Caixin
Sep 19, 2020 01:51 AM
FINANCE

Chief Accountant of China’s State Asset Regulator Joins CICC

What’s New: Bai Yingzi, the chief accountant of the State-owned Assets Supervision and Administration Commission (SASAC), became managing director of China’s leading investment bank, China International Capital Corp. (CICC), CICC sources told Caixin.

Bai will mainly oversee CICC’s cooperation with state-owned companies, one person from CICC said.

Bai, 58, spent most of her career in central government agencies. She’s a specialist in corporate reform of state-owned companies and was a member of the top securities regulator’s IPO review committee. In 2018, Bai was appointed the chief accountant of SASAC.

What’s the context: Bai is joining CICC as the investment bank seeks a secondary listing on the domestic stock market. CICC won securities regulator’s approval for the offering Thursday.

Hong Kong-listed CICC said earlier this month that it would issue as many as 458 million shares on the Shanghai Stock Exchange, or 9.5% of its total shares after the offering, dropping a plan announced in July to more than triple the size of the offering.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

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