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(Bloomberg) — China International Capital Corp., one of the nation’s largest brokerages, is seeking to tap growing demand for cross-border financial services in the Persian Gulf and Southeast Asia as the firm pushes its global expansion.
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Beijing-based CICC is gearing up to open a new branch in Dubai to target sovereign wealth funds and conglomerates in the Gulf region, according to Wang Hanfeng, deputy president for CICC International. It’s also exploring more Southeast Asian markets, after having opened a representative office in Vietnam last year and a Singapore unit in 2008.
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“If we don’t connect with the world and just focus our efforts on the domestic market, our role and influence will wane,” Wang said in emailed remarks to Bloomberg News. “We aim to form a bridge for Chinese firms to go abroad and overseas firms to invest in China.”
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The company will now also prioritize deploying resources to areas including Latin America, central Asia as well as Japan and South Korea to better support China’s Belt and Road Initiative, Wang said.
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Since the inception of the initiative in 2013, China has managed to extend its global influence through the development program that mainly funds infrastructure for member countries. Beijing is now actively seeking closer ties with trade partners in regions including Southeast Asia as it braces for growing tensions with President Donald Trump’s US administration.
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The overseas expansion of Chinese brokerages also dovetails with the nation’s strategy for its firms to “go global” and a drive to cultivate two to three top-class Chinese investment banks by 2035.
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The push comes amid increasing tension with US over tariffs and as China’s economy has struggled to regain traction. The firm’s profit dropped 7.5% in 2024 from a year earlier as brokerage commissions and investment banking revenue slid. Underwriting and sponsoring fees from equity financing dropped almost 37% as initial public offerings and follow-on share sales in China plummeted.
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CICC aims to participate in the energy transition and infrastructure construction drive in Gulf region by providing structured financing and services, according to Wang. It will cater to increasing demand from both Chinese firms and their counterparts in that region for cross-border investment, share offerings, as well as mergers and acquisitions, he said. There’s “great synergy” between the two sides in areas including green energy, he said.
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