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China International Capital
(3908)
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Rating:63Neutral
Price Target:
HK$18.00
â–¼(-20.49% Downside)
Action:Reiterated
Date:09/09/26
The score is primarily supported by strong profitability and a meaningfully improved leverage profile, alongside a reasonable valuation (P/E ~11.85). These positives are tempered by weak technicals (below key moving averages with negative MACD and low RSI) and cash-flow volatility, which lowers confidence in near-term momentum and earnings/cash durability.
Positive Factors
Strong profitability
A TTM net margin near 34% and solid operating profitability indicate that CICC is converting its capital-markets activity into substantial earnings. This provides internal capacity to invest in client coverage and platforms, while a strong margin base can help absorb normal business volatility.
Negative Factors
Volatile cash generation
Although current cash generation is positive, the sharp TTM free-cash-flow decline and prior negative periods show that earnings conversion is inconsistent. This volatility reduces confidence in durable internally generated cash and may constrain the predictability of investment, distributions, and other capital-allocation decisions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
A TTM net margin near 34% and solid operating profitability indicate that CICC is converting its capital-markets activity into substantial earnings. This provides internal capacity to invest in client coverage and platforms, while a strong margin base can help absorb normal business volatility.
Read all positive factors
China International Capital (3908) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$222.36B
Dividend Yield2.14%
Average Volume (3M)13.41M
Price to Earnings (P/E)9.7
Beta (1Y)1.08
Revenue Growth20.32%
EPS Growth82.47%
CountryHK
Employees14,263
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.75
Shares Outstanding1,903,714,500
10 Day Avg. Volume14,147,350
30 Day Avg. Volume13,406,072
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.85
Price to Sales (P/S)1.77
P/FCF Ratio1.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$30.76Price Target Upside35.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.09
Revenue Forecast (FY)HK$38.46B
China International Capital Business Overview & Revenue Model
Company Description
China International Capital Corporation Limited (CICC) is a prominent global financial services firm with operations spanning Mainland China and international markets. The company structures its diverse activities across six primary business segme...
How the Company Makes Money
CICC primarily makes money by charging fees and earning trading- and investment-related income across several financial services lines. (1) Investment banking: CICC earns underwriting and sponsor fees for helping issuers raise capital through init...
China International Capital Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.12B | 47.92B | 19.63B | 33.02B | 36.82B | 41.46B |
| Gross Profit | 34.65B | 39.63B | 20.71B | 21.49B | 23.54B | 33.19B |
| EBITDA | 17.29B | 20.22B | 15.62B | 19.33B | 19.88B | 22.43B |
| Net Income | 13.58B | 9.54B | 5.69B | 6.16B | 7.60B | 10.78B |
Balance Sheet | ||||||
| Total Assets | 997.15B | 784.75B | 674.72B | 624.31B | 648.76B | 649.80B |
| Cash, Cash Equivalents and Short-Term Investments | 576.74B | 488.41B | 88.68K | 431.90B | 438.80B | 427.06B |
| Total Debt | 99.42B | 352.36B | 304.31B | 280.33B | 276.96B | 253.36B |
| Total Liabilities | 854.78B | 682.28B | 559.09B | 519.41B | 549.29B | 565.06B |
| Stockholders Equity | 134.06B | 100.00B | 115.35B | 104.60B | 99.19B | 84.42B |
Cash Flow | ||||||
| Free Cash Flow | 19.65B | 49.87B | 40.93B | -3.88B | 56.37B | 808.99M |
| Operating Cash Flow | 20.33B | 50.62B | 41.87B | -2.42B | 57.96B | 1.87B |
| Investing Cash Flow | -56.10B | -33.76B | -24.31B | 2.08B | -23.44B | -7.33B |
| Financing Cash Flow | 18.61B | -8.22B | -8.40B | -13.71B | -15.13B | 25.52B |
China International Capital Technical Analysis
Negative
22.64
Price Trends
20.02
Negative
20.57
Negative
20.24
Negative
Market Momentum
-0.77
Positive
26.00
Positive
13.51
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3908, the sentiment is Negative. The current price of 22.64 is above the 20-day moving average (MA) of 18.92, above the 50-day MA of 20.02, and above the 200-day MA of 20.24, indicating a bearish trend. The MACD of -0.77 indicates Positive momentum. The RSI at 26.00 is Positive, neither overbought nor oversold. The STOCH value of 13.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3908.
China International Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$307.29B | 8.30 | 10.01% | 5.73% | 37.61% | -2.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | HK$170.74B | 7.55 | 10.67% | 4.54% | 123.03% | 20.90% | |
63 Neutral | HK$222.36B | 9.73 | 11.77% | 2.14% | 20.32% | 82.47% | |
61 Neutral | HK$417.31B | 9.88 | 12.77% | 3.97% | 101.98% | 67.41% | |
60 Neutral | HK$151.36B | 6.54 | 15.54% | 5.76% | 97.85% | 74.02% | |
54 Neutral | HK$178.12B | 13.40 | 14.85% | 3.71% | 5.66% | 47.31% |
* Financial Sector Average
HK:3908
China International Capital
16.97
-3.80
-18.29%
HK:6030
CITIC Securities Co
19.88
-8.83
-30.76%
HK:6886
Huatai Securities Co
14.72
-4.06
-21.63%
HK:6099
China Merchants Securities Co., Ltd. Class H
12.30
-2.65
-17.74%
HK:6066
CSC Financial Co., Ltd. Class H
10.29
-2.46
-19.32%
HK:2611
Guotai Junan Securities Co., Ltd. Class H
13.02
-1.11
-7.82%
China International Capital Corporate Events
China International Capital Strengthens Governance With New Management Committee Appointment
Oct 30, 2026
China International Capital Corporation has appointed senior accountant and seasoned regulator Wu Jiangtao as a member of its Management Committee, effective upon board approval on October 30, 2026. Wu, who has served as Party Committee member and...
