(Yicai Global) Dec. 31 -- Bi Mingjian, chief executive of China International Capital Corporation, the first foreign joint venture investment bank to form in China, has resigned and is retiring, a CICC insider told Yicai Global.

Huang Zhaohui, head of CICC's investment bank division, will succeed Bi, Yicai Global learned from CICC yesterday.

Bi, who participated in the firm's set up in 1995, left CICC between November 2012 and March 2015, but came back on board at a critical juncture as the Beijing-based company underwent major events during his stint at the helm, such as its 2015 Hong Kong listing and acquisition of China Investment Securities the following year.

CICC's shares [HKG:3908] had fallen by 1.6 percent to HKD14.80 (USD1.90) in mid-morning trading.

Starting in February 1998, Huang held various key positions in the company's investment bank division and became its department chief in April 2013. He joined the firm's management committee in April 2015.

CICC was jointly initiated and founded in 1995 as a joint venture by China Construction Bank, Morgan Stanley, and three other entities.

The company provides various financial services, including investment banking, securities and investment management, mainly to institutional clients.

Editors: Tang Shihua, Ben Armour