中金公司

Our hearts are heavy following the devastating fire at Wang Fuk Court in Tai Po, Hong Kong, on November 26. The significant casualties and profound impact on the community have left us profoundly saddened. To bolster critical on-the-ground relief efforts, CICC, together with its subsidiary CICC International, and CICC Charity Foundations in Beijing and Hong Kong, is donating HKD 12 million. This contribution is earmarked explicitly for emergency aid to affected families and the essential work of post-disaster reconstruction. We stand in unwavering solidarity with the people of Hong Kong during this difficult time. And to the brave first responders—firefighters, medical professionals, and every dedicated individual working tirelessly on the frontlines—our deepest gratitude and admiration go out to you.

On November 18, the Ministry of Finance of the People's Republic of China ("MoF") successfully priced and issued 4 billion Euro-denominated sovereign bonds in Luxembourg. The offering included a EUR 2 billion 4-year tranche with a coupon of 2.401%, and a EUR 2 billion 7-year tranche with a coupon of 2.702%, which will be listed on the Hong Kong Exchanges and Clearing Limited and the Luxembourg Stock Exchange. CICC served as Joint Lead Manager and Joint Bookrunner for this issuance. The issuance has further strengthened China's sovereign bond yield curve and signals a new phase in the regular issuance of China's Euro-denominated sovereign bonds. It is also the first time a 4-year tranche has been introduced since the resumption of Euro-denominated sovereign bond issuance in 2019, effectively extending the debt duration and enriching the structure of the secondary market curve. The transaction better meets the allocation needs of international investors across different tenors, while advancing China’s financial opening-up and deepening global cooperation. The issuance marks China's first Euro-denominated sovereign bond offering in Luxembourg and was met with strong demand. The subscription for the 7-year tranche hit 26.5 times its issue size. Guided by the philosophy of "Chinese Roots, International Reach", CICC leveraged its leading domestic and international business network and extensive experience in supporting the MoF's offshore sovereign bond issuances. Working closely with multilateral organizations, monetary authorities, banks, global fund and asset managers, CICC secured high-quality orders and contributed to the successful issuance. Since 2017, CICC has served as Joint Lead Manager and Joint Bookrunner for offshore sovereign bond issuances for nine consecutive years.

On November 10, 2025, Softcare Limited was listed on the Main Board of the Hong Kong Stock Exchange, with a pre-shoe offering size of US$310 million and a post-shoe offering size of US$350mm (assuming the over-allotment option is exercised in full). In this historic transaction, CICC played a key role as the Lead Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager, as well as Sole Stabilizing Manager and Sole Settlement Agency. This comprehensive involvement underscores CICC's expertise and commitment to the success of this deal. This deal marks the first Hong Kong IPO of a consumer goods player dedicated to emerging markets such as Africa and Latin America. Softcare has strategically allocated approximately 71% of the proceeds, a significant portion, will be used to expand its overall production capacity and upgrade its production lines. This prudent financial planning is solidifying Softcare's leading market position but also further increases its market penetration rate, which is significant for the Company’s business layout and development in emerging markets. For the Hong Kong market, the deal will attract global investors and enhance Hong Kong’s appeal to African and other emerging market players. As the Lead Sponsor, CICC fully effectively leveraged Softcare's investment highlights by drawing on its extensive business insights gained from years of supporting the Company. The management of key milestones with precision is a testament to CICC's long-term service experience and professional expertise. Upholding its mission of supporting the real economy through financial services and promoting high-standard opening-up, CICC has once again set a benchmark with this deal. This deal aligns with national strategies, promotes high-quality "Belt and Road Initiative" cooperation, and empowers Chinese enterprises to expand globally. Looking ahead, CICC, with its Chinese Roots and International Reach, will continue to leverage its professional capabilities and international resources to continuously inject financial impetus into the high-quality development of Chinese enterprises worldwide, helping them capitalize on new opportunities arising from the "Belt and Road Initiative" cooperation.

