HONG KONG-- Levin Zhu, the son of China's former premier, has
resigned from his role as chief executive at China International
Capital Corp., a person familiar with the situation said Tuesday,
after being at the helm of the Chinese investment bank for almost
17 years.
It wasn't immediately clear where Mr. Zhu, the son of Zhu
Rongji, is going. Mr. Zhu couldn't be immediately reached for
comment.
CICC was set up by Morgan Stanley and China Construction Bank
Corp. as the country's first Sino-foreign investment bank in 1995.
Under Mr. Zhu's leadership, CICC has expanded beyond investment
banking and mainly underwriting domestic and Hong Kong initial
public offerings and Chinese bonds to trading stock and investing
in private equity. CICC is currently planning to raise about US$500
million from a Hong Kong IPO before the year is out, people
familiar with the matter said.
Morgan Stanley sold its stake to a consortium comprising
sovereign-wealth fund Government of Singapore Investment Corp,
Great Eastern Holdings Ltd., the insurer controlled by
Oversea-Chinese Banking Corp., and private-equity firms KKR &
Co. and TPG Capital in December 2010.
Central Huijin Investment Ltd., the domestic investment arm of
China's sovereign-wealth fund, is the single largest shareholder in
CICC holding 43.35%, while Singapore's GIC holds 16.35%, according
to CICC's annual report. TPG Capital owns 10.3% and KKR holds
10%.
Write to Prudence Ho at prudence.ho@wsj.com
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