Money

China's CICC gets nod for major shareholding change

(Agencies)
Updated: 2010-11-30 09:54

SHANGHAI - China International Capital Corp (CICC), the country's top investment bank, has obtained the approval from the securities regulator for a major shareholding change, according to a statement from the regulator on its website.

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The China Securities Regulatory Commission (CSRC)on Nov 26 approved CICC's application for the shareholding change which involved a more than 5 percent stake in the company.

The CSRC statement did not state the name of the shareholder involved.

Central Huijin Investment Co, the domestic arm of China Investment Corp, the country's sovereign wealth fund, owns 43.35 percent of CICC, company data showed.

Wall Street bank Morgan Stanley has said it wanted to sell its 34.3 percent stake in CICC.

Local media reported earlier this month that Morgan Stanley's application to sell the roughly $1 billion CICC stake will be approved by CSRC by February 2011.