CITIC Group
China International Trust and Investment Corporation (Chinese中国 国际 信托 投资 公司) or better known by its abbreviation company CITIC is a state-owned financial and investment companies in the People's Republic of China. It was renamed in 2000 in CITIC Group (Chinese中国 中信 集团公司).
The company was founded in 1979 by Rong Yiren with the support of Deng Xiaoping.
Company goals are to attract foreign capital to China to introduce technologies in China and to take international scientific practices in management. At CITIC has about 44 subsidiaries ( 2006), including mainly banks and various financial companies in China, Hong Kong, the United States, Canada, Australia and New Zealand.
The founder of CITIC was Rong Yiren, the son of one of the richest businessmen in China in the 30s of the 20th century, Rong Desheng. He was also one of the few capitalists who remained in China after 1949. Rong Yiren later became the Vice President of China in 1993 and remained so until 1997.
The affiliates include, among others CITIC Pacific, which is listed on the stock index Hang Seng Index and the subsidiary Citic Bank, which is listed on the stock index SSE 50.
CITIC acquired on 3 January 2007 portions of the Canadian oil company Nations Energy Company, which CITIC control rights and corporate interests in the Kazakh oil company KazMunayGas, half Kazakh state oil company received. The Kazakh Energy Minister Baktykoscha Ismuchambetow criticized the sale of divisions by Nations Energy Company to CITIC.
The Citic Group is floated up to the 3rd quarter of 2011 in Hong Kong by the underwriters Bank of China International, Goldman Sachs, Morgan Stanley / SmithBarney, BNP PARIBAS. The volume of the IPO is 12 billion U.S. dollars.
Current and past projects
For the discharged in China Olympic Games 2008 CITIC constructed the central Olympic Stadium in Beijing. At the same time, the company also produced a new steel mill ThyssenKrupp in Brazil. The building became particularly because of faulty construction in criticism, allowing ThyssenKrupp and CITIC argue until today to make a comparison.
Currently CITIC is involved in the construction of the subway Teheran in Iran and the acquisition of natural resources in Venezuela.