Announcement • Jul 13
China International Capital Corporation Limited Announces Retirement of Zhang Kejun as A Member of the Management Committee, Effective July 13, 2026 China International Capital Corporation Limited held the Twenty-first Meeting of the Third Session of the Board of Directors on July 13, 2026, at which the Proposal regarding the Retirement of Zhang Kejun as a Member of the Management Committee was considered and approved. Due to reaching the retirement age, Mr. Zhang Kejun ceased to serve as a member of the Management Committee of the Company, with effect from the date of consideration and approval by the Board. After Mr. Zhang Kejun’s retirement from the aforementioned position, he will no longer hold any position in the Company or its subsidiaries. The handover will be completed in accordance with the relevant requirements. Announcement • Jul 11
China International Capital Corporation Limited Provides Earnings Guidance for the First Half Ended June 30, 2026 China International Capital Corporation Limited provided earnings guidance for the first half ended June 30, 2026. The Company estimates that net profit attributable to shareholders of the parent company for the first
half of 2026 will range from RMB 7,708 million to RMB 8,227 million, achieving an increase between RMB 3,378 million and RMB 3,897 million as compared to the corresponding period of last year, representing a year-on-year increase between 78% and 90%. In the first half of 2026, fulfilling its core mandate and principal business functions as a state- owned financial institution, the Company closely followed the policy directives for advancing the capital market reform. Upholding the bottom line of compliant and prudent operations, the Company exerted full efforts to serve the real economy and the national tech-driven strategy. Amid the steady progress of capital market investment and financing reforms, the Company maintained a long-term strategic orientation and a well-diversified, balanced business portfolio. During the reporting period, the six pillar business segments including investment banking, equities, and wealth management, achieved strong synergetic growth. Meanwhile, the international business posted sound growth, collectively, driving a significant year-on-year increase in overall operating results. Announcement • Jun 30
China International Capital Corporation Limited to Report First Half, 2026 Results on Aug 31, 2026 China International Capital Corporation Limited announced that they will report first half, 2026 results on Aug 31, 2026 Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.23 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 24 August 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (3.3%). Declared Dividend • Jun 08
Dividend of CN¥0.23 announced Shareholders will receive a dividend of CN¥0.23. Ex-date: 30th June 2026 Payment date: 24th August 2026 Dividend yield will be 1.8%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 05
China International Capital Corporation Limited, Annual General Meeting, Jun 26, 2026 China International Capital Corporation Limited, Annual General Meeting, Jun 26, 2026, at 14:30 China Standard Time. Location: meeting rooms 3004 and 3005, 30/f, china life finance centre, no. 23 zhenzhi road, chaoyang district, beijingq China Announcement • May 15
Nanjing Haijing Pharmaceutical Co., Ltd. agreed to acquire 21.25% stake in Shanghai Rendu Biotechnology Co., Ltd. (SHSE:688193) from Ju Jinliang, Qiming Weichuang Venture Capital Management (Shanghai) Company Limited, Runcong (Shanghai) Enterprise Management Center (Limited Partnership), China International Capital Corporation Limited (SEHK:3908), Qiming Ventures Fund III, Changzhou Jinxin Venture Capital Co., Ltd. and Novel Praise Limited for approximately CNY 520 million. Nanjing Haijing Pharmaceutical Co., Ltd. agreed to acquire 21.25% stake in Shanghai Rendu Biotechnology Co., Ltd. (SHSE:688193) from Ju Jinliang, Qiming Weichuang Venture Capital Management (Shanghai) Company Limited, Runcong (Shanghai) Enterprise Management Center (Limited Partnership), China International Capital Corporation Limited (SEHK:3908), Qiming Ventures Fund III, Changzhou Jinxin Venture Capital Co., Ltd. and Novel Praise Limited for approximately CNY 520 million on May 14, 2026. A cash consideration of CNY 516.19 million will be paid by Nanjing Haijing Pharmaceutical Co., Ltd. As part of consideration, Ju Jinliang will transfer 1.965 million shares at CNY 72.65 per share for consideration CNY 142.727 million; Runcong (Shanghai) Enterprise will transfer 1.311 million shares at CNY 72.65 per share for consideration CNY 95.232 million; China International Capital Corporation Limited will transfer 0.716 million shares at CNY 72.65 per share for consideration CNY 52.016 million; Ming Li Investments Limited will transfer 3.206 million shares at CNY 50 per share for consideration CNY 160.279 million; Changzhou Jinxin Venture Capital Co., Ltd. will transfer 0.845 million shares at CNY 50 per share for consideration CNY 42.274 million; and Novel Praise Limited will transfer 0.473 million shares at CNY 50 per share for consideration CNY 23.66 million.
