CICC hopes to sew up money drive this month

CHINA International Capital Corp (CICC) hopes to finish the first tranche of its 5bn yuan (£473m) money-raising drive by the end of the month.

CICC, China’s first joint venture investment bank, aims to use the cash to fund domestic takeovers.

The bank was set up in 1995 with a view to becoming a China-based international investment bank, and has registered capital of $125m (£77m). It has so far helped Chinese firms raise $150bn in equity.