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In a recent exclusive interview, CICC President Wang Shuguang discussed the era's answer sheet for serving the nation through finance: a state-owned investment bank's three-decade journey of persistence and breakthroughs.
Thirty years of vigorous effort have seen China's capital markets evolve from humble beginnings to global prominence, resonating with the historical process of reform and opening-up and intrinsically linked to the high-quality development of the real economy. Throughout this period, state-owned financial institutions have remained the cornerstone of serving national strategies. Since its inception in 1995, China International Capital Corporation Limited (CICC) has ingrained the gene of "prioritizing the nation" into its very fabric. From pioneering the overseas listings of central state-owned enterprises to facilitating major reforms like the STAR Market and the registration-based IPO system; from supporting enterprises in their international "going global" journeys to deeply cultivating the "five major financial themes" of technology finance, green finance, and inclusive finance, CICC has consistently leveraged its investment banking expertise to advance along the path of financial development with Chinese characteristics.
Standing at the critical juncture of planning for the "15th Five-Year Plan" period, the strategic goal of "cultivating first-class investment banks and investment institutions" has endowed capital markets with an unprecedented historical mission. This interview with CICC President Wang Shuguang delves into how a state-owned investment bank addresses the era's imperatives of serving new quality productive forces, promoting high-level opening-up, and preventing and resolving risks, thereby writing a new chapter as it reaches its thirtieth anniversary.
The year 2025 marks the thirtieth anniversary of CICC's founding. Through three decades of dedicated effort, CICC has always taken serving national strategy as its mission, playing a vital role in aiding the development of the real economy and driving capital market reforms.
In this particularly significant year, CICC's announced acquisitions of Dongxing Securities and Cinda Securities will further solidify its position as a leading industry institution, accumulating powerful momentum for high-quality development during the "15th Five-Year Plan" period. This key strategic move not only demonstrates CICC's determination to integrate industry resources and enhance its comprehensive service capabilities but also highlights its strategic foresight and execution ability in a complex market environment.
"This year is a critical point for planning the '15th Five-Year Plan' and also coincides with CICC's thirtieth anniversary," stated Wang Shuguang, Party Committee Deputy Secretary and President of CICC, at the outset of the interview. "Over the past thirty years, CICC has shouldered the重任 of industry restructuring and the listing of large state-owned enterprises, pioneered international expansion, established a leading position in China's investment banking business, achieved A+H share listings, integrated CICC Wealth, led the market in wealth management and private equity business development, and taken multiple measures to support real economic development, effectively serving clients' comprehensive financial needs. This is the 'era's answer sheet' the company has delivered."
Looking ahead, Wang Shuguang stated, "In the future, CICC will continue to leverage the synergistic advantages of 'Investment + Investment Banking + Research,' vigorously support the growth of strategic emerging industries, cutting-edge technologies, and specialized, sophisticated, and innovative SMEs, consistently provide clients with excellent comprehensive financial services, and steadily advance the construction of a first-class investment bank with international competitiveness."
The "Changes" and "Constants" of Thirty Years "What underpins our core competitiveness to navigate cycles is not licenses, but talent and trust."
Reviewing CICC's history reveals almost half the story of China's capital market development: from pioneering the overseas listings of large central SOEs, to promoting the establishment of the STAR Market and the comprehensive registration-based reform, to this year facilitating Contemporary Amperex Technology Co., Limited's (CATL) $5.25 billion Hong Kong IPO, setting a record for the largest Chinese enterprise IPO globally in nearly three years.
What has driven CICC's development over thirty years? Wang Shuguang believes the true "ballast" that has steadied the company through multiple cycles is "our talent team and client base."
He further explained that CICC regards talent as a "core strategic resource," having assembled a professional team that "understands international rules and is well-versed in Chinese practices." "This is not empty talk. In the CATL IPO project, facing a complex geopolitical environment and international capital dynamics, our team not only had to unearth the company's core value but also successfully attracted over ten sovereign wealth funds, including the Qatar Investment Authority, Kuwait Investment Authority, and Abu Dhabi Investment Authority, along with numerous international long-term investors. Ultimately, we achieved pricing at a 'zero discount' to the A-share closing price, with the public offering achieving over 150 times oversubscription, a 16.4% gain on the first trading day, and H-shares trading at a 22% premium to A-shares. Behind this lies the long-term accumulation of professional capability."