The transaction is subject to obtain Shanghai Stock Exchange compliance confirmation and complete share transfer registration with CSDC Shanghai Branch. Major Estimate Revision • May 06
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥33.3b to CN¥34.0b. EPS estimate increased from CN¥2.29 to CN¥2.54 per share. Net income forecast to grow 9.0% next year vs 12% growth forecast for Capital Markets industry in Hong Kong. Consensus price target broadly unchanged at HK$27.84. Share price was steady at HK$21.20 over the past week. New Risk • Apr 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Major Estimate Revision • Mar 31
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from CN¥1.99 to CN¥2.24. Revenue forecast unchanged at CN¥33.2b. Net income forecast to grow 20% next year vs 17% growth forecast for Capital Markets industry in Hong Kong. Consensus price target broadly unchanged at HK$27.67. Share price fell 2.1% to HK$17.17 over the past week. Announcement • Mar 30
China International Capital Corporation Limited to Report Q1, 2026 Results on Apr 30, 2026 China International Capital Corporation Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Buy Or Sell Opportunity • Mar 03
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at HK$19.30. The fair value is estimated to be HK$24.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Announcement • Jan 30
China International Capital Corporation Limited Provides Earnings Guidance for the Year 2025 China International Capital Corporation Limited provided earnings guidance for the year 2025. The Company estimates that net profit attributable to shareholders of the parent company for the year 2025 will range from RMB 8,542 million to RMB 10,535 million, achieving an increase between RMB 2,847 million and RMB 4,840 million as compared to the corresponding period of last year, representing a year-on-year increase between 50% and 85%. The Company estimates that net profit attributable to shareholders of the parent company for the year 2025, excluding extraordinary items, will range from RMB 8,428 million to RMB 10,351 million, achieving an increase between RMB 2,772 million and RMB 4,695 million as compared to the corresponding period of last year, representing a year-on-year increase between 49% and 83%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$22.92, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$21.35 per share. Announcement • Dec 26
China International Capital Corporation Limited to Report Fiscal Year 2025 Results on Mar 28, 2026 China International Capital Corporation Limited announced that they will report fiscal year 2025 results on Mar 28, 2026 Board Change • Dec 18
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Yu Zhou was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Nov 01
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Yu Zhou was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 01
China International Capital Corporation Limited Approves Interim Cash Dividend for 2025, Payable on December 29, 2025 China International Capital Corporation Limited, at the EGM held on October 31, 2025 approved a cash dividend of RMB 0.90 (tax inclusive) for every ten Shares held will be distributed. For the purpose of determining the entitlement of holders of H Shares to the 2025 Interim Dividend, the H Share register of members of the Company will be closed from November 6, 2025 to November 11, 2025 (both days inclusive), during which period no transfer of H Shares will be registered. The holders of H Shares whose names appear on the H Share register of members of the Company on November 11, 2025 are entitled to the 2025 Interim Dividend. In order to be entitled to receive the 2025 Interim Dividend, all share certificates, together with the instruments of transfers, must be lodged for registration with the Company's H Share registrar, Computershare Hong Kong Investor Services Limited (for holders of H Shares) at Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong, not later than 4:30 p.m. on November 5, 2025. The Company will announce the specific arrangement for the payment of 2025 Interim Dividend to the holders of A Shares separately on the Shanghai Stock Exchange. It is expected that the Receiving Agent will pay the 2025 Interim Dividend on December 29, 2025 to holders of H Shares whose names appear on the H Share register of members of the Company on November 11, 2025. Announcement • Oct 31
China International Capital Corporation Limited Announces Board and Committee Changes, Effective October 31, 2025 China International Capital Corporation Limited, at the EGM held on October 31, 2025, Ms. Tian Ting was elected as the employee director of the Company. Ms. Tian Ting has served as the employee director of the Company from the same date, with the term of office expiring at the conclusion of the term of office of the third session of the Board of the Company, and she will be eligible for re-election then. Following the appointment of Ms. Tian Ting as an employee director of the Company, the total number of internal directors (being the directors who concurrently hold other positions within the Company) of the third session of the Board does not exceed half of the total number of directors of the Company, which complies with the provisions of relevant laws, regulations, regulatory documents and the