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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

CITIC Ltd. is an investment holding company, which engages in finance, energy, engineering, manufacturing, and real estate businesses. It operates through the following segments: Comprehensive Financial Services, Advanced Intelligent Manufacturing, Advanced Materials, New Consumption, and New-Type Urbanisation. The Comprehensive Financial Services segment spans the banking, trust, asset management, securities and insurance services. The Advanced Intelligent Manufacturing segment includes manufacturing of special steels, heavy machineries, aluminium wheels, and other products. The Advanced Materials segment comprises of the exploration, processing, and trading of resources and energy products, including crude oil, coal, and iron ore. The New Consumption segment focuses on investment and operation of infrastructures, telecommunication services, motor and food and consumer products business, commercial aviation services, publication services, and others. The New-Type Urbanisation segment manages the development, sale and holding of properties. The company was founded in 1979 and is headquartered in Hong Kong.

Financial Highlights

Dec 2022 HKDUSD
Gross Profit357,711M45,681.82M
Operating income203,021M25,926.98M
Income before tax134,973M17,236.85M
Net income75,481M9,639.37M
Diluted EPS2.590.33
Dividends Per Share0.690.08
Total Assets11,794.19B1,511.11B
Total liabilities10,414.13B1,334.29B
Total equity737,251M94,459.41M
Operating cash flow-87,289M-11,147.32M
Currency in HKDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 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 2018Dec 2019Dec 2020Dec 2021Dec 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
Operating margin26.32%
Profit margin9.78%

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


  • Government of China (58.1%)
  • Chia Tai Bright Investment Co. Ltd. (20%)
  • The Vanguard Group, Inc. (0.5%)
  • BlackRock Fund Advisors (0.4%)
  • State Street Global Advisors Asia Ltd. (0.2%)
  • 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:
  • Address: 32nd Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong, Hong Kong
  • Phone: +852.2820.2111

Related Companies

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  • CITIC Construction Engineering Quality Inspection Co., Ltd.
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  • CITIC Building Property Management Co.. Ltd.
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  • CITIC (Jiangyin) Terminal Co., Ltd.
  • CITIC Kazakhstan LLP
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  • CITIC Pacific Ltd. (British Virgin Islands)
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Last Updated on 31 May, 2023

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