CITIC Group
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CITIC Group

CITIC Group
CITIC Group
The latest news, analysis and opinion on CITIC Group. In-depth analysis, industry insights and expert opinion.
Chairman / President
Xi Guohua
CEO / Managing Director
Zhang Wenwu
CFO / Finance Director
Zhang Hao
Industry
Banking, Financial Services, Fund & Asset Management
Website
group.citic
Headquarters address
CITIC Securities Tower, Shenzhen, China
Stock Code
SEHK:6030
SSE:600030
Year founded
1995
last updated:
30 September, 2024
The exhibition booth of the Saudi National Housing Corporation at the Cityscape Global expo in Riyadh, Saudi Arabia on November 11, 2024. Photo: Instagram/saudinhc
International Property

Citic enlarges Saudi Arabia footprint with 3,500-flat Riyadh project

The project, also called Khuzam Hills, comprises several phases, the first of which is scheduled for delivery in 2026, according to the website of Citic’s partner Rafal.

Myanmar

China won’t ‘pull the carpet’ on Myanmar junta over resistance’s olive branch

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Belt and Road Initiative

China, Myanmar renew hopes for Kyaukphyu deep water port under belt and road plan

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China's economic recovery

Facing ‘huge challenges’, China names finance veteran Zhu Hexin new forex chief

Zhu Hexin’s political pedigree is a bit different than some of his predecessors, starting with a factory job and working his way to the upper echelon of Chinese finance.

Veteran Chinese banker Zhu Hexin has been appointed party chief of the State Administration of Foreign Exchange. Photo: Handout
Insurance

Exclusive | Hong Kong ‘excellent hub’ for international insurers to expand

Anil Wadhwani, Prudential’s first CEO to be based in Hong Kong, vows to keep using Hong Kong as centre for expansion in Asia and Africa as the UK insurer charts strong growth in the city in post-Covid-era.

Banking & finance

Distressed asset manager China Huarong buys US$1.7 billion stake in Citic

The company, one of China’s largest distressed debt managers, will acquire a 5.01 per cent stake at HK$9.35 per share from Citic Polaris, a wholly owned subsidiary of Citic Group, and change its name to China Citic Financial Asset Management.

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Artificial intelligence

China’s biggest AI conference this week has lost its shine among US tech giants

Chinese tech giants are the main attraction at the three-day World Artificial Intelligence Conference in Shanghai, as US firms maintain their distance.

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A staff member at the World Artificial Intelligence Conference looks at a robot at the venue in Shanghai on July 9, 2020. Photo: Reuters
China economy

China’s forex regulatory head named Communist Party chief for central bank

Pan Gongsheng likely to be named PBOC governor next, industry insiders tell the Post, with notice also saying incumbent Yi Gang will step down.

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Xiongan New Area

Officials survey state-owned enterprises to aid Xi’s push to Xiongan

Xiongan New Area plan viewed with suspicion because it is not near any regional commercial hub and workers do not want to move from China’s capital, says analyst.

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Banking & finance

China’s crackdown on high-flying bankers sends jitters across brokerage industry

Executives in the banking and brokerage sectors have taken massive pay cuts, with the Communist Party’s top disciplinary watchdog warning that pay in the sector was much higher than in other industries.

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The top disciplinary watchdog of the Communist Party has warned that pay in the finance sector is much higher than in other industries. Photo: Reuters
IPO

10 IPO stocks surge in China’s busiest day of market debuts in 16 months

China’s onshore stock market ushered in its busiest day for IPOs in 16 months, with 10 debutants surging by at least 48 per cent in Shanghai and Shenzhen trading.

People walk past a large screen showing stock exchange data in Shanghai. The Shanghai Composite Index has risen 15 per cent from an October low. Photo: EPA-EFE
Banking & finance

Deloitte China unit fined US$31 million for Huarong auditing failures

Deloitte Hua Yong has been fined 212 million yuan (US$31 million) for failures in audit work conducted at China Huarong Asset Management, China’s ministry of finance says.

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Banking & finance

China’s new regulatory watchdog to nip ‘arbitrage’ by financial giants: Goldman

The proposed new national regulatory body will be in the spotlight given its consolidated authority over financial institutions and its potential to lead reform, according to Goldman Sachs.

