CICC may raise $1b from stock offering in HK

China International Capital Corp, the country's first Sino-foreign investment bank, plans to raise about $1 billion from an initial public offering in Hong Kong this year, people with knowledge of the matter said.

The Beijing-based company aims to start the share sale in the second half of this year, said the people, who asked not to be identified as the information is private. It has yet to seek approval from the city's stock exchange, they said.

The once-dominant investment bank, which has lost ground to rivals, is pushing ahead. The firm has hired Hopu Investment Management Co partner Bi Mingjian as its chief executive officer in a move that should help smooth the listing plan, a person with knowledge of the matter said.