CITIC Group

CITIC Group Corporation (Chinese: 中信集团公司; pinyin: 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 in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District, Beijing.

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 banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.

History

The founder of CITIC, Rong Yiren, is 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.

CITIC Telecom International Holdings Limited

CITIC Telecom International Holdings Limited (SEHK: 1883) is a telecommunication vendor to provide telecom services in the Asia Pacific including voice service, mobile SMS and other value-added services, data service and telecom solutions to telecom operators and ISP.

It was established in Hong Kong in 1999 and was listed on the Hong Kong Stock Exchange in 2007. It is parented by CITIC Pacific, a Hong Kong-based Chinese conglomerate company, since 2000.

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