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. 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. CITIC Group headquarters was based in Beijing; Hong Kong office was formally opened in 1985. The group also acquired 12.5% stake of the Hong Kong flag carrier
Cathay Pacific in 1987, the stake was sold to fellow state-owned company
Air China in 2009. The group also acquired Hong Kong–based
Ka Wah Bank in 1986. Other notable acquisitions included 38.3% stake of another airline
Dragonair, 20% stake of
Hong Kong Telecom, etc. Its subsidiary,
CITIC Pacific (, now known as CITIC Limited), made unauthorized bets on the foreign currency market in October 2008 and lost
HK$14.7 billion (
US$1.9 billion, when accounted for in
mark-to-market terms).
Senior executives such as Financial Controller Chau Chi-Yin and Group Finance Director Leslie Chang resigned. Its stock price plunged 55.1 percent upon the resumption of trade. In 2015, CITIC Group sold 10% stake of
CITIC Limited to a joint-venture of
Itochu and
Charoen Pokphand for
HK$34.4
billion (US$4.54 billion); the joint venture also subscribed new convertible preferred shares for HK$45.9 billion (or US$5.9 billion). It was reported it was the largest investment ever made by a Japanese general trading company. The transaction is also the largest acquisition in China by a Japanese company, and the largest investment by foreigners in a Chinese state-owned enterprise. In 2023,
China Huarong Asset Management, the company that manages the troubled assets, contracted to buy 5.01 percent of Citic Limited for
HK$13.6 billion (US$1.7 billion). Huarong will acquire a stake from CITIC Group's subsidiary, Citic Polaris. In addition, Huarong plans to change the name to China Citic Financial Asset Management. The deal is a return on the investment that CITIC invested in 2021, leading the rescue of Huarong. == CITIC CEFC bond default ==