CICC - Losing its grip on power

If market share and fees generated are the only measures, China International Capital Corporation, started as a joint venture with Morgan Stanley, must be judged a huge success. CICC has muscled in on most Chinese enterprises foreign IPOs, participating in offshore deals worth at least US$23 billion, or three-quarters of the overseas share sales of Chinese companies in the past 10 years. It's also held an unusual level of influence over the foreign banks that were chosen for IPOs. But its gatekeeper role, and power to influence decision-makers is being challenged. Joanne Gray reports.