China’s state news agency Xinhua plans to list its online portal in a 1 billion yuan ($157.8 million) stock market offering in Shanghai, Reuters reported Friday. China International Capital Corp. is underwriting the deal.
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Ding Wei, the head of investment banking at private equity-backed China International Capital Corp., will step down, Reuters reported, citing a story in the online edition of Chinese financial magazine Caing. Wei’s departure comes less than a month after Morgan Stanley sold its minority stake in CICC to a group of investors including buyout shops TPG Capital and Kohlberg Kravis Roberts & Co.
Just days after Chinese regulators approved Morgan Stanley’s divestment from China International Capital Corp., a syndicate of investors, led by private equity firms Kohlberg Kravis Roberts & Co. and TPG Capital, have stepped up with an offer, Reuters reported. The two U.S. buyout shops, as well as the Government of Singapore Investment Corp. and the insurance arm of Oversea-Chinese Banking Corp., have teamed up to buy the 34.3% stake. Morgan Stanley is expected to get more than $1 billion for the stake, which it received for just $37 million more than a decade ago, Reuters said.