Chinese financial firm CICC Capital closed a $229 million investment fund for infusions into new biotech ventures in China. The capital has flowed into this fund primarily from Chinese organizations inside and outside the biotech industry.
Last year ,the financial services firm teamed with Anglo/Nordic AstraZeneca (NYSE: AZN) to raise up to $1 billion over several years to back life science startups in China. Soon after, CICC announced its own fund, which closed over its $213 million goal. They announced some of the capital will flow into companies producing COVID-19 vaccines and therapies.
Who is CICC Capital?
Founded in 1995, the firm is headquartered at China World Office 2, Jianquomen Outer Street, Beijing, China. It has offices in other parts of China as well as Singapore, London, and New York. An investment bank offering diversified services, it is one of China’s leading investment banking firms. It had early ties with Morgan Stanley. It recently expanded its U.S. operation.
China International Capital Corporation Limited (CICC, 3908.HK) is China’s first joint-venture investment bank. Since inception in 1995, CICC has always been committed to providing high quality value-added financial services to their clients. They have established a full-service business model consisting of investment banking, equities, FICC, wealth management and investment management on the basis of strong research coverage. Headquartered in Beijing, they have established subsidiaries in Mainland China, branch companies in major cities including Shanghai and Shenzhen, and over 200 securities branches in 28 provinces and municipalities across China. CICC has also actively ventured into overseas markets and has established offices in Hong Kong, New York, Singapore, London, San Francisco and recently Frankfurt, to help clients in both domestic and overseas markets fulfill their strategic goals.