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CITIC Pacific Limited
CITIC Limited () is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange, and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-owned CITIC Group. It is principally engaged in financial services, resources and energy, manufacturing, engineering contracting, real estate and other businesses. History 2008 Foreign exchange losses controversy In October 2008, the chairman Larry Yung disclosed that the firm lost HK$15 billion (US$2 billion) due to "unauthorized trades".Carol Chan (22 October 2008) "Daughter demoted", Pg A1, ''South China Morning Post'' The unauthorised trades were hedges with a contract value of A$9 billion against the Australian dollar, taken out to cover against a A$1.6 billion prospective acquisition and capital expenditure. Losses were incurred on the contracts when the currency declined from 98.5% against the US dollar to les ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CITIC Tower
CITIC Tower ( zh, 中信大廈) is a 33-storey office building on Tim Mei Avenue, Admiralty, Hong Kong. It is the corporate headquarters of CITIC Pacific Ltd, a conglomerate publicly traded on the Hong Kong Stock Exchange and listed on the Hang Seng Index, and also a subsidiary of the CITIC Group. CITIC Tower is also the headquarters of another development partner, Kerry Group. It is one of the participants in the nightly A Symphony of Lights (幻彩詠香江) light show on both sides of Victoria Harbour. In an authorised protest in 2019, police surrounded the tower on both sides, trapping protesters and fired tear gas into the crowd of protesters. International experts called the use of tear gas excessive, "actually inciting and causing what looks like a stampede". Design and construction The tower was conceived as an equilateral triangular block with landscaped sky gardens at various levels. The architecture was designed by P&T Group. Its unique design is composed of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parent Company
A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share capital, stock of other companies to create a corporate group. In some jurisdictions around the world, holding companies are called parent companies, which, besides holding Share capital, stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders, and can permit the ownership and control of a number of different companies. ''The New York Times'' uses the term ''parent holding company''. Holding companies can be subsidiaries in a Subsidiary#Tiered subsidiaries, tiered structure. Holding companies are also created to hold assets such as intellectual property or trade secrets, that are protected from the operating company. That creates a smaller risk when it comes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CITIC Capital
CITIC Capital () is a Chinese alternative investment firm founded in 2002 that is headquartered in Hong Kong. Background CITIC Capital was founded on 4 February 2002 originally as CITIC Capital Markets, an investment banking joint venture between CITIC Group and CITIC Ka Wah Bank. Towards the end of 2002, CITIC Capital Markets entered the retail mutual funds business in Hong Kong. It would rely on CITIC Ka Wah Bank and Cargary Securities to act as its distributors. Around this time, Zhang Yichen moved from CITIC Pacific to join the firm as deputy CEO and would oversee the new business strategy. The aim was to build a business infrastructure so it could later support CITIC Securities which at time was limited in its exposure to the funds industry. It partnered with Bank One Corporation to launch its first mutual fund which was a bond fund that invested in US mortgage-backed securities and treasuries. In 2006, CITIC Capital Markets and CITIC Securities signed a memoran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetual Bond
A perpetual bond, also known colloquially as a perpetual or perp, is a bond with no maturity date, therefore allowing it to be treated as equity, not as debt. Issuers pay coupons on perpetual bonds forever, and they do not have to redeem the principal. Perpetual bond cash flows are, therefore, those of a perpetuity. Perpetual bonds vs. equity * Although similar to equity, perpetual bonds do not have attached votes and, therefore, provide no means of control over the issuer. * Perpetual bonds are still fixed-income securities; therefore, paying coupons is mandatory whereas paying dividends on equity is discretionary. Examples * Consols that were issued by the United States and the UK governments. * War bonds issued by a number of governments to finance war efforts in the first and second world wars. * The oldest example of a perpetual bond was issued on 15 May 1624 by the Dutch water board of Lekdijk Bovendams and sold to Elsken Jorisdochter. Only about five such bonds from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sogo Shosha
are Japanese wholesale companies that trade in a wide range of products and materials. In addition to acting as intermediaries, ''sōgō shōsha'' also engage in logistics, plant development and other services, as well as international resource exploration. Unlike trading companies in other countries, which are generally specialized in certain types of products, ''sōgō shōsha'' have extremely diversified business lines, in which respect the business model is unique to Japan. The structure of ''sōgō shōsha'' can give them advantages in international trade. First, they have extensive risk management capabilities in that they trade in many markets, keep balances in many foreign currencies and can generate captive supply and demand for their own operations. They also have large-scale in-house market information systems which give them economies of scale in pursuing new business opportunities. Their vast scale also allows them to provide capital in the form of credit, financing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CITIC Guoan Group
