CITIC Trust

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).

CITIC Trust
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
Number of employees
528 (2015)
Parent
CITIC Corporation(direct)
CITIC Limited(intermediate)
CITIC Group(intermediate)
Ministry of Finance(intermediate)
State Council(ultimate)
Websitetrust.ecitic.com
Footnotes / references
in a consolidated basis[1]
CITIC Trust
Simplified Chinese中信信托
Traditional Chinese中信信託

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.
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