Southeast Asia: Best Chinese Bank in the Region for BRI 2020
CICC has become a go-to bank for Chinese and other corporations looking to raise money via the capital markets along the Belt and Road. Beyond greater China, its stronghold is southeast Asia, where in recent years it has quietly become a deal machine.
In January 2020, the Beijing-based financial institution helped Elite Commercial Real Estate Investment Trust, which principally invests in commercial and real estate-related assets in the UK, complete its initial public offering in Singapore. It raised gross proceeds of S$233.4 million ($170 million), with CICC acting as one of four bookrunners and underwriters on the deal.
CICC was also on hand when Prime US Reit raised $611 million from its Singapore IPO in July 2019. It acted as one of three bookrunners and underwriters on a syndicate whose cornerstone investors included AT Investments, Credit Suisse and DBS Bank on behalf of private clients, as well as Keppel Capital Investment and the Schreiber Trust.
And in March 2020, during the initial outward surge of the coronavirus pandemic, Baring Private Equity Asia completed the acquisition of medical device maker Lumenis, a deal funded by $530 million in senior debt. CICC acted as joint financial adviser to the seller, marking yet another landmark capital markets deal by China’s most outward-facing, and increasingly its most sophisticated, investment bank.