• Thu
  • Jul 24, 2014
  • Updated: 10:23am

Citic Pacific

CITIC Pacific (Hong Kong stock code 0267.HK) is a Hong Kong-based conglomerate which is majority owned by China’s Citic Group in Beijing. Its activities span property, metals and mining, telecoms, and consumer products and its subsidiaries include CITIC Pacific Mining, CITIC Pacific Special Steel and Dah Chong Hong Holdings.

Citic's shift to Hong Kong seen as role model for other mainland SOEs

In 1979, as paramount leader Deng Xiaoping reopened China's depleted economy, he invited some old industrialists who had survived the revolution for a lamb hot pot lunch in a cigarette smoke-shrouded room.

Wednesday, 4 June, 2014, 5:08am

Citic Pacific shareholders approve landmark deal

Citic Pacific shareholders have voted almost unanimously for the company to buy nearly all the assets of parent firm Citic Group, cementing a landmark 227 billion yuan deal that has been touted as the start of a new wave of reform of state-owned enterprises.

4 Jun 2014 - 5:08am

Reform of China’s state-owned sector gains momentum

Far from the spotlight, in secretive high-level meetings and company boardrooms, Beijing is drawing up one of the country’s thorniest reforms: an overhaul of China’s hugely inefficient state-owned enterprises (SOEs).

It shapes up as an eclectic mix of pilot projects and initiatives rather than a single blueprint, which makes it hard to judge their progress.

23 Apr 2014 - 5:26pm

Citic Pacific agrees to asset acquisition from parent

Citic Pacific has agreed to buy almost all of its parent's assets not already under the Beijing-backed steel-to-property Hong Kong-listed firm for 227 billion yuan (HK$284.8 billion), which would make it the second-largest listed conglomerate in Greater China after the Li Ka-shing-led Hutchison Whampoa.

23 Apr 2014 - 5:48pm

Citic Group's plan opens door to greater economic reforms

As one of China's first state-owned enterprises run on quasi-market principles, Citic Group was at the forefront of the nation's economic reforms under Deng Xiaoping. Now the conglomerate looks set to replay its role in the reform of state-owned giants by planning to inject almost all its assets into its Hong Kong-listed unit, Citic Pacific. It also will likely relocate its headquarters to Hong Kong.

6 Apr 2014 - 3:55am 2 comments

After Citic, who’s next among Chinese state firms to take their mega deals to Hong Kong?

Investors are keenly watching for the next state-owned enterprise to follow in the wake of Citic’s ground-breaking restructuring, in which Citic Pacific will mount a US$36 billion reverse takeover of its parent.

3 Apr 2014 - 4:57am

How did international banks miss Citic Pacific's US$36 billion takeover deal?

Jealous. This is the word many Western bankers in Hong Kong will use when they talk about the mega-sized reverse takeover deal of Citic, one of the most important state-owned industrial giants on the mainland.

1 Apr 2014 - 8:45am 5 comments

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.

31 Mar 2014 - 5:52pm 2 comments

Citic in ore project for the long haul

Citic Group chairman Chang Zhenming has some advice for investors who are fretting about the escalating losses at its Australian iron ore mining project: "Be patient and look at the long term."

1 Mar 2014 - 5:09am

Citic Pacific posts 9.1pc rise in profit

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

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