China International Trust and Investment Corporation
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| State-owned enterprise | |
| Industry | Congomerate |
| Founded | 1979 |
| Founder | Rong Yiren |
| Headquarters | Beijing, China |
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Area served
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People's Republic of China |
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Key people
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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 | Steel |
| Services |
|
| Revenue |
 CN¥375 billion (2013) |
|
CN¥71 billion (2013) |
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|
CN¥38 billion (2013) |
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| Total assets |
CN¥4.300 trillion (2013) |
| Total equity |
CN¥272 billion (2013) |
| Owner | Ministry of Finance (100%) |
| Parent | Ministry of Finance |
| Subsidiaries | CITIC Limited |
| Website | www |
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Footnotes / references in a consolidated basis; equity and profit excluded minority interests; in Chinese Accounting Standards |
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| 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 | ||||||
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| CITIC Group | |||||||
| Simplified Chinese | 中信集团 | ||||||
| Traditional Chinese | 中信集團 | ||||||
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| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Zhōngguó zhōngxìn jítuán yǒuxiàn gōngsī |
| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | zhōngxìn 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. Its headquarters are in Chaoyang District, Beijing.
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 Limited, CITIC Trust and CITIC Merchant (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.
The founder of CITIC, Rong Yiren, was one of the richest businessmen in China in the 1980s. He was also one of the earliest capitalists who stayed in mainland China.
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 (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. Its stock price plunged 55.1 percent upon the resumption of trade.
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Wikipedia