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Citic

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Citic

Not to be confused with CIT Group or Citigroup.
CITIC Group
中国中信集团公司
State-owned enterprise
Industry Investment company
Founded 1979
Founder(s) Rong Yiren
Headquarters Beijing, People's Republic of China
Area served People's Republic of China
Key people Chang Zhenming (Chairman)
Products Financial Services, Banking
Owner(s) Central People's Government
Divisions 44 subsidiaries
Website citic.com/wps/portal/encitic

The CITIC Group (Chinese: 中国中信集团公司, Zhōngguó Zhōngxìn Jítuán Gōngsī), formerly the China International Trust and Investment Corporation, is a state-owned investment company of the People's Republic of China, established by Rong Yiren (榮毅仁) in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing.[1]

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."[2] It now owns 44 subsidiaries including China CITIC Bank, CITIC Holdings, CITIC Trust Co. and CITIC Merchant Co., Ltd (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.

CITIC Group is considering a $12 billion listing in Hong Kong.[3]

History

The founder of CITIC, Rong Yiren, is the son of one of the richest businessmen in China in the 1930s, Rong Desheng (榮德生). He was also one of the few capitalists who stayed in mainland China after 1949. Rong Yiren later became the vice-president of the People's Republic of China in 1993, and stepped down in 1997.

CITIC Group is 中国中信集团公司 in Chinese, while CITIC Pacific is 中信泰富 in Chinese. CITIC Pacific is a subsidiary of CITIC.

It was reported on September 17, 2008, that CITIC was in talks to acquire Morgan Stanley. Instead Morgan sold a substantial portion of their company to Mitsubishi UFJ Financial Group in addition to applying for $10 billion from the Treasury Department as part of the $700 billion Troubled Asset Relief Program.

Its subsidiary, CITIC Pacific, 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 Chi Yin Chau and Group Finance Director Leslie Chang resigned.[4][5][6] Its stock price plunged 55.1 percent upon the resumption of trade.[7]

See also

People's Republic of China portal
Companies portal

References

External links

  • CITIC website
  • CITIC website (Chinese)
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