| Levin Zhu, son of former Chinese Premier Zhu Rongji, has resigned as chief executive of investment bank China International Capital Corp. after nearly 17 years at the helm, as its planned initial public offering has been delayed.The biggest shareholder of C.I.C.C., with a 43.3 percent stake, is Central Huijin Investment, a subsidiary of China’s sovereign wealth fund, the China Investment Corporation.
CICC said Tuesday that it had appointed Chief Operating Officer Shoukang Lin, who joined CICC in 2000, as acting chief executive. Mr. Zhu’s plans weren’t clear and he couldn’t immediately be reached for comment. CICC was formed by Morgan Stanley and China Construction Bank Corp as China’s first Sino-foreign joint-venture investment bank in 1995. Morgan Stanley sold its stake in December 2010 to a consortium that included sovereign-wealth fund Government of Singapore Investment Corp..............................................Full Article: Source
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