CITIC
Encyclopedia
Not to be confused with Citigroup
, another large financial services company.
Not to be confused with CIT Group, another large financial services company.
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
.
s) in China
, Hong Kong
, the United States
, Canada
, Australia
and New Zealand
.
CITIC Group is considering a $12 billion listing in Hong Kong.
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. Its stock price plunged 55.1 percent upon the resumption of trade.
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
, another large financial services company.
Not to be confused with CIT Group, another large financial services company.
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
Investment company
An investment company is a company whose main business is holding securities of other companies purely for investment purposes. The investment company invests money on behalf of its shareholders who in turn share in the profits and losses....
of the People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
, established by Rong Yiren
Rong Yiren
Rong Yiren was the Vice-President of the People's Republic of China from 1993 to 1998 and was heavily involved with the opening of the Chinese economy to western investment. It is from this second accomplishment, that the western media called him "The Red Capitalist".-Biography:Rong was born in...
(榮毅仁) in 1979 with the approval of Deng Xiaoping
Deng Xiaoping
Deng Xiaoping was a Chinese politician, statesman, and diplomat. As leader of the Communist Party of China, Deng was a reformer who led China towards a market economy...
. Its headquarters are in Chaoyang District
Chaoyang District, Beijing
Chaoyang District is a district of Beijing, China.Chaoyang is home to the majority of Beijing's many foreign embassies, the well-known Sanlitun bar street, as well as Beijing's growing CBD. The Olympic Park, built for the 2008 Summer Olympics, is also in Chaoyang...
, Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
.
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." It now owns 44 subsidiaries including China CITIC Bank, CITIC Holdings, CITIC Trust Co. and CITIC Merchant Co., Ltd (mainly bankBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s) in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
.
CITIC Group is considering a $12 billion listing in Hong Kong.
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 ChinaPeople's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
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
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
. 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
CITIC Pacific
CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...
, 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
Senior management
Senior management, executive management, or management team is generally a team of individuals at the highest level of organizational management who have the day-to-day responsibilities of managing a company or corporation, they hold specific executive powers conferred onto them with and by...
such as Financial Controller Chi Yin Chau and Group Finance Director Leslie Chang resigned. Its stock price plunged 55.1 percent upon the resumption of trade.
See also
- CITIC International Financial Holdings LimitedCITIC International Financial Holdings LimitedCITIC International Financial Holdings Limited is the financial flagship company of the CITIC Group outside mainland China. It is the holding company of CITIC Ka Wah Bank, has a 50% stake in CITIC Capital Holdings Limited and a 40& stake in CITIC International Assets Management Limited. CITIC...
- Wuhan International Trust and Investment Corporation
- CITIC SecuritiesCITIC SecuritiesCITIC Securities Company Limited is engaged in securities business in China, including securities brokerage, investment banking, asset management, securities investment, stock and bond trading, stock market research and consulting services. It was established in 1999 and it is headquartered in...
- China CITIC BankChina CITIC BankChina CITIC Bank is China’s seventh-largest lender in terms of total assets. It is formerly known as CITIC Industrial Bank. China CITIC Bank, established in February 1987, is a nationally comprehensive and internationally oriented commercial bank...
- CITIC PacificCITIC PacificCITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...
, a subsidiary of CITIC group in Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour... - CITIC PlazaCITIC PlazaCITIC Plaza is a skyscraper built in Tianhe District, Guangzhou, People's Republic of China. Its structural height is 391 m 80 stories including two tall antenna-like spires on the top. Completed in 1997, it is the tallest concrete building in the world...
, a skyscraperSkyscraperA skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
in GuangzhouGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
, PRC - CITIC TowerCITIC TowerCITIC Tower is an office building on Tim Mei Avenue, Admiralty, Hong Kong. It is the corporate headquarters of CITIC Pacific Ltd, a conglomerate publicly traded on the Hong Kong Stock Exchange and listed on the Hang Seng Index, and also a subsidiary of the CITIC Group.This 33-storey prestigious...
（中信大廈）, a skyscraper in Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour... - CITIC Ka Wah BankCITIC Ka Wah BankCITIC Bank Internationalis a Hong Kong bank majority owned by CITIC. It is a subsidiary of CITIC International Financial Holdings.-History:*1922: Ka Wah Ngan Ho was founded in Guangzhou by Dr...
- CITIC ResourcesCITIC ResourcesCITIC Resources Holdings Limited , a subsidiary of CITIC Group in China, is an integrated provider of natural resources particularly petroleum business....
- CITIC Newedge