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

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

Profit slump at China Southern; Cathay splurges

China Southern Airlines is set to post a net profit of under 1.38 billion yuan (HK$1.69 billion), 50 per cent less than last year, when it releases its interim results next month.

11 Jul 2012 - 12:00am

Check the overhead bins - your goods may have flown

The audacity of mainland theft syndicates has soared sky-high - literally.

Well-dressed crooks posing as travellers are stealing valuables worth hundreds of thousands of dollars from the overhead lockers of Hong Kong-bound flights, police say.

3 Jul 2012 - 12:00am

Citic Heavy slashes I.P.O. target

Citic Heavy Industries has become the latest victim of the A-share market's seemingly unending bear run, which has forced it to nearly halve its original IPO target of six billion yuan (HK$7.4 billion).

30 Jun 2012 - 12:00am

Sky is the limit for local youngsters dreaming of a career in the cockpit

Childhood dreams of soaring through the skies are becoming a reality for more than just the elite, according to local pilots.

Three Cathay Pacific pilots, co-authors of Cathay Pacific Pilot Book II, yesterday urged more young Hongkongers who aspire to a career in aviation to try their luck.

29 Jun 2012 - 12:00am

Play the fare game

It seems straightforward - plan a trip several months ahead, do some price comparisons online or via the phone and pack your bags. But common sense doesn't always prevail, if it did we wouldn't have the Mark Six or the Kardashians permanently appearing on prime-time television.

25 Jun 2012 - 12:00am

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