CMD is responsible for CICC’s securities underwriting businesses. As the nexus between IBD’ issuing clients and CICC’s investing clients, CMD represents CICC’s expertise in domestic and overseas financing transactions, responsible for capital market execution of equity and debt offerings. The department is organized into two divisions—Equity Capital Markets (ECM) and Debt Capital Markets (DCM)—that respectively undertake deal origination & execution, cross-selling, market monitoring and assessment, and new product development.

Deal Origination & Execution

CMD provides IBD and clients with timely market intelligence, assessment of market conditions and opportunities, and professional advice on financing solutions under different market conditions. Through a network of professionals based in Beijing and Hong Kong, CMD has extensive experience in providing cross-market and cross-product solutions to help clients achieve both short and long-term financing objectives.

ECM is in leading positions of Chinese issuer IPO and follow-on offerings on mainland China, Hong Kong, the US, London, Germany, and Singapore exchanges. DCM, while keeping its strong positions in mainland China, has also built a significant presence in the fledging off-shore RMB bond market establishing CICC as the top underwriter in CNH bonds among Chinese investment banks.

CMD is responsible for capital market execution of CICC’s key corporate finance function—the underwriting of equity and debt offerings—with responsibilities in assessing and controlling of underwriting risks, designing offering structures, organizing syndicates, and coordinating road shows, as well as managing the book-building process, pricing and allocation, and deal economics.


CMD coordinates the efforts of various departments in product development and innovation, exploring cross-selling opportunities between primary and secondary markets, such as block trades, exchangeable bonds, trust products and non-deal road shows.

Capital Markets Analysis

CMD makes thorough study of global capital markets and provides a variety of products, including global capital market trend analysis, market updates and investor demand analysis for both CICC’s internal reference and advisory for external clients.

New Product Development

CMD has been introducing global market best practices in execution, deal structuring, pricing, allocation mechanisms and new product development to China, to promote a more innovative and market-oriented capital market.

Introduced international best practices based on market-driven offering mechanisms, consisting of pre-marketing, road shows, and book building.

Pioneered A+H simultaneous offerings and led all four A+H IPOs to date: ICBC in 2006, China CITIC Bank in 2007, ABC in 2010, and NCI in 2011.

Introduced the greenshoe stabilization mechanism from overseas markets to the A-share market, successfully exercised over-allotment options for ICBC, ABC and Everbright Bank, the only three A-share IPOs with the greenshoe mechanism up to now.

Promoted product innovations such as asset-backed securitization and structured finance products in China’s domestic capital markets by leveraging knowledge of international capital markets.

Agricultural Bank of China (ABC) IPO Case Study

ABC’s IPO in 2010 is globally the largest IPO to date, raising US$22.1 billion through its A+H dual listing. Building upon its experience in executing past A+H deals, CMD successfully completed the offering despite adverse conditions such as a tight schedule and high volatility in both domestic and overseas markets.