Citic Group Co., Ltd. (formerly known as China International Trust and Investment Corporation), abbreviated as CITIC Group, is a central financial enterprise, which was founded on October 4, 1979 by former Vice President Rong Yiren after being personally initiated and approved by Deng Xiaoping, the chief architect of reform and opening up. CITIC Group's business mainly involves banking, securities, insurance, funds, trusts, real estate, engineering contracting, machinery manufacturing, energy industry and other fields. Its main business is finance, which belongs to a large financial central enterprise group.
This is known as the largest comprehensive group in Chinese mainland, has gone through 42 years of development, behind the gorgeous performance of CITIC Group, is the only aristocrat in modern and modern China - the Figure of the Rong Family, which is the founder of the CITIC Group. Because Rong Yiren's father was Rong Desheng, the flour king of the Republic of China. Mao Zedong once commented on the Rong family, saying: "The Rong family is the first household of the Chinese national capitalists, and they are the only ones in the world who can really be called a consortium." Because it has always been trusted by the organization, the Rong family has also shouldered the burden of economic recovery after the reform and opening up. In 1979, Rong Yiren was invited by Deng Xiaoping to establish China International Trust Co., Ltd. (now CITIC Group), which opened a magnificent chapter of CITIC Group.
Rong Yiren is the most outstanding young generation of the Rong family after Rong Zongjing and Rong Desheng. In fact, when CITIC Group was founded, Rong Yiren's original idea was to set up a private company. However, considering the situation at that time, the country had just reformed and opened up, and the strength of private companies was not enough to operate internationally. Only by building the company into a state-owned enterprise can it be conducive to the development of CITIC Group, and in 1987, Rong Zhijian, the son of Rong Yiren, joined CITIC Hong Kong as chairman and general manager. Rong Zhijian is the second generation of the Rong family who entered the top management of CITIC Group. After that, many members of the Rong family entered the headquarters or branches of CITIC Group. Under the construction of Rongjia, the total assets of CITIC Group reached 1.6 trillion yuan in 2008. In the same year, due to the failure of CITIC Pacific (formerly CITIC Hong Kong) investment, with a loss of about 15 billion yuan, Rong Zhijian left CITIC Group. Since then, the Rong family has continuously left the CITIC Group, and as compensation, the Rong family has obtained a large area of high-quality land resources in Hainan, and the Rong family has been separated from the CITIC Group ever since. In 2011, CITIC Group was reorganized into a wholly state-owned enterprise.
Without the Rong family's CITIC Group, its development momentum is still unstoppable. According to incomplete statistics, CITIC Group has total assets of about 8.5 trillion yuan and has 175 first-class subsidiaries, covering almost all industries. Like South Korea's Samsung Group, CITIC Group exists in almost every business area you can think of. CITIC Group's financial enterprises are involved in banking, securities business, fund business, insurance business, trust, futures, investment and asset management. For example, China's seventh largest commercial bank, China CITIC Bank Limited (the largest subsidiary of CITIC Group)
CITIC Securities Limited, the largest securities company in Asia
Huaxia Fund Management Co., Ltd. and China's largest fund company are both subsidiaries of CITIC Group, and CITIC Group's non-financial enterprises involve culture, sports, medical care, agricultural development, entertainment, health, scientific research, coal, telecommunications, Internet, oil and gas mining, construction and other aspects. Great Wall Broadband Network Service Co., Ltd., Tianshi Group Energy Co., Ltd., Tianshi Group Energy Co., Ltd., Hangzhou Hand Surgery Hospital, and CITIC Real Estate Co., Ltd. are all companies under CITIC Group. At present, CITIC Group's business involves Singapore, Japan, the United States, Australia, Canada, the Philippines, Spain and other countries.
The financial industry is the key business of CITIC Group, and its assets account for about 81% of CITIC's total assets, mainly composed of commercial banks, securities, insurance, trust, leasing and other financial institutions. Industry accounts for about 18% of CITIC's total assets, involving the information industry, infrastructure, energy, real estate and other industries and fields.
In 2011, CITIC Group, with the vast majority of its operating net assets as the capital contribution, and its wholly-owned subsidiary Beijing CITIC Enterprise Management Company, jointly funded the establishment of CITIC Shares, with a registered capital of RMB 128 billion. In August 2014, CITIC Pacific successfully acquired CITIC shares for 227 billion yuan, (99% of CITIC Group's assets are in CITIC shares) CITIC Group was officially listed on the Hong Kong capital market through a backdoor subsidiary. At the same time, CITIC Group will increase its shareholding in CITIC Pacific to 79%, making it the largest shareholder. (But CITIC Pacific is not a state-owned enterprise)
At that time, the overall listing of CITIC Group was "of epoch-making significance", which demonstrated China's determination to reform the so-owned enterprise system and, more importantly, Hong Kong's once again played an active role in the mainland's reform and opening up.
In the past 42 years, CITIC Group has continued to develop and contributed great strength to the construction of the motherland, and in the new era, CITIC Group has continuously contributed its own strength to China's construction.