CITIC Guoan Group Co., Ltd. is a Chinese company. The company itself was founded by CITIC Group (who currently owns a 20.95% stake). CITIC Guoan Group is the largest shareholder of CITIC Guoan Information Industry, CITIC Guoan Wine and Global Tech Holdings. Moreover, Guoan is the second largest shareholder of Baiyin Nonferrous. Shareholders CITIC Guoan Group was a wholly owned subsidiary of CITIC Group until 2014. The company had a net assets to total assets ratio of 0.00125 (around 1:799) in a consolidated financial statements as of 31 December 2013 ( total assets to equity). In 2014, the company recapitalized, which several private capitals subscribed the increase. After the recapitalization, the stake of CITIC Guoan Group became one of the few assets of CITIC Group that was not injected to its listed subsidiary CITIC Limited. CITIC Group also disinvested CITIC Limited in 2015. Subsidiaries CITIC Guoan Group was the co-founder of Beijing Guoan F.C. However, the stake wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chang Zhenming
Chang Zhenming (Simplified Chinese: 常振明), born October 1956 in Beijing, China, is the Chairman of CITIC Group and the Chairman and Managing Director of CITIC Group's Hong Kong listed subsidiary company, CITIC Pacific. Education and early life From 1971 to 1977, Chang Zhenming worked at the Dining Hall of the School Affairs Department at Tsinghua University. From 1979 to 1983, he studied Japanese Literature at the Beijing International Studies University, then from 1984 to 1985, he received on-job training at Daiwa Securities in Japan. Chang Zhenming additionally holds a Master of Business Administration from the College of Insurance in New York City, United States.Bio of Chang Zhenming ''Wharton University of Virginia'' Career From 1985 to 1989, Chang Zhenming was deputy manager of the Treasury divis ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Kong Police
The Hong Kong Police Force (HKPF) is the primary law enforcement, investigative agency, and largest Hong Kong Disciplined Services, disciplined service under the Security Bureau (Hong Kong), Security Bureau of Hong Kong. Pursuant to the one country, two systems principle, the HKPF is officially independent of the jurisdiction of the Ministry of Public Security (China), Ministry of Public Security of the People's Republic of China, which under usual circumstances may not interfere with Hong Kong’s local law enforcement matters. All HKPF officers are employed as civil servants and therefore required to pledge allegiance to the Hong Kong Basic Law. The HKPF consists of approximately 34,000 officers, including the Hong Kong Auxiliary Police Force, civil servants, and its Marine Region (3,000 officers and 143 vessels as of 2009). History A police force has been serving British Hong Kong, Hong Kong since shortly after the island was established as a colony in 1841. On 30 Apri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mandatory Provident Fund Schemes Authority
The Mandatory Provident Fund Schemes Authority (MPFA) of Hong Kong is the statutory body charged with regulating the operations of Mandatory Provident Fund (MPF) schemes and occupational retirement (ORSO) schemes. It is a regulator run independently of the Government of Hong Kong. History On 3 August 1995, the Mandatory Provident Fund Schemes Ordinance (MPFSO)was established to provide the framework for the MPF system. On 17 September 1997, the MPFA was established as a statutory body under the MPFSO. On 1 December 2000, the MPF system came into effect. Regulatory actions In December 1998, the MPFA approved six sets of guidelines outlining criteria and licence application procedures for scheme service providers. They were the first batch of their kind to be issued by the MPFA. In March 2021, the MPFA announced that British National (Overseas) passports (BNO) could no longer be used as evidence for early withdrawal for MPF funds. In April 2023, ''The Wall Street Journal'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Executive Council Of Hong Kong
The Executive Council of Hong Kong (ExCo) is the Cabinet (government), cabinet of the Government of Hong Kong, acting as a formal body of advisers to the Chief Executive of Hong Kong that serves as a core policy-making organ assisting the chief executive. It is analogous to other Executive Council (Commonwealth countries), Executive Councils in the Commonwealth of Nations, Commonwealth such as the Federal Executive Council (Australia), Federal Executive Council of Australia, the Executive Council of New Zealand, and the Privy Council (United Kingdom), Privy Council of the United Kingdom. Under the presidency of the chief executive, the executive council consists of 21 Principal officials of Hong Kong, Official Members (the most senior of these being the Chief Secretary for Administration, Chief Secretary of Hong Kong, head of the Government Secretariat (Hong Kong), Government Secretariat and chair of the Policy Committee), and 16 Non-official Members (also known as Minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Fan
Henry Fan Hung Ling, SBS, JP (; born 2 June 1948 in Shanghai, Republic of China with family roots in Ningbo, Zhejiang) is a businessman and politician who served as the managing director of CITIC Pacific and the vice-chairman of Cathay Pacific Airways. He is now the chairman of Hospital Authority. He was a non-official member of the Executive Council of Hong Kong from 2007 to 2009. He was previously a barrister practising out of Temple Chambers in Hong Kong. He is the elder brother of Fanny Law, a former Hong Kong Government official. He graduated from the University of Hong Kong and Peking University Peking University (PKU) is a Public university, public Types of universities and colleges in China#By designated academic emphasis, university in Haidian, Beijing, China. It is affiliated with and funded by the Ministry of Education of the Peop .... In September 2022, Fan lobbied for a "significant expansion" of traditional Chinese medicine used in Hong Kong's public healt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frances Yung
Frances Yung Ming-fong (born 1972 with family roots in Wuxi, Jiangsu) was the director of Group Finance Department of CITIC Pacific. She is the deputy chairman of CITIC Pacific Communications Limited and the director of Hong Kong Eastern Harbour Tunnel Company. She is the daughter of Larry Yung Chi-kin, the former chairman of CITIC Pacific. 2008 CITIC Pacific foreign exchange losses In October 2008, Yung and other two senior executives were involved in an unauthorized foreign exchange deals in CITIC Pacific, which caused a HK$15.5 billion loss in the company. Then she was removed from the finance department and demoted with a salary cut, confirmed by Henry Fan, the CITIC Pacific's managing director A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou .... References 1972 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
