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. Its headquarters are in Chaoyang District, Beijing. As of 2019, it is China's biggest state-run conglomerate with one of the largest pools of foreign assets in the world. Businesses Its initial aim was to "attract and utilize foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management." It now owns 44 subsidiaries including China CITIC Bank, CITIC Limited, CITIC Trust and CITIC Merchant (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand. History CITIC Group was founded as the China International Trust Investment Corporation (; abb. CITIC), a Chinese state-owned enterprise in 1979. In the 1980s, Chinese government founded many for profit corporations, which CITIC was under the leadership of Rong Yiren, a former businessman and politician at that time, who chose to stay in the Mainland China in the 1950s after his family business was nationalized. His son, Larry Yung, was the former chairman of CITIC Group's listed subsidiary CITIC Pacific. Larry also led the Hong Kong office and parent company of CITIC Pacific since 1986; Larry became a Hong Kong-based businessman since 1978.