Native name | 中国中信集团有限公司 | ||||||
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Company type | State-owned enterprise | ||||||
Industry | Conglomerate | ||||||
Founded | July 1, 1979 | ||||||
Founder | Rong Yiren | ||||||
Headquarters | , China | ||||||
Key people | Chang Zhenming (Chairman), Jiong Wang (Vice Chairman, President, Member of Executive Committee and Member of Nomination Committee), Jianzhong Dou (Executive Director and Member of Executive Committee), Wei Min Ju (Chief Financial Officer) | ||||||
Products | Metals Oil & gas Construction Food | ||||||
Services | Financial services Investments | ||||||
Revenue | US$ 131.2 billion (2023) [1] | ||||||
US$ 4.124 billion (2023) [1] | |||||||
Total assets | US$ 1,617.6 billion (2023) [1] | ||||||
Number of employees | 213,290 (2023) [1] | ||||||
Parent | Ministry of Finance | ||||||
Subsidiaries | CITIC Limited | ||||||
Chinese name | |||||||
Simplified Chinese | 中国中信集团有限公司 | ||||||
Traditional Chinese | 中國中信集團有限公司 | ||||||
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CITIC Group | |||||||
Simplified Chinese | 中信集团 | ||||||
Traditional Chinese | 中信集團 | ||||||
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Website | www | ||||||
Footnotes /references in a consolidated basis;equity and profit excluded minority interests;in Chinese Accounting Standards [2] |
CITIC Group Corporation Ltd.,formerly the China International Trust Investment Corporation (CITIC),is a state-owned investment company of the People's Republic of China,established by Rong Yiren in 1979 with the approval of Deng Xiaoping. [3] Its headquarters are in Chaoyang District,Beijing. [4] As of 2019, [update] it is China's biggest state-run conglomerate [5] with one of the largest pools of foreign assets in the world. [6] In 2023,the company was ranked 71st in the Forbes Global 2000. [7]
Its initial aim was to "attract and utilize foreign capital,introduce advanced technologies,and adopt advanced and scientific international practice in operation and management." [8] It now owns 44 subsidiaries including China CITIC Bank,CITIC Limited,CITIC Trust and CITIC Merchant (mainly banks) in Mainland China,Hong Kong,the United States,Canada,Australia and New Zealand.[ citation needed ]
CITIC Group was founded as the China International Trust Investment Corporation (Chinese :中国国际信托投资公司;abb.CITIC),a Chinese state-owned enterprise in 1979. In the 1980s,Chinese government founded many for profit corporations,which CITIC was under the leadership of Rong Yiren,a former businessman and politician at that time,who chose to stay in the mainland China in the 1950s after his family business was nationalized. [9] His son,Larry Yung, [nb 1] was the former chairman of CITIC Group's listed subsidiary CITIC Pacific. Larry also led the Hong Kong office and parent company of CITIC Pacific since 1986;Larry became a Hong Kong–based businessman since 1978. [9] Throughout the 1980s,Xiong Xianghui served as CITIC vice chair and significant CITIC leadership was drawn from the Intelligence Bureau of the Joint Staff Department. [10]
CITIC Group headquarters was based in Beijing;Hong Kong office was formally opened in 1985. [9] The Mainland-based CITIC Bank was founded by the group in 1984. [9] The group also acquired 12.5% stake of the Hong Kong flag carrier Cathay Pacific in 1987, [9] and became a member of a shareholders' agreement in 2006; [11] the stake was sold to fellow state-owned company Air China in 2009. [12] The group also acquired Hong Kong–based Ka Wah Bank in 1986. [9] In 1990,the group also absorbed some of the subsidiaries of another state-owned company,中国康华发展总公司. [13] Other notable acquisitions included 38.3% stake of another airline Dragonair,20% stake of Hong Kong Telecom,etc. [9]
CITIC also acquired a Hong Kong listed company and renamed to CITIC Pacific in the 1990s.[ citation needed ]
Beginning in 2008,CITIC Group had the lead role in developing Quilamba in Angola as part of an exchange of Chinese construction materials and expertise for Angolan natural resources. [14] : 125
Its subsidiary,CITIC Pacific (Chinese :中信泰富,now known as CITIC Limited),made unauthorized bets on the foreign currency market in October 2008 and lost HK$14.7 billion (US$1.9 billion,when accounted for in mark-to-market terms). Senior executives such as Financial Controller Chau Chi-Yin and Group Finance Director Leslie Chang resigned. [15] [16] [17] Its stock price plunged 55.1 percent upon the resumption of trade. [18]
In 2015,CITIC Group sold 10% stake of CITIC Limited to a joint-venture of Itochu and Charoen Pokphand for HK$34.4 billion (US$4.54 billion);the joint venture also subscribed new convertible preferred shares for HK$45.9 billion (or US$5.9 billion). [19] It was reported it was the largest investment ever made by a Japanese general trading company. [20] The transaction is also the largest acquisition in China by a Japanese company,and the largest investment by foreigners in a Chinese state-owned enterprise. [21]
In 2023,China Huarong Asset Management,the company that manages the troubled assets,contracted to buy 5.01 percent of Citic Limited for HK$13.6 billion (US$1.7 billion). Huarong will acquire a stake from CITIC Group’s subsidiary,Citic Polaris. In addition,Huarong plans to change the name to China Citic Financial Asset Management. The deal is a return on the investment that CITIC invested in 2021,leading the rescue of Huarong. [22] [23]
In November 2016,CITIC CLSA acted as the sole bookrunner for CEFC Shanghai's US$250 bond issuance. CITIC CLSA hid from the market that the bond deal was only 60% subscribed at pricing. It manipulated the bond price in the secondary market in an effort to offload the 100mm USD bond CITIC CLSA held on its balance sheet. [24]
In May 2018,CITIC Group announced they would repay ca 450 million euros owed by CEFC Europe to finance and banking group J&T within days but since the debt was not paid a week later,J&T announced it had taken over shareholder rights and installed crisis management at CEFC Europe. [25] [26] Several days later,CEFC Shanghai defaulted on $327 million in bond payments,and offered to make the payments six months after the maturity date. [27]
In October 2020,some retail CEFC bondholders in Hong Kong filed a complaint to the Securities and Futures Commission in Hong Kong against the bond's sole underwriter CITIC CLSA. [24]
PCCW Limited is a Hong Kong–based information and communication technology (ICT) and telecommunications company.
