Aug. 25, 2010 (China Knowledge) - China Jianyin Investment Securities Co has transferred all 43.35% stake it held in China International Capital Corp to Central Huijin Investment Ltd, a wholly-owned subsidiary of China's US$300 billion sovereign wealth fund, China Investment Corp, the Shanghai Securities Newspaper reported yesterday, without indicating the sources.
According to the report, the stake transfer secured approval from Chinese regulators on Aug. 13.
Upon the completion of the stake transfer, Central Huijin becomes the largest shareholders of CICC, the largest investment bank in China.
Reportedly, CICC is in the process of changing its equity structure. Morgan Stanley, which held a 34.3% stakes in CICC, is asking potential buyers for the stake sale. Four financial institutions, including Kohlberg Kravis Roberts & Co, a Singapore-based investment company and U.S-based TPG, are reportedly to take the stake.