On July 19th, The Fortune Global 500 was releasedon whichCITIC Group ranked 149th, up by 23 spots.CITICGroup has been on the chart for ten consecutive years and this is the first time to be included on the top 150.
CITIC Group is a large state-owned multinational conglomerate with both financial and non-financial businesses. Trough the Hong Kong listed platform CITIC Limited(SEHK:00267), the group undertakes businesses covering finance, energy and resources, manufacturing, engineering contracting, real estate and others.CITIC Limitedisnow the largest conglomerate in China. By the end of 2017, CITIC Limited had total assets of HK$7520.7 billion, total equity attributable to ordinary shareholders of HK$543.1 billion.
CITIC Group was foundedin 1979 by Mr. RongYiren with the support ofMr.Deng Xiaoping, chief architect of China’s reform and opening-up endeavor. Since its inception, CITIC Group has been a pilot for national economic reform and an important window on China's opening to the outside world. It has made successful exploration in many areas and blazed a new trail of development for China's reform and opening-up and modernization drive by raising foreign capital, introducing advanced technologies, and adopting advanced international practice in operation and management.
In the course of four decades of development, CITIC has always stayed true to its original aspiration, to innovate and to contribute. It explores the path of how to growSOEs to make it stronger, better and bigger by leveraging on its vast industry portfolio and its edge in synergizingits business silos. Its financial and non-financialbusinesses are co-developing, traditional and new economies arecomplementing and domestic and overseas businesses are interacting with each other.
At CITIC, the business philosophy is that we should be the leaders of the industries we operate in or cooperate with the industry leader. CITIC Group has signed strategic cooperation agreement with more than 50 partners, including 30 domestic and international companies and 20 local governments, ministries and universities to develop a mega synergy circle with CITIC characteristics. The pattern has become business case study for Tsinghua Universityand Harvard Business Review.
InAugust 2016, CITIC Group officially launched the “Internet +” strategy. By leveraging IoT, blockchain,Big Data and other internet technologies, the company links customers, produces data and remodels and upgrades business patterns. The company is committed to be a technology and data driven platform.
Looking ahead, CITIC will leverage on its rich industrial resources, deepen the “MegaSynergy” business model, carry out the “Internet +” transformation strategy, foster a diversified ecological platform with CITIC characteristics and pioneering more possibilities with our partners.