Ahead of China International Capital Corp.'s (CICC) (3908.HK; 601995.SH) highly anticipated Shanghai listing in late 2020, an investment vehicle of home appliance maker Haier bought a nearly 10% stake in China’s oldest investment bank. The long romance between the pair now appears to be winding down, with Haier Group (Qingdao) Jinying Holding Co. disclosing late last week that it completed a share reduction plan by cutting its stake to 6.32%, from a previous 8.26%.

Haier Jinying tried to play down the sale, attributing it to its own internal need for cash. And it’s true that such sales by pre-IPO investors aren’t uncommon several years later as they look to pocket some of their gains. Still, the move points to cooler sentiment towards Chinese investment banks compared with just two years ago.

On Nov. 2, 2020, when CICC debuted in Shanghai, complementing its older Hong Kong listing, bullish investors pumped up its shares by as much as the maximum 44% limit on its debut day. They were lured by CICC’s rising profile in the global rankings, fueled by its lead underwriting role for Ant Group's planned $37 billion IPO, which at the time was set to become the world's biggest.