New World Development Company Limited (NWD), is a Hong Kong–based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the Stock Exchange of Hong Kong Limited since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.
China United Network Communications Group is a Chinese state-owned telecommunications operator. Started as a wireless paging and GSM mobile operator, it currently provides a range of services including mobile network, long-distance, local calling, data communication, Internet services, and IP telephony. China Unicom is the third-largest wireless carrier in China and the sixth largest mobile provider in the world as of 2022.
Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China’s 5th largest company.
China CITIC Bank International is a Hong Kong full-service commercial bank.
Bank of Shanghai Co., Ltd. (BOSC) is an urban commercial bank based in Shanghai in China. The bank was ranked 73rd among 1000 banks around the world by The Banker in terms of their Tier 1 capital in 2020.
The Charoen Pokphand Group Company, Ltd. (CP) is a Thai conglomerate based in Bangkok. It is Thailand's largest private company and the largest privately held Royal Warrant holder of the Thai Royal Family. The company describes itself as having eight business lines covering 13 business groups. As of 2020, the group has investments in 21 countries.
Rong Yiren was the Vice President of China from 1993 to 1998 and was heavily involved with the opening of the Chinese economy to western investment. Rong is known both in China and in the Western world as "the Red Capitalist" because his family were some of the few pre-1949 industrialists in Shanghai to have been treated well by the Chinese Communist Party in return for their co-operation with the government of the People's Republic of China.
CITIC Limited is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange, and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-owned CITIC Group.
Larry Yung Chi-kin or Rong Zhijian is a Chinese businessman and the former chairman of CITIC Pacific, a Hong Kong–based conglomerate. According to Hurun Report, he was one of the wealthiest people in mainland China, with a personal net worth of US$2.9 billion as of 2013.. He was in charge of CITIC Pacific when it made its first major loss in 20 years, $2 billion, due to speculation in FX accumulators. This exposed the lack of internal management controls, which subsequently resulted in a temporary suspension of CITIC Pacific shares on the Hong Kong Stock Exchange and police raids at CITIC.
CLSA Ltd. is a capital markets and investment group focused on alternative investment, asset management, corporate finance and capital markets, securities and wealth management for corporate and institutional clients.
CITIC Securities Co., Ltd. is a Chinese full-service investment bank. It offers services in underwriting, research, brokerage, asset management, wealth management, and investment advisory. CITIC Securities was established in 1995 and it is headquartered in Shenzhen, Guangdong Province. By mid-2020, it was among China's four largest securities firms, together with Guotai Junan Securities, GF Securities, and Haitong Securities.
CITIC Telecom International CPC Limited, formerly known as PSINet HK and CPCNet, is a wholly owned subsidiary of CITIC Telecom International Holdings Limited, and is a technological company involved in managed cloud computing, IP networking, information security, and data center services.
CEFC China Energy was a Chinese conglomerate. The company was among the 10 largest private companies in China in 2014. In 2017, the company was listed as 222 on the Fortune Global 500. In March 2020, the company—along with its subsidiaries CEFC Shanghai International and CEFC Hainan International—was declared bankrupt. The company used a complex web of affiliated companies to facilitate fake deals, inflate trade figures, and obtain bank loans to fuel its aggressive expansion.
China CITIC Financial Asset Management is a majority state-owned financial asset management company in China, with a focus on distressed debt management. It was one of the four asset management companies that the Government of China established in 1999 in response to the 1997 Asian financial crisis.
Oceanwide Holdings Co., Ltd. is a Chinese publicly traded conglomerate. It was a subsidiary of Tohigh Holding, via intermediate holding companies Oceanwide Group and China Oceanwide Holdings Group.
CSC Financial Co., Ltd. trading as China Securities, is a Chinese investment bank and brokerage firm established by CITIC Securities and China Jianyin Investment in 2005 in a 60–40 ratio, as a successor of bankrupted China Securities Co., Ltd. (CSC). However, the firm now majority owned by Jianyin Investment's parent company Central Huijin Investment and an asset managing subsidiary of Beijing Municipal People's Government.
CITIC Trust Co., Ltd. is a Chinese-owned investment management company, with license to create private equity fund. The company was a subsidiary of CITIC Group. However, after a reverse takeover, CITIC Limited became the parent company for 100% stake.
Somerley Capital (Somerley) is a investment banking firm based in Hong Kong. The firm mainly provides corporate finance advisory services to clients. It also has acted as a sponsor to initial public offerings held in Hong Kong as well as managed and underwritten secondary equity issues.
CITIC Capital is a Chinese alternative investment firm founded in 2002 that is headquartered in Hong Kong.