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It was a year of innovation, scale and market leadership for China International Capital Corporation (CICC), with the firm involved in several stand-out transactions across its investment banking franchise.
In debt, equity, loans and advisory, the firm consistently demonstrated an ability to execute complex, first-of-their-kind deals, while aligning closely with national strategic priorities and evolving global investor demands.
In fixed income, the private placement of Xi'an Urban Development's sci-tech innovation corporate bond marked the first issuance themed around the "lab economy," directly linking capital markets with early-stage scientific research and commercialisation. The bond will contribute to nurturing new quality productive forces and driving high-quality economic development.
In equity capital markets, CICC demonstrated unmatched execution. The $5.3 billion IPO of CATL was the largest Hong Kong listing in four years, with overwhelming demand across both institutional and retail tranches. Crucially, the transaction broke new ground by achieving A–H share pricing parity – challenging a long-standing market convention and setting a new benchmark for Chinese issuers seeking global capital without valuation compromise.
Onshore, CICC’s role in Postal Savings Bank of China’s A-share private placement further highlighted its strategic importance. As the first Ministry of Finance-led capital injection into a major state-owned bank in nearly three decades, the transaction combined policy significance with market innovation, including breaking the traditional valuation ceiling for bank equity refinancing. The deal underscored CICC’s strength in navigating regulatory complexity while delivering optimal outcomes for key stakeholders.
The firm’s IPO franchise also delivered Jiaxin International Resources’ dual listing in Hong Kong and Astana – a first-of-its-kind RMB-denominated equity offering in Central Asia, advancing Belt and Road financial integration.
Beyond capital raising, CICC’s advisory capabilities were evident in Haier’s $1.8 billion acquisition of Autohome – the largest takeover of a US‑listed Chinese company since 2020. The deal demonstrated CICC’s ability to coordinate complex cross-border stakeholders while enabling strategic transformation within China’s automotive ecosystem.
Finally, innovation remained a defining theme. NIO’s Reg S-only follow-on offering introduced a new model for globally listed issuers to efficiently access offshore capital, while maintaining strong investor demand.
Taken together, CICC’s achievements have helped to further shape the evolution of China’s capital markets.
“These awards significantly recognise CICC as a leading financial institution with Chinese roots and international reach,” said Xu Jia, Deputy Head of Investment Banking. “We remain committed to connecting China to international capital markets and supporting our clients' access to global opportunities.”
Contact CICC at [email protected]
