China International Capital one of the country’s biggest investment banks, said it plans to raise billions of dollars to bolster its business as it contends with increasing competition from foreign rivals.
The Beijing-based bank wants to raise as much as $3.9 billion from a rights issue, an offering of new shares that is aimed at existing shareholders. The domestic investment arm of China’s sovereign-wealth fund, which owns around 40% of CICC, intends to subscribe to its portion of the offering.