The synergistic model of "Investment + Investment Banking + Research," in Wang Shuguang's view, is key to CICC's transition from "professional services" to "industrial empowerment." "Research empowers decision-making, investment cultivates value, and investment banking connects demand—this is a closed loop," he said. "We don't disband after completing a listing project; we aim to accompany enterprises throughout their entire lifecycle."
Discussing the "15th Five-Year Plan," Wang Shuguang's tone was firm. "New quality productive forces are the core engine, but hard tech and specialized, sophisticated SMEs often face a 'valley of death'—their technology is advanced, but they lack capital market knowledge, resources, and struggle with implementation." To address this, CICC established a "Specialized, Sophisticated, and Innovative SME Service Center," aiming to scale its services to reach "tens of thousands" of enterprises.
Wang Shuguang detailed their "three-pronged approach": First, shifting services earlier. Through branded activities like the "Jinhe Plan," hosting robotics industry salons in Shenzhen, and connecting supply chain leaders like Li Auto with upstream and downstream partners. "We don't appear only when a company is preparing for an IPO; we engage when their revenue is just tens of millions of yuan." Second, a dual-drive of "financing + intellectual support." Wang Shuguang cited examples: "Companies like Dagate and Pioneer Materials accelerated their patent industrialization paths with our assistance; Huali Juni's 700 million yuan financing was for ongoing technological upgrades in green manufacturing. This is true empowerment." Third, ecological synergy. He highlighted a specific detail: CICC started with a silver paste technology company recommended by a photovoltaic chain leader, extending services to the entire PV industry chain upstream and downstream, exploring a model of 'chain-based services' in the new energy sector. Furthermore, for companies like Yingmu Technology and Yanyan Jiemo, we helped formulate overseas expansion plans, enabling China's new quality productive forces to 'go global'."
Regarding the "five major financial themes" like tech finance and green finance, Wang Shuguang summarized a core lesson: making service to national strategy the starting point for all work. "When you truly resonate with leading enterprises that implement national strategy, a qualitative change from business cooperation to ecological prosperity occurs naturally."
The "New Chessboard" of the "15th Five-Year Plan" Period The "15th Five-Year Plan" period is a crucial stage for building a financial powerhouse. As an international investment bank, how will CICC balance deep local roots with global layout? President Wang Shuguang provided a clear strategic path.
"CICC will continue to use Hong Kong, China as its overseas business hub, actively exploring business growth opportunities in overseas markets including Europe, America, Latin America, Japan, South Korea, Southeast Asia, and other emerging 'Belt and Road' countries," he stated. "First, we will deepen our presence in the Hong Kong market, leveraging our profound understanding of Chinese enterprises and the Chinese market, along with integrated domestic and overseas synergy, to continuously increase our market share and influence in Hong Kong, consolidating it as the 'bridgehead' for our international business."
Regarding global layout, Wang Shuguang explained: "The company has previously established branches in international financial centers like New York, London, Tokyo, Frankfurt, and Singapore to expand regional business. In recent years, we have further increased our presence in emerging 'Belt and Road' regional markets, successively setting up branches in Ho Chi Minh City, Vietnam, and Dubai, UAE, becoming the first Chinese investment bank to establish a branch in the Gulf region."
"In the future, the company will fully leverage its domestic-overseas synergy advantages, continuously improve the operational efficiency and international professional service capabilities of overseas subsidiaries, persistently strengthen the construction of the CICC International platform, high-quality support and serve the dual-circulation development pattern of 'bringing in' and 'going out,' tell China's story well on the international stage, contribute CICC's wisdom, and contribute more to serving high-level opening-up and the high-quality co-construction of the 'Belt and Road'."
"'During the '15th Five-Year Plan' period, CICC's core goal is to build China's international first-class investment bank," he emphasized. This is not just about scale, but comprehensively benchmarking against international top-tier institutions in terms of "capability to serve national strategy, business operation system, and organizational competitiveness."
