China International Capital Corporation (Singapore) Pte. Limited (CICC Singapore) was incorporated in July 2008. Being a holder of the Capital Markets Services Licence regulated by the Monetary Authority of Singapore, CICC Singapore is the hub for CICC’s Southeast Asian and South Asian businesses and operations, primarily focusing on its sales and trading and investment banking activities. CICC Singapore supports the Belt and Road Initiative within the region.
Since our commencement of business, we have achieved a prominent track record in the primary capital market. In 2009, CICC assisted with Global Logistic Properties (GLP)’s Initial Public Offering on the Singapore Stock Exchange. The offering size of GLP was S$ 3.9 billion (approximately US$ 3 billion), which was at that time the largest IPO in Singapore since 1993 and the largest ever IPO in the world’s real estate sector. In 2016, CICC assisted in Manulife US Real Estate Investment Trust (REIT)’s IPO on the Singapore Stock Exchange. Through this deal, CICC became the first Chinese investment bank to act as bookrunner and underwriter for a REIT IPO in Singapore.
CICC was equally active in the secondary capital market. In 2014, CICC acted as the sole financial advisor to China Mobile in her subscription of 18% interest in True Corporation PCL of Thailand. The transaction value was approximately US$ 900 million, which was the largest outbound M&A transaction completed by a Chinese telecommunication operator since 2010.
As outbound M&A transactions increase from China, CICC has been active in providing advisory services for such cross-border deals. In 2017, CICC was involved in the privatizations of GLP and CWT in Singapore. In 2018, we assisted with GO-JEK Indonesia’s US$1.5 billion private placement, which was the largest single-round financing of a technology player in the emerging Southeast Asia. We also successfully assisted Sasseur Real Estate Investment Trust in listing on the Singapore Stock Exchange, which came under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (Financial Services).