CITIC Ltd.
Company Background
Citic is China's largest state-run conglomerate. It is engaged in a wide variety of businesses, from property development to heavy industry to resources, though its primary focus is the financial sector, including banking and securities. It is affiliated with Japanese trading house Itochu and Thai conglomerate Charoen Pokphand Group.
Subsidiaries Citic Securities, China's largest securities company, and China Citic Bank, a second-tier bank, generate steady revenues.
One group business that has been struggling is Citic's iron ore mine development project in Western Australia.
In 2014, Citic transferred its assets, including shares in group companies, from its unlisted intermediary holding company to its Hong Kong-based listed company as part of reforms of state-run companies. State-run investment funds, such as Qatar Holding and Singapore's Temasek Holdings, invested in the Hong Kong company.
Citic got its start as China International Trust and Investment Corp., which was established in 1979 with the backing of Deng Xiaoping.
Citic founder Rong Yiren was dubbed the "Red Capitalist" and later served as vice president of China. Citic Chairman Chang Zhenming is known to have close ties with Chinese President Xi Jinping.
Business Summary
Financial Highlights
Dec 2022 | HKD | USD |
Revenue | 771,133M | 98,478.26M |
Gross Profit | 357,711M | 45,681.82M |
Operating income | 203,021M | 25,926.98M |
Income before tax | 134,973M | 17,236.85M |
Net income | 75,481M | 9,639.37M |
EBITDA | 226,565M | 28,933.69M |
Diluted EPS | 2.59 | 0.33 |
Dividends Per Share | 0.69 | 0.08 |
Total Assets | 11,794.19B | 1,511.11B |
Total liabilities | 10,414.13B | 1,334.29B |
Total equity | 737,251M | 94,459.41M |
Operating cash flow | -87,289M | -11,147.32M |
Currency in HKD | Currency in USD |
Historical Data
Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | |
Revenue | 533,285M | 566,497M | 552,949M | 708,936M | 771,133M |
Gross Profit | 262,422M | 283,349M | 276,644M | 311,412M | 357,711M |
Operating income | 144,084M | 172,131M | 179,438M | 191,489M | 203,021M |
Income before tax | 83,269M | 82,458M | 83,225M | 103,578M | 134,973M |
Net income | 50,239M | 53,903M | 56,628M | 70,222M | 75,481M |
EBITDA | 159,175M | 193,937M | 199,210M | 212,709M | 226,565M |
Diluted EPS | 1.72 | 1.85 | 1.94 | 2.41 | 2.59 |
Dividends Per Share | 0.41 | 0.46 | 0.48 | 0.60 | 0.69 |
Total Assets | 7,660.71B | 8,289.92B | 9,740.82B | 10,685.52B | 11,794.19B |
Total liabilities | 6,850.05B | 7,395.43B | 8,732.18B | 9,519.93B | 10,414.13B |
Total equity | 558,545M | 591,526M | 674,276M | 751,407M | 737,251M |
Operating cash flow | 82,403M | 136,057M | 324,801M | -133,877M | -87,289M |
Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | |
Revenue | 68,042.35M | 72,301.55M | 71,293.10M | 91,206.85M | 98,478.26M |
Gross Profit | 33,482.67M | 36,163.60M | 35,668.40M | 40,064.13M | 45,681.82M |
Operating income | 18,383.81M | 21,968.94M | 23,135.39M | 24,635.66M | 25,926.98M |
Income before tax | 10,624.37M | 10,524.04M | 10,730.40M | 13,325.63M | 17,236.85M |
Net income | 6,410.04M | 6,879.59M | 7,301.19M | 9,034.28M | 9,639.37M |
EBITDA | 20,309.29M | 24,752.02M | 25,684.64M | 27,365.68M | 28,933.69M |
Diluted EPS | 0.22 | 0.23 | 0.25 | 0.31 | 0.33 |
Dividends Per Share | 0.05 | 0.05 | 0.06 | 0.07 | 0.08 |
Total Assets | 978,460.95M | 1,063.92B | 1,256.25B | 1,370.58B | 1,511.11B |
Total liabilities | 874,919.78M | 949,130.24M | 1,126.17B | 1,221.08B | 1,334.29B |
Total equity | 71,339.89M | 75,916.47M | 86,960.15M | 96,379.95M | 94,459.41M |
Operating cash flow | 10,513.87M | 17,364.84M | 41,877.41M | -17,223.69M | -11,147.32M |
Valuation Measures
Dec 2022 | |
PER | 3.17 |
ROA | 0.67% |
ROE | 10.14% |
Operating margin | 26.32% |
Profit margin | 9.78% |
Key executives
- Vice Chairman & President: Guo Hua Xi
- Vice President-Telecom Project Development: Bing Chi Li
- Deputy General Manager: He Ying Fang
- Director-Financial Control Department: Alan Kwok Wing
- Joint Secretary: Wing Kay Choy
Shareholders
- Government of China (58.1%)
- Chia Tai Bright Investment Co. Ltd. (20%)
- The Vanguard Group, Inc. (0.5%)
- BlackRock Fund Advisors (0.4%)
- Hang Seng Investment Management Ltd. (0.3%)
- Tokio Marine Holdings, Inc. (0.1%)
- Norges Bank Investment Management (0.1%)
- Dimensional Fund Advisors LP (0.1%)
- BlackRock Advisors (UK) Ltd. (0.1%)
- Geode Capital Management LLC (0.1%)
Contact Details
- Website:http://www.citic.com
- Address: 32nd Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong, Hong Kong
- Phone: +852.2820.2111
Related Companies
- Cape Preston Resource Holdings Pty Ltd.
- CITIC Energy Ltd.
- CITIC China Coal Jiangyin Terminal Co., Ltd.
- CITIC Construction Engineering Quality Inspection Co., Ltd.
- CITIC Tourism Group Co., Ltd.
- CITIC Building Property Management Co.. Ltd.
- CITIC Capital Mansion Co., Ltd.
- CITIC Engineering Design & Construction Co., Ltd.
- CITIC Finance Company International Ltd.
- CITIC Mining International Ltd.
- CITIC Asset Operation Co.,Ltd.
- CITIC Finance Co., Ltd.
- CITIC Group Ltd.
- Dynasty One Investments Ltd.
- CITIC Pacific Trading Co. Ltd.
- CITIC Dicastal (Europe) Investment Holdings GmbH & Co. KG
- Pacific Resources Trading Pte Ltd.
- Transshipment Leasing Pte Ltd.
- Metal & Mining Link Ltd.
- CITIC Pacific Finance (2005) Ltd.
- Medea Group
- CITIC Urban Development & Operation Co., Ltd.
- CITIC Construction Fund Management Co., Ltd.
- CITIC (Jiangyin) Terminal Co., Ltd.
- CITIC Kazakhstan LLP
- Affluent East Investments Ltd.
- Talisgold Ltd.
- Metal Link Ltd.
- CITIC Pacific Ltd. (British Virgin Islands)
- CITIC Heye Investment Co., Ltd
Competitors
- China Grand Automotive Services Group Co., Ltd. Class A
- Iochpe Maxion S.A.
- Huada Automotive Technology Corp., Ltd. Class A
- Superior Industries International, Inc.
- Howmet Aerospace Inc.
- MARTINREA International Inc.
- Georg Fischer AG
Copyright © 2023 FactSet Research Systems Inc. All rights reserved.
Last Updated on 7 Jun, 2023Discover the all new Nikkei Asia app

- Take your reading anywhere with offline reading functions
- Never miss a story with breaking news alerts
- Customize your reading experience
Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.