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  1. 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 ...

  2. Post-Yung hopes fuel Citic Pacific advance

    Posted Apr 15th 2009, 12:00am by Eric Ng, Kandy Wong

    ... Kandy Wong, Eric Ng Shares in conglomerate Citic Pacific rose 16.57 per cent yesterday to HK$12.38 as investors appeared to be more bullish of the company after its management reshuffle. 'Investors are still speculating the parent will inject assets into Citic Pacific,' a fund house analyst said. The stock rose as much as 18.7 per cent last Thursday after chairman Larry Yung ...

  3. Younger Yungs at Citic Pacific may get the axe

    Posted Apr 11th 2009, 12:00am by Eric Ng, Peggy Sito

    ... Eric Ng, Jasmine Wang and Peggy Sito Citic Pacific chairman Larry Yung Chi-kin's resignation this week has turned the spotlight on other Yung family members at the company who may ... on the board, it would look like he is acting as a proxy of his father.' Mr Yung's daughter, Frances, was demoted and received a pay cut on October 21 last year. A day earlier, Citic Pacific ...

  4. Citic Pacific returns to profit with HK$2.5b net

    Posted Aug 27th 2009, 12:00am by Carol Chan

    ... Carol Chan Embattled Citic Pacific, hit by massive losses from wrong-way currency bets last year, returned to profitability in the first half and resumed paying a dividend, even though earnings declined 43 per cent year on year. The steel-to-property conglomerate also finalised its first co-operation agreement with its state-owned parent, Citic Group, which rescued Citic Pacific ...

  5. Citic Pacific jumps after Goldman raises target price

    Posted Jun 30th 2009, 12:00am by Carol Chan

    ... Carol Chan Shares of Citic Pacific surged as much as 7.21 per cent yesterday after investment bank Goldman Sachs added the stock to its 'conviction buy list' and raised its ... from unauthorised currency bets, looked attractive and the stock might benefit from restructuring being driven by new chairman Chang Zhenming. Citic Pacific's shares were trading at a 31 ...

  6. Citic Pacific falls 27pc amid currency fears

    Posted Oct 28th 2008, 12:00am by Carol Chan

    ... Carol Chan Citic Pacific, the embattled mainland conglomerate, lost another HK$3.07 billion of market value yesterday amid the tumbling stock market, higher foreign-currency losses ... rate cuts and the strengthening US dollar. 'The room for Australia to cut its interest rate is much bigger than elsewhere in the world,' he said. Citic Pacific entered ...

  7. Citic Pacific in good form after revised hedges

    Posted May 26th 2009, 12:00am by Carol Chan

    ... Carol Chan Citic Pacific's new chairman said yesterday the troubled conglomerate performed well in the first quarter and it would not be affected by future moves in the Australian dollar since it had restructured all related foreign exchange contracts. 'All of the Australian-dollar leveraged foreign exchange contracts Citic Pacific kept have been restructured ...

  8. Speculation as Citic Pacific stays suspended

    Posted Apr 07th 2009, 12:00am by Eric Ng

    ... Eric Ng Citic Pacific shares unexpectedly remained suspended yesterday amid speculation about founder and chairman Larry Yung Chi-kin's future role in the company. Some observers said ... Beijing's controlling stake, Citic Pacific has been run like a family business because of Mr Yung's special status. But that practice might be about to change, especially after ...

  9. Citic Group faces uphill task in restructuring HK flagship

    Posted Apr 10th 2009, 12:00am by Enoch Yiu, Eric Ng

    ... Pacific and restoring it to its former glory. Observers said Beijing might first need to beef up Citic Pacific's top management as new chairman and managing director Chang Zhenming held ... said it was good corporate governance to have separate persons assuming the two positions. 'As Citic Pacific previously also had different persons for the two roles, I believe it would ...

  10. Citic Group may replace Larry Yung

    Posted Apr 08th 2009, 12:00am by Eric Ng

    ... Eric Ng Citic Group is expected to remove Larry Yung Chi-kin as chairman of Citic Pacific in the next few days and has sent a team to further investigate the company's huge foreign ... several group senior managers to run various Citic Pacific businesses. Zhang Jijing, a director and assistant president of Citic Group, will assume a lead decision-making role in the daily ...




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