According to CICC's Chief Strategist Yanliang Miao, abundant liquidity will benefit the Hong Kong market in 2026. Miao says structural opportunities remain in booming sectors, in a sustainable, slow-moving bull market, assets that have previously underperformed are likely to rally and catch up, which is an expected development within the year. Watch the full interview at：https://lnkd.in/dyV2jkkB

On November 5, CICC proudly served as Joint Lead Manager and Joint Bookrunner, supporting the Ministry of Finance of the People’s Republic of China ("MoF") in the successful issuance of USD 4 billion sovereign bonds. The offering comprised: USD 2 billion, 3-year tenor, priced at T+0bp USD 2 billion, 5-year tenor, priced at T+2bp Despite the current scarcity of high-quality Chinese credit assets, investor demand was extraordinary. The order book exceeded USD 100 billion, with total subscriptions reaching USD 118.2 billion—30 times the issuance size. Notably, the 5-year tranche alone attracted subscriptions 33 times its size, a clear indication of the market's confidence in China’s long-term economic stability. Global interest in China’s sovereign bond issuance reached an all-time high, with robust participation from central banks and sovereign investors. Many of them, for the first time, chose to participate in this significant event. Sovereign investors accounted for 42% of the total investor base, a distinct signal of the international appeal of the offering. As one of the Chinese investment banks acting as Joint Lead Manager and Joint Bookrunner, CICC reached out nearly 500 investors to place orders—a testament to our strong market presence and partnerships. We believe this landmark issuance will further enhance international attention on quality Chinese overseas assets, underscoring CICC’s deep market insight and execution capabilities.

Amid a landscape of global shifts, Chen Liang, Chairman of CICC, emphasized CICC’s strategic focus on international growth in a recent exclusive interview with the South China Morning Post, targeting the burgeoning markets of Southeast Asia and the Middle East, which hold potential for future growth. As highlighted in the SCMP, Chen pointed to Asia's booming wealth management sector and the transformative power of AI as key drivers of future growth. He underscored CICC’s "Hong Kong + Singapore" dual-core strategy, which provides a range of services to high-net-worth clients including family offices, cross-border tax planning, and wealth inheritance solutions. CICC is also expanding into Southeast Asia and the Middle East, with new branches in Vietnam and Dubai to support energy transition, infrastructure financing, and cross-border investment. Chen noted that AI would play a central role in enhancing asset allocation, risk management, and personalized advisory services. He also highlighted CICC’s commitment to green and low-carbon development, channelling capital into cutting-edge technology, renewable energy, and sustainable initiatives. By leveraging its global network, CICC continues to help clients navigate cross-border opportunities and connect Asian innovation with capital—driving both technological progress and sustainable growth. Original link: https://lnkd.in/d4t-fJXB #CICC #SCMP

On October 31, CICC held the CICC 2025 Dubai Wealth Management Forum in Dubai. Under the theme "Invest in China, Invest in Future," the forum brought together over 200 distinguished guests from various sectors to engage in in-depth discussions on key topics, including investment opportunities in the Chinese market and global asset allocation. Owen Wu, Member of the Executive Committee, Deputy President of CICC Wealth Management, noted in his welcoming remarks that holding the forum in the UAE is a testament to CICC's unwavering commitment to collaborating with global partners. This commitment is aimed at capturing the certainties in China's growth and international cooperation. In the future, CICC will continue to leverage its professional capabilities to expand China's investment network and promote new landscapes of China–UAE investment cooperation. Kevin Liu, Chief Offshore China and Overseas Strategist at CICC Research, delivered a keynote speech titled "The Next Step for China's Bull Market: The Role of Hong Kong in a More Fractured World." He noted that Hong Kong, as a "Super Connector," will continue to play its unique role in facilitating stronger connectivity between Chinese and international markets. Zhihai Diao, Head of International Wealth Management at CICC, introduced the strategic vision and practical roadmap of the firm's "Top 50 Series" buy-side advisory system in his speech. As a one-stop FOF solution developed in partnership with leading global managers, the Top 50 Series embodies CICC's long-term investment philosophy and commitment to value creation, promising an exciting future. During the forum, the "China Top 50 INT" reached its first memorandum of cooperation with a Middle Eastern institution. This milestone signifies strong recognition of CICC's Top 50 Series in the Middle East following its global debut, extending a new "business card" from China's high-quality development to regional capital markets, and transforming the concept of "Invest in China, Invest in Future" into concrete outcomes. The forum convened nearly 20 leading figures from China's new-economy enterprises and global asset managers for a series of in-depth discussions on China–UAE cooperation. Under the new paradigm of two-way opening up, CICC is committed to co-creating value and achieving mutual benefit for the future.   #CICC #CICCInternationalWealthManagement #Dubai

