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  1. Pressure on Citic Pacific bosses to quit

    Posted Dec 19th 2008, 12:00am by Staff Reporter

    ... Eva Wu Citic Pacific shareholders are expected to call on chairman Larry Yung Chi-kin and managing director Henry Fan Hung-ling to step down amid doubts about their credibility in handling ... in making an announcement about its losses, put at more than HK$18 billion. The Democratic Party has been collecting signatures from Citic Pacific shareholders, as 100 signatures can cause ...

  2. Citic Group may reduce overlap with Citic Pacific

    Posted Dec 25th 2008, 12:00am by Carol Chan

    ... Carol Chan Citic Group, which spent HK$11.6 billion rescuing Citic Pacific after its ill-fated venture in Australian accumulator contracts, may consolidate some of the similar business units of the two companies to avoid competition, according to executives of the state-owned firm. Citic Group would support Citic Pacific's business development on the mainland and its iron ...

  3. Corrections & clarifications

    Posted Apr 23rd 2008, 12:00am by Staff Reporter

    ... The article, 'Citic eyes US$800m mining spin-off', published on Monday should have identified Kong Dan as the current Citic chairman. ...

  4. Police probe Citic Pacific's huge forex loss

    Posted Dec 14th 2008, 12:00am by Nick Gentle

    ... Nick Gentle Police are investigating whether unauthorised foreign exchange deals that have cost Citic Pacific more than HK$18 billion involved criminal activity. A well-placed source close ... that an investigation was under way. Previously they had said no complaint had been received. Citic Pacific issued a brief statement last night in response to inquiries from the Sunday Morning Post. ...

  5. Citic Pacific parent rules out disposal of assets

    Posted Nov 17th 2008, 12:00am by Eric Ng

    ... Eric Ng Citic Pacific, a state-backed conglomerate, has no imminent plan to sell its assets to shore up its finances after incurring more than HK$16.8 billion of paper loss on its soured foreign currency bets, according to Chang Zhenming, deputy chairman of its parent, Citic Group. Mr Chang's remarks came despite Citic Pacific saying last month that it was in initial talks ...

  6. Citic Pacific seeks US$1.5b loan deal

    Posted Nov 04th 2008, 12:00am by Toh Han Shih

    ... Toh Han Shih and Tim Leemaster Citic Pacific, the troubled Beijing-backed conglomerate, said yesterday it was in the process of negotiating with its parent Citic Group over a US$1.5 ... Citic Pacific said in a stock exchange statement. The announcement came amid speculation that the company was close to receiving funding from Citic Group after disclosing that it may lose up ...

  7. Citic Pacific takes flak for poor risk control

    Posted Oct 21st 2008, 12:00am by Eric Ng, Kandy Wong

    ... Eric Ng, Wong Ka-chun, Kandy Wong and Natalie Chiu Citic Pacific, a unit of mainland conglomerate Citic Group, drew heavy criticism yesterday for poor corporate governance and risk control after it disclosed a potential HK$15.5 billion loss from unauthorised foreign-currency trades. Shareholder activists and website editor David Webb said Citic Pacific should have informed ...

  8. Citic Pacific surges after parent comes to rescue

    Posted Nov 14th 2008, 12:00am by Carol Chan

    ... Carol Chan Shares of embattled Citic Pacific surged as much as 17.16 per cent yesterday after its state-owned parent agreed to buy HK$11.625 billion worth of its convertible bonds ... stakes held by minority shareholders, as well as its weakening core businesses. The most aggressive was Citigroup, which cut Citic Pacific's target price from HK$6.66 to HK$3.75, or 43 per ...

  9. Parent bails out ailing Citic Pacific

    Posted Nov 13th 2008, 12:00am by Staff Reporter

    ... Staff Reporter Citic Group to take on bad Australian dollar bets for HK$9b, provide HK$11b loan Citic Pacific, a mainland conglomerate, has announced a massive bailout from its parent ... billion standby loan to Citic Pacific, to be replaced by convertible bonds of the same amount, it said last night. Citic Group will also assume all liabilities from Citic Pacific ...

  10. Company profile - Citic Pacific

    Posted Jun 02nd 2008, 12:00am by Staff Reporter

    ... Citic Pacific's major businesses are special steel manufacturing and iron ore mining, supplying raw materials needed in the making of special steel, and property development in the mainland. Other business activities include power generation, aviation, civil infrastructure and communications, distribution of motor vehicles and consumer products. ...




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