Sovereign wealth fund China Investment Corp (CIC) will buy a 40% stake in Hong Kong-based investment firm CITIC Capital Holdings, Reuters reported, citing state media. CIC will buy newly issued shares in the company, but no information was given about the value of the deal. CITIC Pacific and CITIC International Financial Holdings each hold 50% of CITIC Capital, which has businesses including private equity, real estate funds, structured finance and alternative investments. Earlier this month, CIC announced that it would spend US$1.5 billion for a 17.2% stake in Canadian firm Teck Resources.
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