China International Capital Corp has emerged from a years‑long government crackdown to become the dominant financier of Beijing’s AI push. It has sponsored multibillion‑dollar listings for tech champions such as CXMT and Zhongji Innolight, topping IPO league tables in mainland China and Hong Kong. CICC netted $11.5bn in deal volume this year, more than double the same period in 2025, and is on track for a record annual haul.

The confronto to the 2021 property crash and Xi Jinping’s “common prosperity” campaign saw senior executives investigated and bankers hit severe pay cuts. Revenues fell to as low as Rmb2.8bn in 2024 from a peak of Rmb6.8bn in 2021, but a late‑2024 stimulus package and relaxed listing rules revived the market. Lou Xinyu, deputy head of CICC’s tech, media and telecom team, credits the bank’s integrated investment stunned, private equity and research teams for capturing AI deals.

CICC’s private equity arm, CICC Capital, has actively invested across the sector, reinforcing trust in the brand. The bank’s underwriting fee on the CXMT listing was only Rmb226.6mn, a fraction of the 2010 Agricultural Bank IPO fees, reflecting tighter margins in a more competitive market.

Despite success, CICC’s shares remain below peak, as investors weigh the bank’s role in a state‑driven financial sector reshaping.