Articles of Association. The biographical details of Ms. Tian Ting are as follows: Ms. Tian Ting, born in August 1978, has been elected as the employee director of the Company since October 2025. Ms. Tian Ting has been the Head of the Financial Control Department of the Company since May 2018 and the Head of the Treasury Department of the Company since July 2025. Ms. Tian Ting is a fellow of the Association of Chartered Certified Accountants (ACCA). Ms. Tian Ting joined the Group in July 2000 and successively held several positions, including the Deputy Head and the Head of the Financial Control Department, etc., and has been a director of China CICC Wealth Management Securities Company Limited since April 2024, a director of each of CICC Capital Management Co. Ltd. and CICC Private Equity Management Co. Ltd. since December 2024, and a director and the general manager of CICC Pucheng Investment Co. Ltd. since August 2025. Ms. Tian Ting served as the employee representative supervisor of the Company from April 2025 to October 2025. Ms. Tian Ting graduated from the University of International Business and Economics in July 2000 with a bachelor's degree in accounting. The Board agreed to elect Mr. Wang Shuguang as the vice chairman of the Board, whose term of office shall take effect from October 31, 2025 until the date of expiration of the term of office of the third session of the Board of the Company (in the event that he ceases to serve as a director of the Company during his term of office, he shall also automatically cease to serve as the vice chairman of the Board). Adjustments to the Composition of the Special Committees of the board agreed to make the following adjustments to the composition of the special committees of the Board: To elect Mr. Wang Shuguang as a member of each of the Strategy and ESG Committee, the Remuneration Committee and the Risk Management Committee of the Board; To elect Ms. Tian Ting as a member of each of the Strategy and ESG Committee and the Risk Management Committee of the Board. The term of office of the above-mentioned members of special committees of the Board shall take effect from October 31, 2025 until the date of expiration of the term of office of the third session of the Board of the Company. Buy Or Sell Opportunity • Oct 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to HK$23.24. The fair value is estimated to be HK$18.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Declared Dividend • Oct 19
First half dividend of CN¥0.09 announced Shareholders will receive a dividend of CN¥0.09. Ex-date: 4th November 2025 Payment date: 29th December 2025 Dividend yield will be 0.9%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 12%. Cash payout ratio: 2%. Buy Or Sell Opportunity • Oct 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to HK$22.40. The fair value is estimated to be HK$18.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Announcement • Sep 30
China International Capital Corporation Limited to Report Q3, 2025 Results on Oct 30, 2025 China International Capital Corporation Limited announced that they will report Q3, 2025 results on Oct 30, 2025 Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$22.98, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$11.51 per share. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$21.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Capital Markets industry in Hong Kong. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$11.85 per share. Announcement • Jun 30
China International Capital Corporation Limited to Report First Half, 2025 Results on Aug 30, 2025 China International Capital Corporation Limited announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 27
China International Capital Corporation Limited Approves Final Cash Dividend for 2024, Payable on August 22, 2025 The resolution on the 2024 profit distribution plan was approved at the AGM. China International Capital Corporation Limited will adopt the method of cash dividend to distribute dividends to its Shareholders for its 2024 profit distribution. The total cash dividend to be distributed is RMB 434,453,118.12 (tax inclusive) (the "2024 Final Dividend"). On the basis of the total number of 4,827,256,868 Shares in issue of the Company to date, a cash dividend of RMB 0.90 (tax inclusive) for every ten Shares held will be distributed. In case of any changes in the total number of issued Shares of the Company on the record date (i.e July 9, 2025) to implement the 2024 annual profit distribution resulting from placing of shares, share repurchase and other reasons, the amount of cash dividend per Share will be accordingly adjusted while the total cash dividends of RMB 434,453,118.12 (tax inclusive) remain unchanged, and the adjustment details will be disclosed separately. The Company has appointed Computershare Hong Kong Trustees Limited as the receiving agent (the "Receiving Agent") of the Company in Hong Kong and will pay the declared 2024 Final Dividend to the Receiving Agent for payment to holders of H Shares. It is expected that the Receiving Agent will pay the 2024 Final Dividend on August 22, 2025 to holders of H Shares whose names appear on the H Share register of members of the Company on July 9, 2025. Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.09 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (2.6%). Announcement • Jun 24
