Zhu Yunlai, a son of former Chinese premier Zhu Rongji, has resigned as president of China International Capital Corp. (CICC) ahead of the investment bank’s potential public listing, the Hong Kong Economic Journal reported Wednesday.
The board approved Zhu’s resignation and appointed chief operating officer Lin Shoukang acting president, according to a company announcement.
A global search is under way for Zhu’s full-time replacement, the report said, citing a CICC spokesman.
Zhu’s departure shocked some investment bankers, especially as CICC is reported to be seeking up to US$3 billion in a Hong Kong listing before the end of the year, the report said.
Banking sources said his resignation might have been related to the central government’s campaign to curb “princelings”, or offspring of past and present senior leaders.
Zhu’s exit preempts any controversy for him or the company. He is keen to launch his own business, possibly in the internet sector, according to Securities Times.
Since joining CICC in 1998, Zhu has kept a low-profile and rarely granted media interviews.
He steered CICC into a strong player in investment banking after working as an underwriter or book runner for IPOs for many state-owned enterprises including PetroChina, Sinopec, China Unicom, China Life Insurance and China Construction Bank, the report said.
Morgan Stanley exited CICC by selling a 34.3 percent stake for US$1 billion in 2012. Central Huijin is CICC’s biggest shareholder with a 43.35 percent stake.
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