CHINA Poly Group Corp, a major division formerly under the control of the CITIC empire, has emerged as a new force to reckon with on the Hongkong stock market.
Continental Mariner, since being bought out by the mainland group in February, has attracted a large following keenly interested in shipping counter's new relationship with CITIC.
The company is expected to be groomed into another CITIC Pacific which has fast become a local conglomerate nurtured by parent CITIC.
However, a few discerning investors ask why CITIC should have two listed vehicles in Hongkong and how it can ensure there is no conflict of interest.
The question was answered by CITIC's general manager Wang Jun yesterday, who said CITIC had spun off China Poly last month, allowing its management to have an absolute say in Continental.
It is apparent that the move, which was endorsed by the State Council, has given China Poly a free hand to make investment decisions with its new listed Hongkong company.