China International Capital posts strong unaudited nine-month earnings
Oct 30, 2026
China International Capital Corporation has released its unaudited financial results for the nine months to 30 September 2026, prepared under Chinese Accounting Standards. The group recorded operating revenue of RMB30.7 billion and profit attribut...
CICC Completes Share Exchanges and Finalises Post‑Merger Shareholding
Oct 26, 2026
China International Capital Corporation has completed share exchanges with Dongxing Securities and Cinda Securities, issuing new A shares in return for their outstanding A shares under agreed exchange ratios. The transactions result in CICC assumi...
CICC Flags New Connected Transactions After China Cinda Becomes Major Shareholder
Oct 26, 2026
Following its completed mergers with Dongxing Securities and Cinda Securities, China International Capital now counts China Cinda as a 16.76% shareholder, classifying Cinda and related entities as connected persons under Hong Kong Listing Rules. T...
CICC Boosts Capital After Mergers and Unveils 2026 Interim Dividend Plan
Oct 26, 2026
China International Capital Corporation has expanded its total share capital to 7,931,378,027 shares and raised its registered capital to RMB7.93 billion following the issuance of over 3.1 billion new A shares to complete the absorption-style merg...
China International Capital Declares Interim Cash Dividend for 2026 H Shares
Oct 26, 2026
China International Capital Corporation Limited has declared an interim ordinary cash dividend of RMB 2.6 per 10 shares for the six months ended 30 June 2026, for the financial year ending 31 December 2026. Key timetable details including the Hong...
China International Capital Sets Board Meeting to Approve Nine-Month Results
Oct 20, 2026
China International Capital Corporation has scheduled a board meeting for October 30, 2026, to consider and approve the publication of its consolidated results for the nine months ended September 30, 2026. The meeting signals the upcoming release ...
CICC Advances Dongxing and Cinda Mergers as SSE Clears Delistings
Oct 15, 2026
China International Capital Corporation has announced a key milestone in its planned mergers with Dongxing Securities and Cinda Securities, as the Shanghai Stock Exchange approved the termination of listing for Dongxing A shares and Cinda A shares...
China International Capital Board to Consider 2026 Interim Dividend
Oct 13, 2026
China International Capital Corporation Limited has announced that its board of directors will convene on October 26, 2026 to consider a proposal regarding the payment of an interim dividend for 2026. The planned meeting signals that the firm is r...
CICC Reports Minimal Take-Up of H-Share Put Option in Merger Process
Sep 22, 2026
China International Capital Corporation has reported the results of a put option arrangement linked to its proposed mergers with Dongxing Securities and Cinda Securities, a deal that constitutes a major transaction and involves issuing new A share...
CICC Warns Dissenting Shareholders on H-Share Put Option Terms Ahead of Mergers
Sep 14, 2026
China International Capital Corporation has reminded shareholders about the timeline and eligibility rules for exercising a put option on its H shares, linked to its proposed mergers with Dongxing Securities and Cinda Securities. Only qualified di...
CICC Wins CSRC Approval for Major Merger with Dongxing and Cinda Securities
Sep 7, 2026
China International Capital Corporation has secured key regulatory approval from the China Securities Regulatory Commission for its planned merger by absorption of Dongxing Securities and Cinda Securities. The CSRC has also cleared changes in majo...
CICC Sets Adjusted Put Option Prices and Timetable for Merger Exit
Sep 7, 2026
China International Capital Corporation Limited has detailed the adjusted cash prices and timetable for exercising put options related to its proposed mergers with Dongxing Securities and Cinda Securities. Following the payment of 2025 final divid...
China International Capital Releases 2026 Interim Results Announcement
Aug 28, 2026
China International Capital Corporation Limited announced its unaudited interim results for the six months ended June 30, 2026, in line with Hong Kong listing requirements for preliminary disclosures. The interim report, which includes detailed fi...
CICC Clears Key SSE Hurdle in Planned Mergers with Dongxing and Cinda Securities
Aug 27, 2026
China International Capital Corporation Limited is a major Chinese investment bank offering securities, investment banking and asset management services to both domestic and global clients. With listings in Hong Kong and the PRC, it plays a signif...
China International Capital Sets Board Meeting to Approve Interim Results
Aug 18, 2026
China International Capital Corporation Limited has scheduled a board meeting for August 28, 2026 in Beijing to review and approve the publication of its interim results for the six months ended June 30, 2026. The announcement signals that the inv...
China International Capital Announces Retirement of Management Committee Member
Jul 31, 2026
China International Capital Corporation has announced that management committee member Hu Changsheng has retired after reaching the statutory retirement age, effective upon approval by the board on July 31, 2026. Following his retirement, Hu will ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.