CITIC Trust explained

CITIC Trust Co., Ltd. is a Chinese-owned investment management company, with license to create private equity fund (as trust). The company was a subsidiary of CITIC Group. However, after a reverse takeover, CITIC Limited 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 CITIC Group (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.^[2] In 2006 CITIC Capital, another subsidiary of CITIC Group, had also acquired 20% stake of the company,^[3] which was re-acquired by CITIC Group.

In 2014 the share capital of CITIC Trust was increased from to by adjusting the share premium.^[4]

Shareholders

CITIC Trust was wholly owned by CITIC Group (and later CITIC Limited).^[5]

In 2012 CITIC Group incorporated a subsidiary "CITIC Corporation Limited", and the stake of CITIC Trust (80%) was transferred to the subsidiary.^[6] However, the initial public offering of CITIC Corporation Limited was abandoned; It was takeover by CITIC Pacific, 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 ;^[7] 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. 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.^[8]

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.^[9]

CITIC Trust was a shareholder of China Guangfa Bank in 2006 for 20% shares.^[10]

Notes and References

1. Web site: 2015 Annual Report. 20 April 2016. 11 February 2017. CITIC Trust. Chinese.
2. Web site: http://www.cbrc.gov.cn/govView_E2B10613BD5A42C3843B9A3841E08717.html. zh:关于中信信托投资有限责任公司注册资本金问题的批复. 26 June 2003. 11 February 2017. CBRC. Chinese. https://web.archive.org/web/20170212090947/http://www.cbrc.gov.cn/govView_E2B10613BD5A42C3843B9A3841E08717.html. 12 February 2017. dead.
3. Web site: http://www.cbrc.gov.cn/govView_9240152048184EBEADB53A97F7C215EC.html. zh:关于中信信托投资有限责任公司股权变更有关事项的批复. 22 December 2006. 11 February 2017. CBRC. Chinese. https://web.archive.org/web/20170212091227/http://www.cbrc.gov.cn/govView_9240152048184EBEADB53A97F7C215EC.html. 12 February 2017. dead.
4. Web site: http://www.cbrc.gov.cn/govView_1FFCD38EF4F940E3B9DDA941F10E0F6B.html. zh:中信信托增加注册资本的批复. 19 August 2014. 11 February 2017. CBRC. Chinese. https://web.archive.org/web/20170212091132/http://www.cbrc.gov.cn/govView_1FFCD38EF4F940E3B9DDA941F10E0F6B.html. 12 February 2017. dead.
5. Web site: History - CITIC Limited.
6. Web site: http://www.cbrc.gov.cn/govView_63FC2141F684479E80304D7E004954FB.html. zh:关于中信信托有限责任公司股权变更及修改公司章程的批复. 27 April 2012. 11 February 2017. China Banking Regulatory Commission (CBRC). Chinese. https://web.archive.org/web/20170212091322/http://www.cbrc.gov.cn/govView_63FC2141F684479E80304D7E004954FB.html. 12 February 2017. dead.
7. Web site: http://www.cbrc.gov.cn/govView_2F05FB1BB6BE4D8FB2C3BC96D87D415D.html. zh:关于中信信托有限责任公司股东名称变更及修改章程的批复. 5 November 2012. 11 February 2017. CBRC. Chinese. https://web.archive.org/web/20170212091135/http://www.cbrc.gov.cn/govView_2F05FB1BB6BE4D8FB2C3BC96D87D415D.html. 12 February 2017. dead.
8. Web site: http://ip.people.com.cn/GB/9052860.html. zh:国电与中信信托组建资产管理公司. 31 March 2009. 11 February 2017. The People's Daily. Chinese.
9. Web site: http://policy.mofcom.gov.cn/blank/tclaw!fetch.action?libcode=claw&id=g000023433. zh:关于同意奥的斯电梯（中国）投资有限公司股权转让的批复. 19 December 2011. 11 February 2017. Ministry of Foreign Economic Cooperation and Trade. Chinese.
10. Web site: 2006 Annual Report. 26 April 2007. 11 February 2017. China Guangfa Bank. Chinese.