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CITIC Group

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This is an old revision of this page, as edited by 216.200.96.25 (talk) at 12:55, 28 September 2018 (The attached source was about the main subsidiary CITIC Limited, not CITIC group.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Not to be confused with CIT Group or Citigroup.
For the main subsidiary, see CITIC Limited.
CITIC Group
Company typeState-owned enterprise
IndustryConglomerate
Founded1979; 45 years ago (1979)
FounderRong Yiren
Headquarters
Beijing
,
China
Area served
People's Republic of 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)
ProductsSteel
Services
RevenueIncrease CN¥375 billion (2013)
Increase CN¥71 billion (2013)
Increase CN¥38 billion (2013)
Total assetsIncrease CN¥4.300 trillion (2013)
Total equityIncrease CN¥272 billion (2013)
OwnerMinistry of Finance (100%)
ParentMinistry of Finance
SubsidiariesCITIC Limited
Footnotes / references
in a consolidated basis; equity and profit excluded minority interests; in Chinese Accounting Standards[1]
CITIC Group Corporation Ltd.
Simplified Chinese中国中信集团有限公司
Traditional Chinese中國中信集團有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó zhōngxìn jítuán yǒuxiàn gōngsī
CITIC Group
Simplified Chinese中信集团
Traditional Chinese中信集團
Transcriptions
Standard Mandarin
Hanyu Pinyinzhōngxìn jítuán

CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation, 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.[2] Its headquarters are in Chaoyang District, Beijing.[3] As of 2017, it is one of China's biggest conglomerates, with one the largest pools of foreign assets in the world.[4]

Businesses

Its initial aim was to "attract and utilize foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management."[5] It now owns 44 subsidiaries including China CITIC Bank, CITIC Limited, CITIC Trust and CITIC Merchant (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.

History

CITIC Group was founded as 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 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 1950s after his family business was nationalized.[6] His son, Larry Yung (Yung was another transliteration of the same surname 榮), was the former chairman of CITIC Group's listed subsidiary CITIC Pacific.

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.[7][8][9] Its stock price plunged 55.1 percent upon the resumption of trade.[10]

CITIC Group injected most of their assets to CITIC Limited in 2014. However, CITIC Guoan Group was excluded, which was recapitalized by other private capital.

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).[11] It was reported it was the largest investment ever made by a Japanese general trading company.[12] 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.[13]

In 2016, CITIC Group ranked 156th among the Fortune Global 500, with an annual revenue of $55,938 million.[14]

Group companies

Equity investments

See also

References

  1. ^ "2013 Annual Report" (RAR). CITIC Group. 2014. Retrieved 24 November 2016.
  2. ^ "CITIC Group Corporation: Brief Introduction". CITIC Group. Retrieved August 17, 2015.
  3. ^ "Citic Group Contact".
  4. ^ "CITIC Limited | Corporate Profile". www.citic.com.
  5. ^ "Citic Limited". Archived from the original on 2012-06-03. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ 郭國燦 (October 2009). ""窗口企業"潮". 香港中資財團 (in Chinese (Hong Kong)) (1 ed.). Joint Publishing Hong Kong. pp. 71–73. ISBN 978-962-04-2886-9.
  7. ^ Keith Bradsher (2008-10-20). "Citic Pacific could lose $2 billion from foreign exchange trading". The New York Times.
  8. ^ Alison Leung, Ruth Wong (2008-10-20). "CITIC Pacific warns potential $2 billion forex losses". Reuters.
  9. ^ Katherine Ng (2008-10-21). "Heads roll as $15.5b losses loom". The Standard. Archived from the original on 2012-10-26. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  10. ^ 中信泰富暴挫55.1%. Sing Tao Daily (in Chinese (Hong Kong)). 2008-10-21. Archived from the original on 2008-10-26 – via yahoo!. {{cite news}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  11. ^ "CITIC Limited Receives Investment from Charoen Pokphand Group and ITOCHU" (PDF). Itochu, Charoen Pokphand and CITIC Group. 20 January 2015. Retrieved 20 October 2016.
  12. ^ "Itochu, CP to jointly invest 1 trillion yen in China's CITIC Group". Nikkei. 20 January 2015. Retrieved 22 January 2015.
  13. ^ Fukase, Atsuko (20 January 2015). "Thaw in Japan-China Business Ties? Itochu's CITIC Deal Towers Above Others". Wall Street Journal Japan Real Time. Retrieved 22 January 2015.
  14. ^ [1]
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