CICC
China International Capital Corporation Limited
China International Capital Corporation (CICC) is a Beijing-based investment bank listed in Hong Kong and Shanghai and controlled by state investor Central Huijin. Founded as China's first Sino-foreign joint-venture investment bank, it runs a research franchise repeatedly ranked No. 1 for China.
Company history
CICC was incorporated on July 31, 1995 by China Construction Bank, Morgan Stanley and three other investors as China's first Sino-foreign joint-venture investment bank. In 1997 it set up CICC Hong Kong and completed its first overseas IPO, for China Telecom (Hong Kong), now China Mobile. Morgan Stanley sold its 34.3% stake in 2010; CICC listed in Hong Kong in 2015 and in Shanghai in 2020. In September 2026 the securities regulator approved its absorption of Dongxing Securities and Cinda Securities.
- 1995Founded as China's first Sino-foreign joint-venture investment bank
- 1997CICC Hong Kong established; first overseas IPO completed
- 2010Morgan Stanley sells its 34.3% stake
- 2015H shares listed on Hong Kong Stock Exchange
- 2020A shares listed on Shanghai Stock Exchange
- 2026Regulator approves absorption of Dongxing and Cinda Securities
Research
At the end of 2025 CICC's research team had more than 320 professionals covering over 40 sectors and more than 1,900 companies listed in mainland China, Hong Kong, New York, Singapore and Europe; it issued over 14,000 reports that year. It topped Asiamoney's China research poll every year from 2006 to 2022 and Institutional Investor's All-China Research Team from 2012 to 2022. Since June 2019 it has rated stocks Outperform, Neutral or Underperform against the corresponding CICC sector index over 6–12 months.
Coverage12M
- Stocks
- 12
- Ratings
- 12
- Price targets
- 0
- Upgrades
- 2
- Downgrades
- 2
- Initiations
- 8
- Reiterations
- 0
- Positive83%10
- Neutral17%2
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AMDAdvanced Micro Devices, Inc. | Outperform | — |
 AZNAstraZeneca PLC | Outperform | — |
 CMICummins Inc. | Outperform | — |
 DEDeere & Company | Outperform | — |
 ELThe Estée Lauder Companies Inc. | Outperform | — |
 HLTHilton Worldwide Holdings Inc. | Outperform | — |
 LULULululemon Athletica Inc. | Market Perform | — |
 MARMarriott International, Inc. | Outperform | — |
| MDMDEVF | Market Perform | — |
 MNSTMonster Beverage Corporation | Outperform | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| Deere & CompanyDE | Initiate | Outperform | Sep 13 |
| The Estée Lauder Companies Inc.EL | Upgrade | Outperform | Aug 30 |
| Cummins Inc.CMI | Initiate | Outperform | Aug 23 |
| AstraZeneca PLCAZN | Initiate | Outperform | Aug 23 |
| REATRenew Inc.RERE | Initiate | Outperform | Aug 20 |
| MDMDEVF | Downgrade | Market Perform | Aug 16 |
| Hilton Worldwide Holdings Inc.HLT | Initiate | Outperform | Aug 12 |
| Marriott International, Inc.MAR | Initiate | Outperform | Aug 12 |
| SCSouthern Copper CorporationSCCO | Downgrade | Market Perform | Jul 26 |
 Merck & Co., Inc.MRK | Initiate | Outperform | Jun 24 |
| TTTotalEnergies SETTE | Initiate | Outperform | Jun 23 |
| Advanced Micro Devices, Inc.AMD | Upgrade | Market Perform →Outperform | Nov 7, 2025 |
Similar coverage12M
References
- China International Capital Corporation – Wikipediaen.wikipedia.org
- CICC Annual Report 2025 (HKEX)www1.hkexnews.hk
- CICC Global Offering prospectus – Our History and Corporate Structure (2015)www1.hkexnews.hk
- CICC Annual Report 2022 (HKEX; Asiamoney and Institutional Investor rankings)www1.hkexnews.hk
- CICC Research – Disclosures (rating framework since June 24, 2019)research.cicc.com
- CICC announcement – CSRC approval of mergers with Dongxing and Cinda Securities (Sept 7, 2026)www1.hkexnews.hk