One of China’s top investment banks has taken a step towards going public with China International Capital Corporation preparing the early groundwork for an initial public offering to raise capital.
Levin Zhu, chief executive of the brokerage, has commissioned an internal study to look into the possibility of listing, according to people familiar with the matter.
Mr Zhu, the “princeling” son of the powerful former premier Zhu Rongji, had long rebuffed suggestions that it would list, wary of the disclosure requirements. But with the brokerage struggling to keep up with its rivals over the past few years, some in the firm now believe it needs to raise capital to remain in China’s first tier.
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