Davis Polk & Wardwell is representing China’s oldest investment bank, China International Capital Corporation (CICC), on its planned Hong Kong initial public offering that could raise up to $1 billion.

The IPO is expected to hit the market in late August or early September, and could value CICC at up to $4.1 billion.

A Davis Polk team led by Hong Kong partners Bonnie Chan, Antony Dapiran and Beijing partner Li He is advising CICC. Haiwen & Partners is serving as Chinese counsel.

Freshifields Bruckhaus Dringer is acting for the underwriters including CICC, ABC International and Goldman Sachs, with King & Wood Mallesons advising the banks on Chinese law.

A home grown investment bank that was founded in 1995, CICC has played a key role in advising the Chinese government on state-owned enterprise reform and on many overseas listings.

CICC was the top underwriter of equity offerings in both Hong Kong and China from 2005 to 2007. However, faced with fierce competition from its younger rivals including CITIC Securities and Haitong Securities, the bank has slipped down the league tables, ranking eighth in 2014, according to Thomson Reuters data.