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CITIC Trust
Company typeSubsidiary
Founded1 March 1988 (1988-03-01)
Headquarters
Beijing
,
China
Key people
Chen Yisong (chairman)
RevenueIncrease CN¥10.263  billion (2015)
Increase CN¥04.057 billion (2015)
Increase CN¥03.145 billion (2015)
AUMIncrease CN¥01.023  trillion (2015)
Total assetsIncrease CN¥23.799 billion (2015)
Total equityDecrease CN¥17.995 billion (2015)
Owner
  • Chinese Central Government,
  • joint venture of Itochu– CP
  • and public shareholders
  • (via CITIC Limited (100%))
Number of employees
528 (2015)
Parent
CITIC Corporation(direct)
CITIC Limited(intermediate)
CITIC Group(intermediate)
Ministry of Finance(intermediate)
State Council(ultimate)
Website trust.ecitic.com
Footnotes / references
in a consolidated basis [1]
CITIC Trust
Simplified Chinese中信信托
Traditional Chinese中信信託

CITIC Trust Co., Ltd. is a Chinese investment management company, with license to create private equity fund (as trust). The company was a subsidiary of CITIC Group. However, after a reverse takeover, CITIC Limited ( SEHK:  267) became the parent company for 100% stake (via CITIC Corporation Limited and CITIC Industrial Investment Group Corporation Limited).

History

CITIC Industrial Trust Investment Corporation ( Chinese: 中信兴业信托投资公司) was founded on 1 March 1988 as a subsidiary of CITIC Group (formerly China International Trust Investment Corporation). In 2002 CITIC Trust acquired the trust business from the parent company and renamed to CITIC Trust Investment Co., Ltd. ( Chinese: 中信信托投资有限责任公司). The share capital had increased to CN¥507.73 million in 2003. [2] In 2006 CITIC Capital, another subsidiary of CITIC Group, had also acquired 20% stake of the company, [3] which was re-acquired by CITIC Group.

In 2014 the share capital of CITIC Trust was increased from CN¥1.2  billion to CN¥10 billion by adjusting the share premium. [4]

Shareholders

CITIC Trust was wholly owned by CITIC Group (and later CITIC Limited). [5]

In 2012 CITIC Group incorporated a subsidiary "CITIC Corporation Limited" ( Chinese: 中国中信股份有限公司), and the stake of CITIC Trust (80%) was transferred to the subsidiary. [6] However, the initial public offering of CITIC Corporation Limited was abandoned; It was takeover by CITIC Pacific ( SEHK:  267), another subsidiary of CITIC Group in 2014 as a reverse IPO; the Chinese name of CITIC Corporation Limited had also dropped the word "shares" ( Chinese: 中国中信有限公司).

In 2012 also saw another direct shareholder of CITIC Trust for 20% stake, Shanghai-based "CITIC East China (Group) Corporation Limited" ( Chinese: 中信华东(集团)有限公司) was renamed to CITIC Industrial Investment Group Corporation Limited ( Chinese: 中信兴业投资集团有限公司); [7] The stake of CITIC Industrial Investment Group had also transferred to CITIC Corporation Limited, making CITIC Corporation Limited owned 80% stake of CITIC Trust directly and 20% indirectly.

Joint ventures

CITIC Trust formed a joint venture with China Guodian Corporation. The joint venture was an in-house investment management company for Guodian. The joint venture raised money from the general public to invest in Guodian's projects. [8]

Equity investments

CITIC Trust was an investor in Otis Elevator (China) Investment from 1998 to 2001. In 2001 the 3% stake was sold back to Otis Far East Holdings. [9]

CITIC Trust was a shareholder of China Guangfa Bank in 2006 for 20% shares. [10]

References

  1. ^ "2015 Annual Report" (PDF) (in Chinese). CITIC Trust. 20 April 2016. Retrieved 11 February 2017.
  2. ^ 关于中信信托投资有限责任公司注册资本金问题的批复 (in Chinese). CBRC. 26 June 2003. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
  3. ^ 关于中信信托投资有限责任公司股权变更有关事项的批复 (in Chinese). CBRC. 22 December 2006. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
  4. ^ 中信信托增加注册资本的批复 (in Chinese). CBRC. 19 August 2014. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
  5. ^ "History - CITIC Limited".
  6. ^ 关于中信信托有限责任公司股权变更及修改公司章程的批复 (in Chinese). China Banking Regulatory Commission (CBRC). 27 April 2012. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
  7. ^ 关于中信信托有限责任公司股东名称变更及修改章程的批复 (in Chinese). CBRC. 5 November 2012. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
  8. ^ 国电与中信信托组建资产管理公司. The People's Daily (in Chinese). 31 March 2009. Retrieved 11 February 2017.
  9. ^ 关于同意奥的斯电梯（中国）投资有限公司股权转让的批复 (in Chinese). Ministry of Foreign Economic Cooperation and Trade. 19 December 2011. Retrieved 11 February 2017.
  10. ^ "2006 Annual Report" (in Chinese). China Guangfa Bank. 26 April 2007. Retrieved 11 February 2017.

External links

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