• Thu
  • Apr 17, 2014
  • Updated: 10:58am

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 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.

Thursday, 17 April, 2014, 4:50am

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

Citic Pacific criticises tycoon Palmer over Australian iron ore dispute

Citic Pacific took a public swipe at Australian billionaire Clive Palmer yesterday over his attempts to halt its long-delayed and massively over-budget US$8 billion iron ore project in Australia.

7 Feb 2014 - 6:04am

Australian iron ore project going into production, Citic Pacific says

Citic Pacific said it was moving into the initial production phase at its US$8 billion iron ore project in Australia, following years of delays at one of China’s costliest offshore mining developments.

30 Sep 2013 - 11:51am

Australian court rules against Citic in iron royalties dispute with Mineralogy

In the course of a lawsuit, Australian tycoon Clive Palmer dropped his demand that a mining agreement signed between Citic and his firm, Mineralogy, in 2006 be terminated, eliminating the risk that Citic would be kicked out of the operation.

23 May 2013 - 3:43am