;
10. Managing assets in foreign currencies for overseas enterprises and domestic foreign-invested enterprises;
11. Inter-bank lending and borrowing;
12. Other businesses approved by the China Securities Regulatory Commission.

Competitive Strengths

China industry expertise
Founded and based in China, CICC has established a comprehensive working knowledge of China’s evolving legal, regulatory and economic framework through numerous capital market transactions. This enables CICC to offer services and business solutions to clients in line with China’s major economic trends, industry developments and market demand. In the past nine years, CICC has executed transactions in telecommunications, power, transportation, oil & gas, petrochemicals, non-ferrous metals, and financial services, developing deep industry expertise across key economic sectors.

International service and perspective
With extensive global market experience and an international service network, CICC offers domestic and international clients financial services tailored to their specific needs. In advising domestic clients, CICC provides insight on strategic, management and financial trends from abroad. In advising foreign clients, CICC pinpoints success factors critical to the Chinese economy and business environment. And in managing complex international projects, CICC successfully integrates foreign expertise with China market requirements and practices. The result is unmatched expertise in cross-border finance among China-based investment banks.

Project management and execution
Through the successful completion of dozens of large-scale domestic and international transactions, CICC knows how to construct effective project partnerships with Chinese and international law firms, accounting firms, and other professional service providers. Over the same period, CICC has established ongoing relationships with a large and diverse network of investors. These attributes enhance CICC’s project management and execution capabilities across the full range of investment banking services.

Long-term, client-focused Relationships
The CICC team is comprised of professionals with top-caliber work experience, multicultural skills and elite educational backgrounds. As individuals, they exhibit the highest possible standards of ethics, performance and professionalism. As team members, they are committed to long-term, client-focused relationships addressing important financial and strategic objectives

Leading international and Chinese shareholders
CICC is also supported by its unique, multinational shareholding structure. Since inception, CICC’s shareholders have included leading international and Chinese companies (see Shareholders page). Their cumulative experience informs CICC’s internal operations, management and strategic planning.

Growth and Accomplishments

Success across national borders and product lines
Since its inception, CICC has earned a name for itself internationally by consistently expanding its service scope and developing new products to become the leading multi-service investment bank in China.

Outstanding achievements
By the end of December 2006, CICC has successfully arranged more than US$90 billion in equity financing, US$19 billion in debt financing and over US$113 billion in mergers and acquisitions. As a result, CICC has earned numerous international awards and top industry rankings.

Milestone transactions
Largest IPO in history
In 2006, CICC acted as joint lead underwriter and A share sponsor for the concurrent initial public offerings of A and H shares by Industrial and Commercial Bank of China. The deal raised USD 21.9 billion in total with USD 16 billion from H shares issue and RMB 46.6 from A share issue, the largest amount raised on both markets.

Largest corporate bond offering in China
n 2006, CICC acted as joint lead underwriter and bookrunner for the offering of Railway Bonds Round I 2006. Raising RMB 20 billion in total, the deal is the largest corporate bond offering in China to date.

First asset-backed securitization transaction
In 2005, CICC successfully raised RMB 3.2 billion for China Unicom through “China Unicom CDMA Network Lease-backed Securities Program”, the first ABS product in China.

First bond offering by an international financial institution on China’s inter-bank market
n 2005, the People’s Bank of China endorsed the offering of RMB-denominated bonds on the inter-bank market of China by International Finance Corporation (“IFC”). CICC acted as joint lead underwriter and joint financial advisor for the deal, and the exclusive sales agent for bonds offered in this round. The deal marks the first bond offering by an international financial institution on China’s inter-bank market.

First A share IPO employing bookbuilding
In 2005, Huadian Power International Corporation Limited raised RMB 1,920.78 million through A share IPO. This was the first time bookbuilding was employed in an A share offering transaction.

Largest A share secondary offering
In 2005, CICC lead underwrote (acting as the “exclusive sponsor”) Bao Steel’s A share secondary offering, raising RMB 10.2 billion from the market.

First “merger plus A share IPO” transaction
In 2004, TCL Group raised RMB 2.5 billion through A share offering on the Shenzhen Stock Exchange and simultaneously purchased full stake in the already listed TCL Communications. This was the first time a company went fully public through an “Merger plus A share IPO” transaction. CICC acted as lead underwriter and financial advisor for the deal.

Largest convertible offering in China
In 2004, acting as lead underwriter and bookrunner, CICC helped China Merchants Bank raise RMB 6.5 billion through offering of convertible bonds.

