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 Resources says operating profit strong, but impairment seen from Qingdao port

A forklift at one of Citic's mining projects. Photo: Xinhua


Citic Resources reported a stronger operating profit for last year due to higher oil output, although it had to book HK$320 million of inventory impairment provision due to a warehouse receipts financing scandal at Qingdao port in mainland China.

Sunday, 15 February, 2015, 7:54pm

Itochu, Thailand’s Charoen Pokphand buy 20 per cent stake in Citic Limited

Japan's Itochu and Thailand's Charoen Pokphand are buying a 20 per cent stake in Citic. Photo: Reuters

Japanese trading giant Itochu and Thailand's Charoen Pokphand Group (CP) are buying a 20 per cent stake in Citic, China's largest conglomerate, for HK$80.3 billion.

21 Jan 2015 - 10:56am

Citic offers to buy Singapore firm

Citic wants to use United Envirotech as its strategic platform and revenue source in the environmental protection industry. Photo: Robert Ng

Citic, the mainland's largest conglomerate, has offered to take a majority stake in Singapore-listed United Envirotech and turn it into its flagship in the water and environmental protection business, in a deal worth up to HK$7.52 billion.

13 Nov 2014 - 3:17am

Citic unveils new board line-up

Citic said each of the directors who have resigned have confirmed they have no disagreement with the board. Photo: Reuters

Citic has appointed its parent’s vice chairman Wang Jiong as its vice chairman and president, as part of wider top management reshuffle.

26 Sep 2014 - 2:41pm

SFC's legal action against Citic a reassuring sign

SFC's legal action against Citic a reassuring sign

The authorities have launched actions in some high-profile cases of insider trading and market misinformation to punish wrongdoers, compensate investors and safeguard Hong Kong's reputation for a level playing field.

25 Sep 2014 - 8:41am

Under-fire Citic seeks legal advice on SFC's HK$1.9 billion lawsuit

The SFC is suing Citic and five former directors. Photo: Reuters

State-backed conglomerate Citic is seeking legal advice on a HK$1.9 billion lawsuit brought by the SFC against it and five former directors for their failure to disclose massive forex losses in 2008.

13 Sep 2014 - 3:00pm 1 comment

SFC action hands ex-Citic Pacific directors a get-out-of-jail-free card

To begin the MMT proceeding, the SFC has to secure the consent of the Secretary for Justice.

Former Citic Pacific chairman Larry Yung and the company's then-directors are unlikely to face criminal prosecution for telling the market its finances were in good shape as it suffered a HK$15 billion trading loss in 2008.

28 Apr 2015 - 11:23am 4 comments

SFC's civil action against Citic is a good first step

Larry Yung

The decision by the Securities and Futures Commission to take action against Citic comes as a welcome surprise.

13 Sep 2014 - 4:47am

Citic shares down 4.5pc after SFC legal action

The SFC is seeking HK$1.9 billion in compensation from Citic for 4,500 investors said to have suffered losses due to the firm’s failure to report massive foreign-exchange trading losses in 2008. Photo: Bloomberg

Citic shares opened down 4.5 per cent at HK$14.12 on Friday after the Securities and Futures Commission on Thursday filed a lawsuit against the Chinese state-backed conglomerate and five former directors.

12 Sep 2014 - 9:56am

Citic’s interim core profit flat, supported by earnings from property development

Net loss from Citic’s much-delayed and over-budget US$10 billion Australian iron ore mining and processing project widened by 1.2 per cent from the first half of last year. Photo: Reuters

Citic, China’s largest conglomerate and the Hong Kong-listed flagship of state-owned Citic Group, aims to expand its non-financial business so that it will be of a similar size to its financial operations, after it completed recently the acquisition of 227 billion yuan (HK$285.4 billion) worth of assets from the parent.

29 Aug 2014 - 4:46pm

Citic Pacific shareholders approve landmark deal

Citic chairman Chang Zhenming (centre), with company president Zhang Jijing and chief financial officer Vernon Moore at the extraordinary meeting yesterday. Photo: K.Y. Cheng

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

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

Citic's Hong Kong holding firm is paying the parent US$36 billion in cash and stock for at least 29 China subsidiaries, including financial services businesses. Photo: Reuters

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.

4 Jun 2014 - 5:08am

Reform of China’s state-owned sector gains momentum

Citic is one of the conglomerates leading the way in SOE reform. Photo: Reuters

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 chairman Chang Zhenming hails a "win-win" deal for the red chip's shareholders and its parent firm yesterday. Photo: David Wong

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

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 1 comment