CICC
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 investment bank jointly owned by Chinese and foreign investors, it has repeatedly ranked first in research surveys covering China.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1212M
- Actions
- 1212M
- Ratings / Price targets
- 12 / 0
- Upgrades / Downgrades
- 2 / 2
- Initiations
- 8
- Buy-rated
- 83%of 12 rated
- On record
- Aug 2012 – Sep 2026
Overview
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 2020 it has worked alongside the CICC Global Institute, an in-house policy think tank; under Peng Wensheng, who led both until retiring in 2026, they published thematic studies on the green transition, AI and geoeconomics.
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.
Milestones
- 1995
Founded as China's first Sino-foreign joint-venture investment bank
- 1997
CICC Hong Kong established; first overseas IPO completed
- 2010
Morgan Stanley sells its 34.3% stake
- 2015
H shares listed on Hong Kong Stock Exchange
- 2020
A shares listed on Shanghai Stock Exchange
- 2026
Regulator approves absorption of Dongxing and Cinda Securities
Firm facts
- Legal name
- China International Capital Corporation Limited
- Type
- Full-service
- Founded
- 1995
- Headquarters
- Beijing, China
- Listing
- HKEX: 3908
- President
- Wang Shuguang
- Rating scale
- OutperformNeutralUnderperform6–12 months
- Website
- en.cicc.com
Research philosophy
Research is the foundation upon which all other business lines at CICC stand.
CICC bases its research philosophy on the principle that "research creates value," aiming to provide independent, forward-looking analysis that examines industries and companies in depth to assess their value.
Rating methodology
Since June 2019 it has rated stocks Outperform, Neutral or Underperform against the corresponding CICC sector index over 6–12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Advanced Micro Devices, Inc.AMD | Outperform | — |
 AstraZeneca PLCAZN | Outperform | — |
 Cummins Inc.CMI | Outperform | — |
 Deere & CompanyDE | Outperform | — |
 The Estée Lauder Companies Inc.EL | Outperform | — |
 Hilton Worldwide Holdings Inc.HLT | Outperform | — |
 Lululemon Athletica Inc.LULU | Market Perform | — |
 Marriott International, Inc.MAR | Outperform | — |
| MDMDEVF | Market Perform | — |
 Monster Beverage CorporationMNST | Outperform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 13 | Deere & CompanyDE | Initiate | Outperform |
| Aug 30 | The Estée Lauder Companies Inc.EL | Upgrade | Outperform |
| Aug 23 | Cummins Inc.CMI | Initiate | Outperform |
| Aug 23 | AstraZeneca PLCAZN | Initiate | Outperform |
| Aug 20 | REATRenew Inc.RERE | Initiate | Outperform |
| Aug 16 | MDMDEVF | Downgrade | Market Perform |
| Aug 12 | Hilton Worldwide Holdings Inc.HLT | Initiate | Outperform |
| Aug 12 | Marriott International, Inc.MAR | Initiate | Outperform |
| Jul 26 | SCSouthern Copper CorporationSCCO | Downgrade | Market Perform |
| Jun 24 |  Merck & Co., Inc.MRK | Initiate | Outperform |
| Jun 23 | TTTotalEnergies SETTE | Initiate | Outperform |
| Nov 7, 2025 | Advanced Micro Devices, Inc.AMD | Upgrade | Market Perform →Outperform |