China International Capital Corporation Limited(SHSE:601995) dropped from Shanghai Stock Exchange 180 Value Index China International Capital Corporation Limited has been removed from Shanghai Stock Exchange 180 Value Index . Declared Dividend • Jun 09
Dividend of CN¥0.09 announced Shareholders will receive a dividend of CN¥0.09. Ex-date: 2nd July 2025 Payment date: 22nd August 2025 Dividend yield will be 1.2%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 15%. Cash payout ratio: 2%. Announcement • Jun 06
China International Capital Corporation Limited, Annual General Meeting, Jun 27, 2025 China International Capital Corporation Limited, Annual General Meeting, Jun 27, 2025, at 14:30 China Standard Time. Location: meeting rooms 3004 and 3005, 30/f, china life finance centre, no. 23 zhenzhi road, chaoyang district, beijing, prc., China Buy Or Sell Opportunity • May 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to HK$14.00. The fair value is estimated to be HK$11.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Major Estimate Revision • May 06
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥24.6b to CN¥23.7b. EPS estimate rose from CN¥1.27 to CN¥1.41. Net income forecast to grow 21% next year vs 21% growth forecast for Capital Markets industry in Hong Kong. Consensus price target down from HK$19.78 to HK$19.22. Share price was steady at HK$13.52 over the past week. Announcement • Apr 11
China International Capital Corporation Limited Provides Earnings Guidance for the First Quarter of 2025 China International Capital Corporation Limited provided earnings guidance for the first quarter of 2025. For the first quarter of 2025 will range from RMB 1,858 million to RMB 2,106 million, representing a year-on-year increase between 50% and 70%. In the first quarter of 2025, the Company adheres to the strategic objective of building first- class investment bank, actively serves real economy, continuously solidifies core competitiveness, and promotes high-quality development of business. The Company actively seizes market opportunities and implements various cost control measures. Wealth management, equities and other businesses of the Company achieved substantial growth. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to HK$13.18. The fair value is estimated to be HK$10.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$11.78, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$10.92 per share. Reported Earnings • Mar 30
Full year 2024 earnings released Full year 2024 results: Revenue: CN¥23.1b (flat on FY 2023). Net income: CN¥5.69b (up 3.6% from FY 2023). Profit margin: 25% (in line with FY 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Capital Markets industry in Hong Kong. Announcement • Mar 28
China International Capital Corporation Limited to Report Q1, 2025 Results on Apr 29, 2025 China International Capital Corporation Limited announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Mar 18
China International Capital Corporation Limited to Report Q4, 2024 Results on Mar 28, 2025 China International Capital Corporation Limited announced that they will report Q4, 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$16.22, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 8.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$15.04 per share. Buy Or Sell Opportunity • Jan 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$13.10. The fair value is estimated to be HK$16.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 89% in the next 2 years. Announcement • Dec 27
China International Capital Corporation Limited to Report Fiscal Year 2024 Results on Mar 29, 2025 China International Capital Corporation Limited announced that they will report fiscal year 2024 results on Mar 29, 2025 Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$16.58, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$14.78 per share. Reported Earnings • Oct 31
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: CN¥4.64b (up 17% from 3Q 2023). Net income: CN¥958.6m (down 30% from 3Q 2023). Profit margin: 21% (down from 35% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Oct 28
Upcoming dividend of CN¥0.09 per share Eligible shareholders must have bought the stock before 04 November 2024. Payment date: 27 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$16.14, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 8.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$9.81 per share. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 30
China International Capital Corporation Limited to Report Q3, 2024 Results on Oct 31, 2024 China International Capital Corporation Limited announced that they will report Q3, 2024 results on Oct 31, 2024 Buy Or Sell Opportunity • Sep 27
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to HK$12.52. The fair value is estimated to be HK$9.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Announcement • Sep 26
