CITIC Trust Co., Ltd. is a Chinese investment management company, with license to create private equity fund (as trust). The company was a subsidiary of

CITIC Group CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping ...

. However, after a

reverse takeover A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compa ...

CITIC Limited CITIC Limited () is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange, and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-own ...

() became the parent company for 100% stake (via CITIC Corporation Limited and CITIC Industrial Investment Group Corporation Limited).

History

CITIC Industrial Trust Investment Corporation () was founded on 1 March 1988 as a subsidiary of

(formerly China International Trust Investment Corporation). In 2002 CITIC Trust acquired the trust business from the parent company and renamed to CITIC Trust Investment Co., Ltd. (). The share capital had increased to in 2003. In 2006

CITIC Capital CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. ...

, another subsidiary of

, had also acquired 20% stake of the company, which was re-acquired by CITIC Group. In 2014 the share capital of CITIC Trust was increased from to by adjusting the

share premium Capital surplus, also called share premium, is an account which may appear on a corporation's balance sheet, as a component of shareholders' equity, which represents the amount the corporation raises on the issue of shares in excess of their par v ...

Shareholders

CITIC Trust was wholly owned by

(and later

). In 2012 CITIC Group incorporated a subsidiary "CITIC Corporation Limited" (), and the stake of CITIC Trust (80%) was transferred to the subsidiary. However, the

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

of CITIC Corporation Limited was abandoned; It was takeover by

CITIC Pacific CITIC Limited () is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange, and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-own ...

(), another subsidiary of CITIC Group in 2014 as a reverse IPO; the Chinese name of CITIC Corporation Limited had also dropped the word "shares" (). In 2012 also saw another direct shareholder of CITIC Trust for 20% stake, Shanghai-based "CITIC East China (Group) Corporation Limited" () was renamed to CITIC Industrial Investment Group Corporation Limited (); The stake of CITIC Industrial Investment Group had also transferred to CITIC Corporation Limited, making CITIC Corporation Limited owned 80% stake of CITIC Trust directly and 20% indirectly.

Joint ventures

CITIC Trust formed a joint venture with

China Guodian Corporation China Guodian Corporation (Guodian; ) is one of the five largest power producers in China, administrated by SASAC for the State Council. It is engaged in development, investment, construction, operation and management of power plants and powe ...

. The joint venture was an in-house investment management company for Guodian. The joint venture raised money from the general public to invest in Guodian's projects.

Equity investments

CITIC Trust was an investor in Otis Elevator (China) Investment from 1998 to 2001. In 2001 the 3% stake was sold back to Otis Far East Holdings. CITIC Trust was a shareholder of China Guangfa Bank in 2006 for 20% shares.

References

External links

* {{authority control CITIC Group Government-owned companies of China Companies based in Beijing Chinese companies established in 1988 Privatization in China Financial services companies of China Investment management companies of China Private equity firms of China