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  • October 20, 2014
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  1. Business - Comment - MONEY MATTERS

    Citic Pacific's acquisition of Citic Group is merely state sleight of hand

    Posted May 17th 2014, 01:56am by Shirley Yam

    ... is merely state sleight of hand The mainland's new round of state-owned enterprise reform has brought much excitement. Yet, if Citic Pacific's acquisition of its parent Citic Group ... a square. The task is to get the Citic Group a full listing- a symbolic piece of the new leader's pledge for reform. The problem is Beijing insists that all state assets cannot be sold below ...

  2. Business - Companies - MANAGEMENT

    Citic unveils new board line-up

    Posted Sep 26th 2014, 02:41pm by Eric Ng

    ... Eric Ng eric.mpng@scmp.com Citic, which last month completed the 227 billion yuan (HK$286 billion) acquisition of assets from parent Citic Group that saw 99 per cent of the group’s assets ... Jianzhong, currently executive director of Citic Group and chairman and chief executive of Citic International Financial Holdings, has been appointed an executive director and vice president ...

  3. Business - Companies

    Citic still crucial to mainland China reforms

    Posted Oct 20th 2014, 05:05am by Eric Ng

    ... billion in late 2008 and through a recent 227 billion yuan acquisition deal with its parent Citic Group, it has capped the loss and substantially diluted the troubled iron ore project's ... and become more market-oriented in their operation. After the mega acquisition deal, some 99 per cent of Citic Group's assets are owned by Citic, but its assets' composition saw a dramatic ...

  4. Business - Companies - COMPANIES

    Yung family finds there is life after Citic

    Posted Oct 20th 2014, 05:05am by Enoch Yiu, Eric Ng, Peggy Sito

    ... annual report as "director, group finance" of Citic while she was also the deputy chairman of Citic Pacific Communications and a director of New Hong Kong Tunnel Company, which operates ... Capitalist on the mainland and was appointed by then paramount leader Deng Xiaoping to establish Citic Group in 1978. The company became the primary vehicle to attract foreign capital ...

  5. Comment - Insight & Opinion - LEADER

    SFC's legal action against Citic a reassuring sign

    Posted Sep 25th 2014, 05:14am by SCMP Editorial

    ... adverse material change in the financial or trading position of the Group since 31 December 2007" when the forex losses were already known. Unfortunately for Citic, the case added to its ... compensate investors and safeguard Hong Kong's reputation for a level playing field. But in the case of state-backed conglomerate Citic's failure to disclose more than HK$15 billion ...

  6. Comment - Insight & Opinion - LEADER

    Citic Group's plan opens door to greater economic reforms

    Posted Apr 06th 2014, 03:55am by SCMP Editorial

    ... SCMP Editorial Citic plan opens door to reform As one of China's first state-owned enterprises run on quasi-market principles, Citic Group was at the forefront of the nation's ... unit, Citic Pacific. It also will likely relocate its headquarters to Hong Kong. The latest development will open the group- whose interests span from steel and property to banking, ...

  7. Business - Comment - MONEY MATTERS

    Asking for a thing at the right time pays off for Citic Group

    Posted Mar 29th 2014, 01:10am by Shirley Yam

    ... pays off for Citic Group In China’s corridors of power, where one man’s decision can override rules and regulations, asking for the right thing for the right reason at the right time is a make or break matter. Citic Group chairman Chang Zhenming is certainly a master of the art. He has successfully lobbied for the injection of Citic Group into subsidiary Citic Pacific, something which ...

  8. News - Hong Kong - FINANCE

    SFC launches legal action against Citic to demand compensation for investors

    Posted Sep 11th 2014, 11:17pm by Enoch Yiu

    ... was much too high for the company. Citic said former group finance director Leslie Chang Li-hsien resigned after failing to obtain approval before executing the bets, while former financial ... investigated by Hong Kong's Securities and Futures Commission. On November 13 that year, Citic said its parent, Beijing-based Citic Group, would bail it out by agreeing to buy HK$11.6 billion ...

  9. Business - Companies - MONEY MATTERS

    SFC action hands ex-Citic Pacific directors a get-out-of-jail-free card

    Posted Sep 13th 2014, 04:47am by Shirley Yam

    ... Shirley Yam A criminal case against Citic Pacific directors who oversaw huge losses would be far harder for the authorities to pursue than civil action SFC action hands former Citic chiefs get-out-of-jail-free card Former Citic Pacific chairman Larry Yung Chi-kin and the company's then-directors are unlikely to face criminal prosecution for telling the market its finances were in good shape ...

  10. Business - Companies - FINANCE

    Under-fire Citic seeks legal advice on SFC's HK$1.9 billion lawsuit

    Posted Sep 13th 2014, 04:28am by Enoch Yiu

    ... Enoch Yiu enoch.yiu@scmp.com Mainland conglomerate seeking legal advice following HK$1.9 billion lawsuit as critics demand action on corporate governance Under-fire Citic takes advice on SFC suit State-backed conglomerate Citic is seeking legal advice on a HK$1.9 billion lawsuit brought by the Securities and Futures Commission (SFC) against it and five former directors ...




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