2025 Winner Spotlight: CICC

CICC had a successful year in 2024 in its investment banking operations in Mainland China, achieving notable rankings in various sectors. The firm secured third place as bookrunner for domestic equity capital markets (ECM) deals, fourth in underwriting domestic bonds, and clinched the top spot in financial advisory services for domestic mergers & acquisitions (M&A).

The firm’s performance in ECM was particularly impressive, with significant deals marking the year. For instance, the Rmb12 billion (US$1.7 billion) A-share private placement for China Petroleum & Chemical Corporation (Sinopec) stood out as a milestone, being the company’s first equity financing since 2014 and the sole A-share equity deal in 2024 surpassing Rmb10 billion.

In addition to the Sinopec deal, CICC undertook several other influential transactions in 2024, including the A-share IPOs of INTSIG Information Co and SigmaStar Technology, further showcasing its prowess in the market.

CICC also demonstrated its bond underwriting capabilities throughout the year, with noteworthy transactions such as CapitaLand Group’s debut issuance in the Chinese bond market. This issuance, characterized as the first sustainability-linked Panda Bond by a Singapore-based company, contributed to enhancing financial connectivity between China and Singapore.

Furthermore, in the field of M&A, CICC excelled in 2024, advising on 59 completed China domestic M&A deals totaling nearly US$32 billion. This stellar performance gave the firm a 16% market share, outperforming both domestic and international competitors.

The firm’s success in M&A was attributed to its commitment to fulfilling the priorities of the domestic national development agenda. By facilitating complex, innovative, and unprecedented transactions, CICC played a pivotal role in various areas such as state-owned enterprise reform, A-share major asset restructuring, privatisation of listed enterprises, industrial consolidation and integration, and strategic investments.

Among the notable M&A deals of 2024, CICC’s involvement in Haier Group’s strategic investment in Shanghai RAAS stood out as the largest A-share buyout in the healthcare sector and the most substantial M&A in China’s blood product industry. The firm also played a key role in transactions such as the privatisation of SciClone via a scheme of arrangement and the control sale of APT Medical to Mindray through a share transfer and voting rights waiver.

In addition to its investment banking activities, CICC differentiated itself in brokerage services by offering a comprehensive suite of services to domestic and global institutional investors, including investment research, sales and trading, products, and cross-border services. The firm’s team of over 630 professionals maintained a leading position among market peers in the year ending December 2024.

Judges commended CICC for its brokerage performance, highlighting its strengths in market share, research, and cross-border deal execution. Particularly in the institutional sector, the firm saw a revenue increase on a quarter-over-quarter basis, capitalizing on offshore transaction opportunities and boosting trading volumes of Hong Kong and US stocks. Furthermore, the launch of a self-developed algorithm for stock trading in 2024 underscored CICC’s commitment to innovation and client-focused solutions.

In closing, CICC’s leadership emphasized the firm’s Chinese heritage and global footprint, expressing gratitude for the recognition received and reiterating their dedication to serving clients in global markets.