Approved by the State Council, CITIC Group has transformed into a wholly state-owned company through comprehensive restructuring and changed its name to CITIC Group Corporation. According to relative laws and restructuring requirements, CITIC Group Corporation will take over total assets, liability, all the subsidiaries and branches as well as working staff of CITIC Group including its branches overseas. The business scope of CITIC Group Corporation will be in line with that of CITIC Group. CITIC Group Corporation has formulated its Articles of Association, established corporate governance structure including the Board of Directors, the Board of Supervisors and the senior management team with RMB 183.70263 billion as the registered capital. The Ministry of Finance will perform the responsibilities and obligations of investor on behalf of the state.
CITIC Group Corporation’s first meeting of the first Term of Board was held in Beijing on Dec. 27th, 2011.
Proposals including appointment of the President have been adopted at the meeting. The Ministry of Finance, as the shareholder, also sent delegates to attend the meeting.