HONG KONG (Reuters) – CICC Capital, a division of Chinese investment bank CICC (3908.HK), has decided to stop using the services of consultancy Capvision Partners. “Expert Network” group.
Capvision is the latest consulting and due diligence firm caught up in Beijing’s sweeping crackdown on what state media describe as a “hardening” of law enforcement aimed at national security.
In an internal memo issued on Tuesday, CICC Capital’s research division, confirmed by a source with direct knowledge, said it would ban all teams from using Capvision for due diligence-related expert calls and inquiries. Stated.
The ban will take effect immediately, the memo adds, adding that the investigation team will also need to consider previous deals with Capvision.
CICC, which handles media queries for the alternative investments sector, declined to comment. Capvision did not immediately respond to Reuters’ request for comment.
Reported by Julie Zhu and Shanghai Newsroom. Edited by Sumeet Chatterjee and Lincoln Feast.
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