China Everbright Group is a Chinese state-owned enterprise. Everbright Group was a subsidiary (55.67 percent) of

Central Huijin Investment Central Huijin Investment Co., Ltd. is a Chinese investment company owned by the government of the People's Republic of China. Established in 2003, it became a wholly owned subsidiary of China Investment Corporation, with its own Board of Direct ...

. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December 2014. China Everbright Group was ranked 194th in 2021

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by ''Fortune'' magazine. Methodology Until 1989, it listed onl ...

History

China Everbright Holdings was established in British Hong Kong in 1983, by three proxy persons for the Government of China: Wang Guangying, Zhang Lansheng () and Ren Xiguang (), with Wang "owned" most of the shares until 1990, which was transferred to Qiu Qing (), the second chairman of the company. Wang was the chairman and one of the 5 executive directors along with Kong Dan and three others in 1985, which was ratified by the State Council of the People's Republic of China. The State Council ratified the establishment of Everbright by a State Council document numbered No.89

983 Year 983 ( CMLXXXIII) was a common year starting on Monday (link will display the full calendar) of the Julian calendar. Events By place Europe * Summer – Diet of Verona: Emperor Otto II (the Red) declares war against the Byza ...

(, not published to the public). The group now had a parent company incorporated in Beijing (as China Everbright Group, was known as , incorporated in 1990 but could be traced back to , the name used in the document of the State Council) and a wholly owned subsidiary incorporated in Hong Kong (China Everbright Holdings Co., Ltd. was known as Violight Industry Co., Ltd. from 1983 to 1984). Due to

foreign exchange controls Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national bor ...

, the main overseas businesses were centered on the Hong Kong-based subsidiary. Everbright Group founded

China Everbright Bank China Everbright Bank Co., Ltd. is one of twelve Chinese joint-stock commercial bank. Established in August 1992, it is a national joint-stock commercial bank approved by the State Council and approved by the People's Bank of China, headquarte ...

in 1992, the stake in the bank was diluted by the subscription of new shares by

in 2007, as well as Everbright Group injected part of the stake of the bank to Everbright Group's subsidiary: China Everbright Limited in 1997. In 1993 China Everbright Group acquired 20 percent stake of Hong Kong-based

International Bank of Asia International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

. (The stake was then injected to China Everbright Limited in 1997, which was sold in 2004). Everbright Group also acquired several

listed companies A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

reverse IPO 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 ...

to form China Everbright Limited () in 1994 (renamed and restructured in 1997) and China Everbright International Limited () in 1993.

Everbright Securities Everbright Securities Company Limited is a securities brokerage by assets in China, controlled by state-owned financial conglomerate, China Everbright Group. It was founded in 1996 and is based in Shanghai. It was listed on the Shanghai Stock ...

was founded in Shanghai in 1996. In 1998, instead of reporting to the State Council directly, Everbright Group was assigned to the

People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...

as the intermediate supervising entity. In 2000, China Securities Regulatory Commission and

China Insurance Regulatory Commission The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. It was founded o ...

were added as the supervisors for the financial businesses, with the

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

excising the shareholders rights. State Economic and Trade Commission was also added as the regulator if the business was in the scope of the commission. Lastly, the Committee of

Communist Party of China The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC). Under the leadership of Mao Zedong, the CCP emerged victorious in the Chinese Civil ...

inside the company (the ''de facto'' highest board of the company) would be reporting to another supervising minister of the Central Committee of the party. , the former chairman of the group who was arrested in 1999, was jailed in 2002. In 2007 the group was split into financial and non-financial company, the latter was led by China Everbright Industrial (Group) Co., Ltd. (), which was owned by Central Huijin from 2007 to 2014 (merged back to China Everbright Group). In 2014, Central Huijin became a major shareholder of Everbright Group by injecting 90

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i. ...

shares of Everbright Bank and 100 percent stake of Everbright Industrial back into Everbright Group. The company also re-incorporated as a joint-stock company with limited liabilities (as ).

Subsidiaries and equity investments

The company via its wholly owned subsidiary China Everbright Holdings (), owned 49.74 percent stake of China Everbright Limited and 0.18 percent stake of

. China Everbright Group also owned 29.68% stake of

, 23.96 per cent stake of

directly. China Everbright Group also owned 41.39 percent stake in

Everbright International China Everbright International Limited is a Hong Kong incorporated company that specialized in environmental resource management in mainland China. Its head office is the in Admiralty on Hong Kong Island. On the mainland it has offices in Beiji ...

and 4.98% stake in Shenwan Hongyuan. China Everbright Bank was also owned by

, making Everbright Group and Everbright Bank were sister companies.

References

External links

* {{authority control Government-owned companies of China Conglomerate companies of China