Shares in China International Capital Corporation, China’s oldest domestic investment bank, got off to a strong start Monday as shares jumped 11% before ending the day up 1.1% amid optimism following Beijing’s decision to resume initial public offerings on the mainland, The New York Times reported. Established in 1995 as a joint venture by China Construction Bank, Singapore’s sovereign wealth fund and Morgan Stanley, CICC will use the funds raised from the IPO to expand equity sales and its trading and wealth management businesses, as well as international subsidiaries. “The price of CICC is good, as we expected,” said bank chairman Ding Xuedong, also the chairman and chief executive of China’s sovereign wealth fund.
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