China International Capital Corporation Limited Appoints Liang Dongqing as Member of the Management Committee The Third Meeting of the Third Session of the Board of Directors of China International Capital Corporation Limited was held on September 26, 2024, at which the appointment of Ms. Liang Dongqing as a member of the Management Committee of the Company was approved and shall take effect from the date of consideration and approval by the Board. The compensation of Ms. Liang Dongqing is executed in accordance with the relevant regulations and her biography is as follows: Ms. Liang Dongqing (), born in December 1983, currently serves as a member of the Party Committee of the Company, a member of the Party Committee, a member of the Executive Committee, vice president, chairman of the Trade Union, and head of the Investment Products & Solutions Tribe of China CICC Wealth Management Securities Company Limited (the "CICC Wealth Management"), and a director of CICC Wealth Management Futures CO. Ltd. Ms. Liang joined the Research Department of the Company in July 2008 and has successively served as the head of the Wealth Research Department and the co-deputy head of the Wealth Management Service Center of the Company, the general manager and chairman of the board of directors of CISC Investment Company Limited, and the general manager of the Product Center of CICC Wealth Management. Ms. Liang obtained a bachelor's degree in Economics from Nankai University in 2005 and a master's degree in Economics from Peking University in 2008. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$9.44, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Capital Markets industry in Hong Kong. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$9.09 per share. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.17 (vs CN¥0.22 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.17. Revenue: CN¥6.30b (up 23% from 2Q 2023). Net income: CN¥989.4m (up 1.4% from 2Q 2023). Profit margin: 16% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Capital Markets industry in Hong Kong. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to HK$8.44. The fair value is estimated to be HK$10.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Announcement • Jun 29
China International Capital Corporation Limited to Report First Half, 2024 Results on Aug 31, 2024 China International Capital Corporation Limited announced that they will report first half, 2024 results on Aug 31, 2024 Upcoming Dividend • Jun 26
Upcoming dividend of CN¥0.18 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (3.9%). Declared Dividend • Jun 10
Dividend of CN¥0.18 announced Shareholders will receive a dividend of CN¥0.18. Ex-date: 3rd July 2024 Payment date: 23rd August 2024 Dividend yield will be 1.9%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 1.7% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 08
Consensus revenue estimates increase by 16%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥30.3b to CN¥35.2b. EPS estimate fell from CN¥1.36 to CN¥1.30. Net income forecast to grow 40% next year vs 40% growth forecast for Capital Markets industry in Hong Kong. Consensus price target broadly unchanged at HK$13.90. Share price was steady at HK$9.55 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.22 (vs CN¥0.43 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.22 (down from CN¥0.43 in 1Q 2023). Revenue: CN¥3.39b (down 45% from 1Q 2023). Net income: CN¥1.24b (down 45% from 1Q 2023). Profit margin: 37% (in line with 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. Major Estimate Revision • Apr 18
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥32.6b to CN¥35.2b. EPS estimate fell from CN¥1.50 to CN¥1.32 per share. Net income forecast to grow 7.7% next year vs 18% growth forecast for Capital Markets industry in Hong Kong. Consensus price target down from HK$14.47 to HK$13.99. Share price fell 4.1% to HK$8.60 over the past week. Announcement • Mar 30
China International Capital Corporation Limited to Report Q1, 2024 Results on Apr 30, 2024 China International Capital Corporation Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: CN¥1.14 (down from CN¥1.46 in FY 2022). Revenue: CN¥23.1b (down 17% from FY 2022). Net income: CN¥5.50b (down 22% from FY 2022). Profit margin: 24% (down from 26% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Announcement • Mar 29
China International Capital Corporation Limited Declares Final Dividend for the Year Ended December 31, 2023 China International Capital Corporation Limited declared final dividend of RMB 1.8 per 10 share for the year ended December 31, 2023. Announcement • Jan 17
China International Capital Corporation Limited Announces Retirement of Duan Wenwu as Non-Executive Director, Member of the Strategy and ESG Committee and the Risk Management Committee China International Capital Corporation Limited announced that Mr. Duan Wenwu will no longer serve as a non-executive director, member of the Strategy and ESG Committee and the Risk Management Committee of Board of the Company since the formation of the Third Session of the Board. Mr. Duan Wenwu has confirmed that he has no disagreement with the Board during his term of office and there is no other matter relating to his retirement that needs to be brought to the attention of the shareholders, creditors of the Company or the stock exchange in the place where the Company's shares are listed. Announcement • Dec 30
China International Capital Corporation Limited to Report Fiscal Year 2023 Results on Mar 29, 2024 China International Capital Corporation Limited announced that they will report fiscal year 2023 results on Mar 29, 2024 Announcement • Nov 11
