On September 27, 2011, CITIC Securities staged its initial public offering in Hong Kong during one of the equity market’s most volatile periods. CITIC is the first mainland Chinese investment bank to be listed in Hong Kong. The proceeds of the IPOInitial Public Offering. Initial listing of a portion of a company's capital on the stock market, with or without a capital increase. This is a favoured exit strategy for private equity investors looking to unlock the value of their investment. amounted to USD 1.7 billion, the third-largest amount raised in Hong Kong in 2011 and the largest since the USD 2.1 billion Prada IPO last June.

 

In addition to the six Chinese bookrunners, four international banks were chosen to act as international coordinators - CLSA/Crédit Agricole CIB, Merrill Lynch, Morgan Stanley and HSBC. They acted as bookrunners and organised road shows, collected investors’ orders and set the IPO price and share allocation in conjunction with CITICS.

 

CLSA organised more than one third of the management team's road shows and collected a very significant share of investors’ orders.

 

“Crédit Agricole CIB/CLSA is the only bank to have been entrusted with the responsibility for two regions - Asia and Europe. This mandate has strengthened the spirit of cooperation between CITICS and Crédit Agricole and is evidence of the mutual trust that is gradually taking hold between the teams of the two banks” explains Gaëtan des Rieux, Head of Investment Banking in Asia.