New | CICC picks former investment boss Bi Mingjian as new chief

China International Capital Corp, the first Sino-foreign joint-venture investment bank, has appointed its former investment banking chief Bi Mingjian as its chief executive and chairman, paving the way for a much-anticipated initial public share offering in the second half of this year.

Bi takes over the helm of the Beijing-based investment bank from the long-serving chief executive Levin Zhu Yunlai, who resigned in October last year.

A day after Zhu's departure, chairman Jin Liqun also stepped down after about one year in the job.

The abrupt departure of Zhu, the son of former premier Zhu Rongji, prompted questions about CICC's stability and strategic direction after attacks from other major rivals such as Citic Securities and Haitong Securities that grabbled overseas and domestic market shares through rapid expansion and acquisitions of overseas rivals.

Bi will serve as the acting chief executive and chairman of CICC pending regulatory approval, the company said in a statement on Monday.

CICC also said Lin Shoukang would return to his role as the chief operating officer after serving as the acting chief.

"CICC has been suffering from high employee turnover after losing its dominance over the lucrative IPO market," said Howhow Zhang, the head of research at Z-Ben Advisors, a Shanghai-based consultancy, referring to the abrupt departures of the investment bank's chairman and chief executives, as well as a number of key bankers.