Largest bond offering by a commercial bank in China
In 2004, acting as lead underwriter and bookrunner, CICC helped China Construction Bank consummate its first round of secondary bond offering, raising RMB 15 billion in total for the bank.

First divestiture based on the residual lives of the assets
In 2003, China Life listed its H shares on HKEx and ADRs on NYSE, raising USD 3.475 billion through offering of 7.44 billion shares. This was the first transaction facilitated by a divestiture of assets based on their residual lives, as well as the first dual listing on HKEx and NYSE.

One of the largest private placement transactions in China
In 2002, CICC consummated a private placement deal valued at RMB 5.7 billion for China Pacific Insurance (Group) Co., Ltd.

Largest cross-border acquisition of a private Chinese company by a Chinese company
In 2001, acting financial advisor, CICC helped Emerson acquire Ansheng Electric from Huawei Technologies with USD 750 million.

First market-priced A share IPO
In 2000, CICC acted as lead underwriter of Bao Steel’s A share IPO, which raised RMB 7.846 billion. This was the first time road shows, book-building and other market pricing means were employed in institutional and public sales of an A share stock.

First market-priced corporate bond in China
In 2001, CICC helped China Mobile issue RMB 5 billion of corporate bonds. It was the first time market-pricing means were employed in corporate bond issue in China.

Biggest secondary offering in Asia (excluding Japan)
In 2000, acting as joint lead underwriter, CICC helped China Mobile (Hong Kong) raise USD 6.87 billion through secondary share offering.

First “triple listing”:
In 2000, SinoPec went public on HKEx, NYSE and LSE, raising USD 3.46 billion. It was the first stock listed simultaneously on the three exchanges.

Top industry rankings
CICC’s outstanding underwriting achievements have made it the undisputed leading arranger of global offerings for Chinese state-owned enterprises (SOEs). Since 1997, when Chinese SOEs first began to approach international capital markets, CICC has enjoyed the highest accumulative value of underwriting in terms of IPOs in non-Japan Asia, global IPOs of Chinese companies and Chinese companies’ total overseas financing.

Shareholders:

China Jianyin Investment Limited (43.35%)
CICC’s largest shareholder used to be China Construction Bank (CCB), one of the four largest state-owned commercial banks in China. On September 17, 2004, CCB was demerged into China Construction Bank Corporation and China Jianyin Investment Limited. The 43.35% ownership of CICC formerly held by CCB was transferred to China Jianyin Investment Limited, which is a state-owned limited liability company with a registered capital of RMB20.69225 billion and wholly owned by Central Huijin Investment Co., Ltd., and its business scope as approved by the State Council are investment and financial asset disposal.

Morgan Stanley International Incorporated (34.3%)
Morgan Stanley International Incorporated (Morgan Stanley) is a subsidiary of Morgan Stanley, a global financial services firm headquartered in New York. With more than 700 offices in 28 countries, Morgan Stanley is a market leader in investment banking, institutional sales and trading, investment management and credit services. Clients include corporations, financial institutions, governments and individuals worldwide. Morgan Stanley has a significant presence in virtually every financial market and is listed on the New York Stock Exchange.

China National Investment & Guaranty Co., Ltd. (7.65%)
China National Investment & Guaranty Corporation, now China National Investment & Guaranty Co., Ltd. (CNIGC), is the first national specialized guarantee institution in China. Jointly established by the Ministry of Finance and the State Economic and Trade Commission in 1993, its major operating principles are to support the technological progress of business enterprises and promote the development of small and medium-sized enterprises. In 1998, CNIGC became a formal member of The Pan-American Surety Association, one of the top three surety associations worldwide. In 2001, CNIGC initiated the establishment of the China Guarantee Alliance, which today has over 90 members.

The Government of Singapore Investment Corporation (7.35%)
Incorporated in May 1981, the Government of Singapore Investment Corporation (GIC) is entrusted with the management of a significant portion of Singapore’s foreign assets. GIC is Singapore’s largest global investment vehicle.

Mingly Corporation (7.35%)
Founded in 1988, The Mingly Corporation Limited is an investment company and a member of the Cha Group of companies. The Cha Group has global operations with diversified businesses covering textiles, real estate development, technology investing, and financial services spreading across Asia, Africa, Europe and North America. The Group currently has over 20,000 employees worldwide and several of its member companies are listed on the Asian and African stock exchanges.

Company Structure:

Website: http://www.cicc.com.cn

Copyright Fund China 2008.

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