Preventing and Resolving Financial Risks, Setting Industry Benchmarks Preventing and resolving financial risks remains an important task during the "15th Five-Year Plan" period. CICC has established a professional debt restructuring team. President Wang Shuguang introduced the innovative practices of this team.
"As the first leading investment bank in the industry to establish a Debt Restructuring Management Group, CICC proactively formed a specialized team in 2021, focusing on enterprise relief, industrial reshaping, and value recreation, systematically promoting the organic unity of risk resolution and high-quality development."
He listed several successful cases: "To date, the company has successfully led or deeply participated in over 30 nationally influential bankruptcy restructuring benchmark projects, including Bohai Steel, Chongqing Lifan, Shenyang Machine Tool, Salt Lake Co., Ltd., Tsinghua Unigroup, and Xining Special Steel. These efforts not only effectively resolved debt risks but also revitalized enterprises' endogenous momentum through market-oriented and rule-of-law means, aiding the transformation and upgrading of the real economy, fully demonstrating the responsibility and professional value of a modern investment bank with Chinese characteristics."
"In the Salt Lake Co., Ltd. restructuring project, the company's performance rebounded strongly after resuming listing: net profit reached nearly 4.5 billion yuan in 2021, and despite facing sharp fluctuations in the prices of its main products in 2022, it still achieved profits exceeding 15.5 billion yuan; its stock surged over 300% on the day it resumed trading in August 2021. Building on this, CICC further assisted in promoting the formation of China Salt Lake Group, strongly supporting the construction of a national guarantee system for critical mineral resources like potassium and lithium, and safeguarding the security of national industrial and supply chains."
Furthermore, green transition is also a key topic for the "15th Five-Year Plan" period. He also shared CICC's practices in green finance: "On the financing side, CICC continuously promotes its green finance strategy, supporting financing for enterprises in new energy, new materials, environmental protection, and other sectors. In 2025, it facilitated CATL's $5.29 billion Hong Kong IPO, setting a global scale record and promoting Chinese new energy technology globally. On the investment side, the company continues fundraising and investment focused on the 'carbon neutrality' and green development strategies, cooperating with several leading foreign enterprises to establish multiple green-themed funds. Since 2021, it has cumulatively raised over 50 funds whose investment directions cover green fields, with a scale exceeding 120 billion yuan."
Looking ahead, Wang Shuguang revealed, "To better serve the global green transition and achieve China's 'Dual Carbon' goals, CICC will vigorously support financing for green industry enterprises, promote the issuance of green bonds and carbon neutrality bonds, actively participate in mergers and acquisitions and restructuring in the green industry, deepen innovation in green financial products and services, support enterprises' low-carbon transition and green development, while actively participating in the formulation of China's green finance standards, carbon accounting for investment and financing, and continuously enhancing its international discourse power in the field of green finance."
Building Differentiated Advantages, Consolidating Leading Position Faced with the landscape of increasing industry concentration and intensified competition during the "15th Five-Year Plan" period, how will CICC build differentiated advantages in areas like wealth management transformation and cross-border business expansion? President Wang Shuguang provided a clear answer.
"CICC Wealth, based on long-term thinking, is advancing the transformation towards a buyer's advisor model. By building long-term trust, focusing on wealth planning, and enhancing allocation capabilities, it is carving out a high-quality development path centered on professional services and deep relationships in an increasingly competitive market, shaping differentiated advantages."
He introduced CICC Wealth's innovative model: "First, CICC Wealth was the first to propose the buyer's advisor concept in 2019, always centering on client interests and aiming for client asset retention based on long-term trust as the ultimate goal, creating a unique buyer's advisor service matrix. By charging fees related to the scale of clients' ongoing assets, it effectively aligns the interests of wealth management (seller) and investors (buyer), truly starting from the client's perspective and being investor-centric."
"Second, the buyer's advisor model, by providing solution-based services instead of competing on single products, shifts the competitive dimension from comparing single-product returns to optimizing asset allocation and holding experience around clients' full lifecycle goals, thereby enhancing client trust and user stickiness."
