• Fri
  • Dec 26, 2014
  • Updated: 2:42pm

Citic

Citic's mega takeover deal comes as win-win for Beijing and Hong Kong

Citic's mega takeover deal comes as win-win for Beijing and Hong Kong

Beijing's decision to let a Hong Kong-listed unit of Citic Group take over its parent company in a deal valued at about 225 billion yuan (HK$283.6 billion) surprised the financial community on Wednesday evening.

Monday, 31 March, 2014, 5:52pm 2 comments

Citic Pacific posts 9.1pc rise in profit

Citic Pacific chairman Chang Zhenming at the briefing to announce the firm's profit, which reached HK$7.59 billion last year. Photo: Nora Tam

Citic Pacific, the steel-to-property conglomerate of Beijing-backed Citic Group, may book impairment losses on its much-delayed and over-budgeted Australian iron ore project in the coming years after the project's losses widened.

21 Feb 2014 - 6:37pm

China M&A finance goes global with CNOOC, Citic Securities

CNOOC''s acquisition of Canadian oil and gas company Nexen is China''s biggest foreign takeover. Photo: Reuters

An interesting new trend has major Chinese firms financing their global expansions with mega bond offerings.

6 May 2013 - 11:36am

Citic Pacific surges after better-than-expected earnings

Investors pushed up Citic Pacific shares in early afternoon trade after full-year earnings were not as dire as some had predicted. Photo: SCMP

Shares of Citic Pacific surged in Hong Kong after its full-year earnings surprised the market on the upside.

As of 2:15pm HK time, the stock was up 10.3 per cent to HK$12.22 after ending the morning session at HK$11.62. The company said during the midday break that annual earnings fell 25 per cent in the year to December.

28 Feb 2013 - 3:57pm

Citic's Australian project 2 years from finish line

Citic Pacific's Chang Zhenming delivers results. Photo: Jonathan Wong

Citic Pacific, the Hong Kong flagship of state-owned conglomerate Citic Group, yesterday reported a 25 per cent decline in net profit to HK$6.95 billion last year. Excluding non-operating income and gains on asset disposals, profit before interest and taxes fell 43.1 per cent to HK$6.57 billion.

1 Mar 2013 - 5:45am

Qatar fund buys into Citic Capital

A unit of Qatar's sovereign wealth fund has bought a 22 per cent stake in Citic Capital Holdings, linking one of the Middle East's most powerful investors with one of China's top investment funds.

23 Aug 2012 - 2:13am

9pc profit fall latest setback for Citic

Chang Zhenming told the results meeting the company had struggled to get its Australian mine operating. Photo: Herbet Tsang

Citic Pacific, which recently suffered setbacks in a US$8 billion iron ore project in Australia, saw net profit fall 9 per cent year on year to HK$5.48 billion in the first half.

17 Aug 2012 - 2:36am

Bumpy tax landing for Cathay

Cathay Pacific and many of its overseas-based pilots are facing a financial hit after a perfectly legal 'taxsaving'' scheme set up in the early 1990s backfired.

One well-informed source said the problem may have already cost Hong Kong's flagship airline a substantial amount.

15 Aug 2012 - 11:30pm

Citic keen on CLSA, quirks and all

Citic Securities says it plans to keep the quirky corporate culture of CLSA Asia-Pacific Markets intact if it secures control of the Hong Kong-based brokerage firm.

31 Jul 2012 - 12:00am

Citic Securities stock falls as firm buys into CLSA

Shares in Citic Securities dropped yesterday following news that the mainland investment bank will purchase a minority stake in Hong Kong-headquartered brokerage CLSA.

In Hong Kong the stock fell 7.3 per cent to HK$13.48, while the Shanghai share price fell 4.1 per cent to 12.30 yuan.

24 Jul 2012 - 12:00am

CMS considering Hong Kong offering

China Merchants Securities, the mainland's No 6 brokerage by market share, is considering raising about US$1 billion in a Hong Kong listing or via a private placement next year, to fund its fast-growing business.

18 Jul 2012 - 12:00am

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