China International Capital Corp (CICC), the country's top investment bank, has applied to the Hong Kong stock exchange for a $1 billion IPO as early as September, the Wall Street Journal reported late on Tuesday, citing people familiar with the situation.
In Hong Kong, companies that want to list need to first get approval from the city's stock exchange.
To prepare for a Hong Kong IPO, CICC has been restructured into a joint stock limited company, the company said on June 1.
CICC was established in 1995 as a joint venture between China Construction Bank Corp and Morgan Stanley, though the US investment bank sold its 34.4 percent stake in 2010 to KKR & Co, TPG Capital Management, Singapore sovereign wealth fund GIC and the Great Eastern Life Assurance Co.
