CITIC Group

CITIC Group Corporation (formerly China International Trust and Investment Corporation) was founded in 1979 by Comrade Rong Yiren with the support of Comrade Deng Xiaoping. Since its establishment, the company has fully played an important role as a pilot for economic reform and a window for opening up to the outside world, conducting fruitful exploration and innovation in many fields, and successfully blazing an innovative development path of serving China's reform, opening up, and modernization through absorbing and utilizing foreign capital, introducing advanced technology, equipment, and management expertise. In 2002, China International Trust and Investment Corporation underwent institutional reform and was renamed CITIC Group Corporation, becoming a state-authorized investment institution. In 2011, CITIC Group Corporation was wholly restructured into a wholly state-owned company and renamed CITIC Group Corporation (referred to as CITIC Group), and initiated the establishment of CITIC Limited (referred to as CITIC Limited). In August 2014, CITIC Group injected 100% equity of CITIC Limited into Hong Kong-listed CITIC Pacific, achieving overall overseas listing. CITIC Group has now developed into a large state-owned comprehensive multinational enterprise group, with businesses involving finance, resources and energy, manufacturing, engineering contracting, real estate, and other fields. In 2019, CITIC Group ranked 137th on the Fortune Global 500 list for the 11th consecutive year. CITIC Limited (SEHK: 00267) is one of the constituent stocks of the Hang Seng Index*. As of December 31, 2019, CITIC Limited's total assets amounted to HKD 8,289.9 billion, with equity attributable to ordinary shareholders of HKD 591.5 billion.