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Two Sessions 2023

China’s Xi Jinping seen to tighten Communist Party grip with cabinet reform

NPC to give stamp of legitimacy to State Council reform plan and new leadership line-up as its annual session continues this week.

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President Xi Jinping is set to secure an unprecedented third five-year term at the ongoing National People’s Congress. Photo: AFP
Tencent

Tencent and China Unicom get Beijing’s nod for public-private JV

The joint venture will focus on content delivery networks and technologies such as edge computing.

Market regulator has approved JV between Tencent and China Unicom. Photo: Shutterstock
China’s 20th Party Congress

Economic and finance shake-up on China’s Central Committee

Reshuffle follows Central Committee retirements, banking crises and Xi Jinping’s anti-corruption campaign but scope of changes prompts uncertainty.

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Bonds

Kaisa makes progress on US$18 billion debt revamp, aims to publish accounts

Kaisa Group reported some progress in its debt restructuring efforts, following agreements with undisclosed onshore creditors. Offshore creditors may need to wait longer for some good news.

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Alibaba

Alibaba, Ant executives end partnership as fintech unit seeks IPO greenlight

Alibaba said all top executives of its fintech affiliate Ant Group are no longer members of its partnership structure, as the latter awaits Beijing’s approval to transform into a financial holding group.

The Ant Group logo is displayed at the company’s headquarters in Hangzhou, China, Aug. 2, 2021. Photo: Bloomberg
Banking & finance

Citic Securities ranked China’s No 1 brokerage for second straight year

Citic Securities topped the Chinese brokerage charts for the second consecutive year in 2021, according to the Securities Association of China.

Alibaba

Ant Group appoints HKEX chairman Laura Cha as independent director

The reshuffle comes as a state-directed overhaul of Ant nears completion and after China signalled an easing of a months-long Big Tech crackdown.

US-China relations

China’s Pacific Networks ejected from US by telecoms watchdog

The move continues a series of bans on Chinese companies by the FCC, showing the Biden administration remains concerned over potential espionage and data theft.

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Pacific Networks and ComNet earlier told the US Federal Communications Commission that their operations are not subject to Chinese government control. Photo: AP
A-shares

Tech stocks sink in Hong Kong on Tencent divestment woes, Alibaba penalty

Tech stocks plunged as another billion-dollar divestment by Tencent triggered a steep sell-off in peers including Meituan, Kuaishou and JD.com Chinese antitrust regulators fined some Alibaba and Tencent units.

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People walking past an electronic board showing Hong Kong stock prices in Mong Kok. Photo: Sam Tsang
Banking & finance

Huarong gets a US$6.6 billion bailout from five Chinese state firms

Huarong, set up in 1999 to clean up ICBC’s bad loans, teetered close to bankruptcy as it failed to report its annual financial accounts in April, raising concern that the company would default on its onshore and offshore debt.

US-China relations

China Telecom’s US operating licence revoked by FCC over ‘national security’

The order gives China Telecom Americas 60 days to halt US domestic and international service; China Unicom Americas and Citic Group’s ComNet (USA) are also under review by the US communications watchdog.

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ICBC

Huarong posts US$15.9 billion loss as leverage soars to 1,333 times

The plight of Huarong has become the biggest test in decades of whether Beijing would still shield state-owned firms from market forces amid a renewed push by President Xi Jinping to rein in debt growth as defaults have hit records.

Photo: Reuters
Dealing with debt

China’s Huarong gets state-led bailout after record 2020 loss

The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies.

China Huarong Asset Management’s office in Beijing on April 16, 2021. Photo: Reuters
Banking & finance

China’s biggest brokers downgrade bankers to coach class, hard seats

The cuts are another example of how policymakers are pressuring the nation’s biggest state-owned financial groups to reduce salaries and costs to support China’s recovery from the pandemic.

Coronavirus pandemic: All stories

Opinion | How Covid-19 helped China boost its soft power in Southeast Asia

The pandemic provided Beijing a window of opportunity to boost its influence in countries such as Cambodia, Thailand and Myanmar.

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