London Welcomes First Chinese Member Firm
The London Stock Exchange Group on May 31 welcomed China International Capital Corporation (UK) Limited (“CICC UK”) as the Exchange’s first ever Chinese member firm. CICC UK will join the Exchange’s more than 400 other members drawn from 30 countries around the world becoming the first Chinese member in the LSE’s 210 year history.
China International Capital Corporation Limited, China’s first joint venture investment bank, is expanding its activities in Europe. It launched its UK business in early 2010 to serve the ever increasing number of European clients looking to do business with China and to provide a European platform from which to service its Chinese client base.
Nicolas Bertrand, Head of Equity and Derivative Markets at London Stock Exchange Group, said:
“We are delighted to welcome China International Capital Corporation (UK) Limited as a London Stock Exchange member firm. CICC’s membership reinforces the LSE’s leading position as the world’s most international capital market.”
With a large membership base of over four hundred firms, the LSE offers the deepest pool of liquidity in UK equities. CICC UK’s membership represents the Group’s increasingly active relationship with the Chinese market. 51 Chinese companies are listed on the Exchange with a combined market cap of £30bn.
Xinhan Xia, Managing Director at China International Capital Corporation (UK) Limited, said:
“We are extremely pleased to be the first Chinese bank to become a member of the London Stock Exchange. Both the London Stock Exchange and the local investors have played an important role in helping to bring about the success of CICC, by way of providing sources of capital and a listing venue for Chinese companies. Membership of the London Stock Exchange will further enable us to build a two way bridge between China and the world’s top financial centre.”