Kuala Lumpur, 22 October 2025 — CICC Capital has forged a strategic partnership with Sunway iLabs, the innovation and corporate venture arm of Malaysia’s Sunway Group, one of Southeast Asia's leading conglomerates with businesses spanning property, healthcare, education, and retail. This collaboration, aimed at accelerating the development of advanced AI technology, marks a milestone in enhancing cross-border cooperation between China and Malaysia, and is poised to have an impact on the AI industry. Announced at the FutureX Connect event, the partnership combines CICC Capital’s global investment expertise with Sunway iLabs’ dynamic innovation ecosystem, which connects startups, academia, corporates, and venture initiatives. This marks a significant step in expanding China’s AI ecosystem beyond its domestic borders, enabling Chinese innovation leaders to pilot and scale pragmatic, application-focused AI solutions in Malaysia and Southeast Asia, and vice versa. The potential benefits of this partnership to the AI and technology sectors are immense, promising a future of innovation and growth. Over the years, CICC Capital has played a pivotal role in advancing frontier technologies through strategic investments in AI and deep tech innovation. Its diversified portfolio covers materials for AI computing, AI-powered healthcare platforms, automotive intelligence, mobile communication networks, and AI-driven cybersecurity solutions. This track record instils confidence in the potential of the CICC Capital and Sunway iLabs partnership. 

On October 23, CICC acted as Joint Global Coordinator, successfully assisting the National Company of KazMunayGas of Kazakhstan("KMG") in issuing offshore RMB bonds totalling RMB 1.25 billion. The 5-year note was priced at 3.150% with a 2.950% coupon and an issue price of 99.08 RMB. This transaction marks KazMunayGas' inaugural entry into the offshore RMB bond market, a significant step that opens up new funding opportunities, and represents the first 5-year offshore RMB bond issued by a Central Asian entity, setting a key pricing benchmark for medium- to long-term offshore RMB issuances by Central Asian entities. CICC led the roadshow and secured a substantial volume of cornerstone orders. The order book peaked at over RMB 3.7 billion, with final pricing tightened by 35 basis points from the initial guidance. This overwhelming investor demand is a testament to the market's confidence in KazMunayGas and its successful issuance of the Dim Sum bond, which further diversifies the company's new funding channels and underscores Kazakh enterprises' confidence in the offshore RMB capital market. KazMunayGas is a wholly state-owned national holding company of the Republic of Kazakhstan, and a cornerstone of the country's economy. This transaction represents another milestone in deepening financial cooperation between China and Kazakhstan, advancing capital market connectivity, and setting a new benchmark for cross-border financial collaboration and industrial momentum under the high-quality joint construction of the Belt and Road Initiative. CICC played a pivotal role in this landmark bond issuance — leveraging its deep expertise in both Chinese and international capital markets, particularly in Central Asia. This role not only enhanced the subscription quality and market impact but also reassured the stakeholders about CICC’s capabilities in such financial transactions.

On October 31, CICC will host the CICC 2025 Dubai Wealth Management Forum in Dubai, bringing together representatives from the banking, investment, and other financial sectors to discuss emerging trends and opportunities in the development of wealth management and regional economic cooperation. Under the theme "Invest in China, Invest in Future," the forum will explore key topics including the new economy, investment opportunities in China and global asset allocation. The agenda will also include panel discussions, keynote speeches, and networking sessions. Through your participation, we aim to deepen regional financial collaboration and jointly build a more vibrant and interconnected wealth management ecosystem. For registration or further details, please contact your dedicated investment consultant at CICC International Wealth Management. We look forward to connecting with you in Dubai! #CICCInternationalWealthManagement