Behind the "thousand people, thousand faces" personalized wealth management lies a robust technology empowerment system. When discussing digital transformation plans for the "15th Five-Year Plan" period, Wang Shuguang presented a clear strategic blueprint.
"During the '15th Five-Year Plan' period, CICC will adhere to digitalization and intelligence as the core driving force, fully leverage the advantages of digital finance in enhancing efficiency, service quality, and technological innovation, and commit to building an integrated digital financial service system that is client-centric, synergizes online and offline channels, and connects domestic and international operations."
Specific plans include: "We will use AI as a driver, focus on intelligent innovation in client services, intelligent upgrades in investment decision-making, and refined empowerment in management operations, explore innovative scenarios, achieve a leap from 'point applications' to 'comprehensive empowerment,' and tangibly improve business operation efficiency. We will also continue to focus on building a global trading platform spanning assets, regions, and product types, providing one-stop solutions that match client needs."
"Simultaneously, we will further strengthen the integration and accumulation of data assets, establish a knowledge management system covering all business areas, and provide strong support for front, middle, and back offices. Additionally, we will actively expand diverse ecological cooperation, explore the external output of technological capabilities, and join hands with clients and the industry to jointly promote the high-quality and sustainable development of financial digitalization."
Leaving the "CICC Imprint," Writing a New Chapter of Serving the Nation through Finance Standing at the new starting point of thirty years and aligning with the grand blueprint of the national "15th Five-Year Plan," what are CICC's core development goals for the next three to five years? Wang Shuguang provided a clear positioning.
"In the current critical period of advancing Chinese modernization, building a financial powerhouse, and comprehensively deepening the reform and opening-up of capital markets, state-owned securities companies shoulder the mission and heavy responsibility of serving national strategy, exploring financial development models with Chinese characteristics, and promoting the high-quality development of capital markets. Facing the historical opportunities and severe challenges brought by the era's transformation, accelerating the construction of a first-class investment bank is not only an important task entrusted by the times but also an inevitable choice关乎 CICC's survival and development."
"During the '15th Five-Year Plan' period, our core development goal is to strive to build China's international first-class investment bank, form a service national strategy capability, business operation system, and organizational competitiveness that benchmark against international first-tier institutions, and achieve high-quality development."
What imprint does CICC hope to leave during the "15th Five-Year Plan" period? Wang Shuguang elaborated from three dimensions.
"Upholding the philosophy of 'Rooted in China, Integrated with the World,' and the vision of 'Building China's International First-Class Investment Bank, Becoming a Leading Global Financial Institution,' we hope to leave a 'CICC Imprint' on three dimensions for China's capital market, the real economy, and the global financial landscape."
"For China's capital market, the company is the 'vanguard of the financial cause with Chinese characteristics,' able to fully exert its 'value discovery' function, shoulder the role of 'gatekeeper' of the capital market, and play an active role in improving the quality of listed companies, promoting the establishment of a valuation system with Chinese characteristics, increasing residents' wealth income, and driving the evolution and upgrade of the financial system."
"For the real economy, the company is the 'main force serving the development of the real economy,' able to play a key role in broadening financing channels and optimizing financing structures for enterprises, guiding more social capital towards key areas like technological innovation, industrial and supply chain security, green development, and SMEs, helping the nation continuously shape new drivers and advantages for development."
"For the global financial landscape, the company is an 'influential participant in the international market,' able to provide high-quality services for 'Chinese capital going global' and 'foreign capital coming in,' high-quality support cross-border investment and financing and the co-construction of the 'Belt and Road,' build global integrated operation capabilities, actively participate in global financial governance, enhance pricing power and discourse power in international financial markets, and continuously increase its competitiveness and influence in the international market."
Standing at the new starting point of thirty years, CICC, with the posture of "establishing itself at thirty," is anchoring its strategic direction for the "15th Five-Year Plan" and embarking on a new journey of serving the nation through finance. CICC will continue to uphold the value of "prioritizing the nation," serve national strategy with professional capability, lead industry development with an innovative spirit, and contribute CICC's strength to the prosperity and stability of China's capital markets and the high-quality development of the real economy.
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