Shares of CICC (China International Capital Corporation), a leading Chinese investment bank, plummeted 5.42% on Wednesday after one of its portfolio companies, smartphone maker Honor, announced it had received an investment from partners including China Telecom and a unit of CICC Capital Corp.
The announcement by Honor, a former Huawei unit, suggests that CICC may be diluting its stake in the smartphone company as it raises funds from other investors. While the investment amount was not disclosed, such a move could potentially impact CICC's valuation of its existing investment in Honor.
Investors may be concerned that the dilution of CICC's stake in Honor could weigh on the investment bank's future returns from the smartphone maker. However, details on the transaction and its impact on CICC's holdings remain unclear at this time.
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