With a crisp sound of gong, the words “Open Market” appears on the screen of HKEx trading floor, making CITIC Limited(00267) officially starts to trade in the stock exchange.
After more than five months of hard work, CITIC Group Corporation (hereunder “CITIC Group”) has completed the full listing of its main business platform,CITIC Limited,in the international market by injecting all its assets of into CITIC Pacific, and CITIC Pacific was renamed to CITIC Limitedon August 27th. The market opening ceremony was staged in HKEx on September 1st. Many distinguished guests attended the event including Mr. Wang Baoan, Deputy Financial Minister, Sun Xiaoxia, Director General of the Financial Sector Department of the Ministry of Finance,senior executives and department heads of CITIC Group, board member and management team of CITIC Limited, representatives of Hong Kong-based subsidiaries and representatives from new investors andintermediaries.
Mr. Chang Zhenming, Chairman of CITIC Group, pointed out that the placing was a bold and innovative move and an active exploration in terms of SOE reform. He expressed sincere gratitude for the strong support of all the partners, and appreciated the trust of new shareholders. At the same time, he thanked the “real heroes in CITIC's history”, all those who devoted their hard work to the development of the company in the past 30 years.
He said, CITIC has always been “reformative, open and innovative”, and it has achieved rapid growth in the past three decades, transforming itself into a huge international conglomerate. Today, CITIC again pioneered SOEreform. CITIC's business mix almost mirrors that of China, and its management team is well-experienced and visionary. CITIC will rely on these advantages to make itself more specialized and international, create greater value for shareholders and contribute more to the prosperity, stability and growth for Hong Kong.
The Deputy Financial Minister congratulated CITIC Limited on completion of its overall listing. He said CITIC's listing on Hong Kong marks a major step in its overseas venture and turns a new chapter for common prosperity and development between Mainland China and Hong Kong with in-depth economic cooperation.
He added that CITIC's was founded and developed steadily in the era of reform and opening up. It is a pioneer in “bringing in and going global” endeavor of Chinese enterprises; it is a trail-blazer for modern management and implementation of innovative business models; it has made remarkable progress and been a leader in reform. He expects CITIC to further innovate and grow, and to make itself a modern conglomerate with improved governance, sound management, efficient operation and excellent corporate culture to contribute to the lasting stability and prosperity in Hong Kong and to the reform and opening-up of China's financial sector.
Wang Jiong, Vice-Chairman and President of CITIC Group, pointed out that thanks to the concerted efforts of relevant parties and having gone through a series of difficulties and challenges, CITIC Limited has gone public as a conglomerate registered in Hong Kong. CITIC will capitalize on this opportunity to further innovate and to improve its corporate governance and control system to enhance the efficiency of management to achieve a sustainable growth so as to live up to the expectations from the market and shareholders.Back