China International Capital Corporation Limited Appoints Chen Liang as an Executive Director China International Capital Corporation Limited appointed Chen Liang as an executive Director at its 2023 First Extraordinary General Meeting November 10, 2023. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CN¥0.21 (vs CN¥0.42 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.21 (down from CN¥0.42 in 3Q 2022). Revenue: CN¥4.15b (down 33% from 3Q 2022). Net income: CN¥1.37b (down 43% from 3Q 2022). Profit margin: 33% (down from 39% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Oct 24
China International Capital Corporation Limited Announces Board Changes China International Capital Corporation Limited announced Mr. Shen Rujun submitted his resignation from positions as the Chairman of the Board, non-executive director, chairman of the Strategy and ESG Committee and member of the Nomination and Corporate Governance Committee of theBoard of the Company, which shall take effect on October 22, 2023. Buying Opportunity • Oct 13
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be HK$17.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 48% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Announcement • Sep 30
China International Capital Corporation Limited to Report Q3, 2023 Results on Oct 31, 2023 China International Capital Corporation Limited announced that they will report Q3, 2023 results on Oct 31, 2023 Buying Opportunity • Sep 25
Now 20% undervalued Over the last 90 days, the stock is up 6.9%. The fair value is estimated to be HK$18.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 48% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Announcement • Sep 22
China International Capital Corporation Limited Announces the Adjustments to Senior Management The Thirty-fourth Meeting of the Second Session of the Board of Directors (the "Board") of China International Capital Corporation Limited (the "Company") was held on September 20, 2023, at which, the Proposal regarding the Adjustments to Senior Management was considered and approved. Mr. Wong King Fung ("Mr. Wong") currently serves as the Chief Financial Officer (the "CFO") and a member of the Management Committee of the Company. Due to personal reasons, Mr. Wong has submitted his resignation from the aforementioned positions. In order to ensure the sound governance structure of the Company, the Board approved Mr. Wong's resignation from the positions as the CFO and a member of the Management Committee of the Company, and approved to appoint Mr. Wu Bo ("Mr. Wu"), a member of the Management Committee of the Company, as the CFO of the Company. The adjustments shall take effect upon the approval of the Board. Mr. Wong has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders, creditors of the Company or The Stock Exchange of Hong Kong Limited. Mr. Wu Bo (), born in June 1977, has been appointed as a member of the Management Committee of the Company since April 2018, served as the Head of Wealth Management Department of the Company from February 2017 to September 2023 and the President of China CICC Wealth Management Securities Company Limited from November 2020 to September 2023, and concurrently served as the Head of Equities Department & Securities Investment Department of the Company since June 2022. He joined the Group in May 2004 and held several positions, including the Head of the Sponsor Business Department, Deputy Head of the Growth Enterprise Investment Banking Department, member of the Operations Team of the Investment Banking Department and Secretary to the Board of Directors. Prior to joining the Group, Mr. Wu served as (including but not limited to) an Auditor of Arthur Andersen Huaqiang Certified Public Accountants from July 1999 to June 2002and a Senior Auditor of PricewaterhouseCoopers Zhong Tian LLP from July 2002 to April 2004. Mr. Wu obtained a bachelor's degree in economics from Peking University in July 1998, and an EMBA degree from Guanghua School of Management of Peking University and Kellogg School of Management of Northwestern University in July 2018. Announcement • Sep 21
China International Capital Corporation Limited Announces the Adjustments to Senior Management The Thirty-fourth Meeting of the Second Session of the Board of Directors (the "Board") of China International Capital Corporation Limited (the "Company") was held on September 20, 2023, at which, the Proposal regarding the Adjustments to Senior Management was considered and approved. Mr. Wong King Fung ("Mr. Wong") currently serves as the Chief Financial Officer (the "CFO") and a member of the Management Committee of the Company. Due to personal reasons, Mr. Wong has submitted his resignation from the aforementioned positions. In order to ensure the sound governance structure of the Company, the Board approved Mr. Wong's resignation from the positions as the CFO and a member of the Management Committee of the Company, and approved to appoint Mr. Wu Bo ("Mr. Wu"), a member of the Management Committee of the Company, as the CFO of the Company. The adjustments shall take effect upon the approval of the Board. Mr. Wong has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders, creditors of the Company or The Stock Exchange of Hong Kong Limited. Mr. Wu Bo (), born in June 1977, has been appointed as a member of the Management Committee of the Company since April 