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CITIC Seeks a Listing to Force Reform

CITIC Group Corporation (CITIC) is about to realize its long-time dream of holistic listing. The group stated this June that it will inject most of its assets into its Hong Kong-listed subsidiary CITIC PACIFIC. The upcoming IPO will transform CITIC into a large Hong Kong-based, state-controlled conglomerate.

CITIC, proposed and approved by Deng Xiaoping, was founded by Rong Yiren in 1979. The group became a wholly state-owned company in 2011 thanks to a stock reform it launched in 2010. After the reform, the group has a 99.9 percent holding in CITIC Limited; while CITIC Limited owns 90 percent of the former’s assets, including financial assets like banking, securities, trust, and insurance businesses and non-financial assets such as real estate, resources and energy, and engineering projects.

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