2018, served as the Head of Wealth Management Department of the Company from February 2017 to September 2023 and the President of China CICC Wealth Management Securities Company Limited from November 2020 to September 2023, and concurrently served as the Head of Equities Department & Securities Investment Department of the Company since June 2022. He joined the Group in May 2004 and held several positions, including the Head of the Sponsor Business Department, Deputy Head of the Growth Enterprise Investment Banking Department, member of the Operations Team of the Investment Banking Department and Secretary to the Board of Directors. Prior to joining the Group, Mr. Wu served as (including but not limited to) an Auditor of Arthur Andersen Huaqiang Certified Public Accountants from July 1999 to June 2002and a Senior Auditor of PricewaterhouseCoopers Zhong Tian LLP from July 2002 to April 2004. Mr. Wu obtained a bachelor's degree in economics from Peking University in July 1998, and an EMBA degree from Guanghua School of Management of Peking University and Kellogg School of Management of Northwestern University in July 2018. Buying Opportunity • Sep 01
Now 25% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be HK$20.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 59% in 2 years. Earnings is forecast to grow by 86% in the next 2 years. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥0.24 (vs CN¥0.43 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.24 (down from CN¥0.43 in 2Q 2022). Revenue: CN¥7.14b (up 6.0% from 2Q 2022). Net income: CN¥1.30b (down 32% from 2Q 2022). Profit margin: 18% (down from 29% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be HK$21.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 43% in 2 years. Earnings is forecast to grow by 62% in the next 2 years. Board Change • Jul 12
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Zhengfei Lu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Jun 27
Upcoming dividend of CN¥0.18 per share at 1.4% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (3.1%). Announcement • Jun 20
China International Capital Corporation Limited (SEHK:3908) entered into an agreement to acquire The Underlying Assets of China Universal Leasing Co., Ltd. for CNY 1.4 billion. China International Capital Corporation Limited (SEHK:3908) entered into an agreement to acquire The Underlying Assets of China Universal Leasing Co., Ltd. for CNY 1.4 billion on June 19, 2023. The Underlying Assets generated net profit after tax of CNY 49.69 million for the year ending December 31, 2022. The transaction is conditional upon all necessary approvals, consents and authorizations to be obtained by China International Capital and China Universal Leasing along with the due diligence conducted on the underlying assets. The net proceeds received from the disposal will be applied on Genertec Universal’s finance lease transactions in the future. Buying Opportunity • Jun 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be HK$17.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 50% in 2 years. Earnings is forecast to grow by 65% in the next 2 years. Announcement • Jun 09
China International Capital Corporation Limited, Annual General Meeting, Jun 30, 2023 China International Capital Corporation Limited, Annual General Meeting, Jun 30, 2023, at 14:30 China Standard Time. Location: CICC Function Room, 1/F, 5L Hotel Beijing,1 Jianguomenwai Avenue, Chaoyang District, Beijing China Agenda: To consider and approve the amendments to the Articles of Association; to consider and approve the amendments to the Rules of Procedures of the Meeting of Board of Directors; to consider and approve the 2022 work report of the Board of Directors; to consider and approve the 2022 work report of the Supervisory Committee; to consider and approve the 2022 annual report; to consider and approve the 2022 profit distribution plan; to consider and approve the re-appointment of the accounting firms; to consider and approve the 2023 annual estimation for daily related-party transactions; and to discuss other matters. Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be HK$20.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 48% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Buying Opportunity • Apr 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be HK$20.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Reported Earnings • Apr 06
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: CN¥1.46 (down from CN¥2.16 in FY 2021). Revenue: CN¥27.6b (down 17% from FY 2021). Net income: CN¥7.05b (down 32% from FY 2021). Profit margin: 26% (down from 31% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Capital Markets industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 04
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥37.7b to CN¥31.0b. EPS estimate fell from CN¥2.40 to CN¥2.12 per share. Net income forecast to grow 19% next year vs 26% growth forecast for Capital Markets industry in Hong Kong. Consensus price target broadly unchanged at HK$20.36. Share price was steady at HK$15.44 over the past week. Buying Opportunity • Mar 09
Now 21% undervalued Over the last 90 days, the stock is up 4.0%. The fair value is estimated to be HK$19.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 44% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. 
