China Everbright Group is a Chinese

state-owned enterprise A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...

. Everbright Group was a subsidiary (55.67 percent) of

Central Huijin Investment Central Huijin Investment Ltd. is a Chinese sovereign fund company under the China Investment Corporation owned by the State Council of China. Established in 2003 by the People's Bank of China, five years later it became a wholly-owned subsidia ...

. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December 2014. China Everbright Group was ranked 210th in 2022

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by '' Fortune'' magazine. Methodology Until 1989, it listed o ...

History

China Everbright Holdings was established in

British Hong Kong Hong Kong was under British Empire, British rule from 1841 to 1997, except for a Japanese occupation of Hong Kong, brief period of Japanese occupation during World War II from 1941 to 1945. It was a crown colony of the United Kingdom from 1841 ...

in 1983, by three proxy persons for the Government of China: Wang Guangying, Zhang Lansheng () and Ren Xiguang (), with Wang "owned" most of the shares until 1990, which was transferred to Qiu Qing (), the second chairman of the company. Wang was the chairman and one of the five executive directors along with Kong Dan and three others in 1985, which was ratified by the

State Council of the People's Republic of China The State Council of the People's Republic of China, also known as the Central People's Government, is the chief administrative authority and national cabinet. It is constitutionally the highest administrative organ of the country and the e ...

. The State Council ratified the establishment of Everbright by a State Council document numbered No.89

983 Year 983 ( CMLXXXIII) was a common year starting on Monday of the Julian calendar. Events By place Europe * Summer – Diet of Verona: Emperor Otto II (the Red) declares war against the Byzantine Empire and the Emirate of Sicily ...

(, not published to the public). The group now had a parent company incorporated in Beijing (as China Everbright Group, was known as , incorporated in 1990 but could be traced back to , the name used in the document of the State Council) and a wholly owned subsidiary incorporated in Hong Kong (China Everbright Holdings Co., Ltd. was known as Violight Industry Co., Ltd. from 1983 to 1984). Due to

foreign exchange controls Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national b ...

, the main overseas businesses were centered on the Hong Kong–based subsidiary. Everbright Group founded China Everbright Bank in 1992, the stake in the bank was diluted by the subscription of new shares by

in 2007, as well as Everbright Group injected part of the stake of the bank to Everbright Group's subsidiary: China Everbright Limited in 1997. In 1993 China Everbright Group acquired 20 percent stake of Hong Kong–based International Bank of Asia. (The stake was then injected to China Everbright Limited in 1997, which was sold in 2004.) Everbright Group also acquired several listed companies as reverse IPO to form China Everbright Limited () in 1994 (renamed and restructured in 1997) and China Everbright International Limited () in 1993. Everbright Securities was founded in Shanghai in 1996. In 1998, instead of reporting to the State Council directly, Everbright Group was assigned to the

People's Bank of China The People's Bank of China (officially PBC and unofficially PBOC) is the central bank of the People's Republic of China. It is responsible for carrying out monetary policy as determined by the ''PRC People's Bank Law'' and the ''PRC Commercia ...

as the intermediate supervising entity. In 2000,

China Securities Regulatory Commission The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of the People's Republic of China. It is the main regulator of the securities industry in China. History Indicative of the role of the C ...

and

China Insurance Regulatory Commission The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. History It ...

were added as the supervisors for the financial businesses, with the

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

excising the shareholders rights.

State Economic and Trade Commission The National Development and Reform Commission (NDRC) is the third-ranked executive department of the State Council of the People's Republic of China, which functions as a macroeconomic management agency. Established as the State Planning Comm ...

was also added as the regulator if the business was in the scope of the commission. Lastly, the

Chinese Communist Party The Communist Party of China (CPC), also translated into English as Chinese Communist Party (CCP), is the founding and One-party state, sole ruling party of the People's Republic of China (PRC). Founded in 1921, the CCP emerged victorious in the ...

committee inside the company (the ''de facto'' highest board of the company) would report to another supervising minister of the

Central Committee of the Chinese Communist Party The Central Committee of the Chinese Communist Party, officially the Central Committee of the Communist Party of China, is the Central committee, highest organ when the National Congress of the Chinese Communist Party, national congress is not ...

. , the former chairman of the group who was arrested in 1999, was jailed in 2002. In 2007 the group was split into financial and non-financial company, the latter was led by China Everbright Industrial (Group) Co., Ltd. (), which was owned by Central Huijin from 2007 to 2014 (merged back to China Everbright Group). In 2014, Central Huijin became a major shareholder of Everbright Group by injecting 90

billion Billion is a word for a large number, and it has two distinct definitions: * 1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is now the most common sense of the word in all varieties of ...

shares of Everbright Bank and 100 percent stake of Everbright Industrial back into Everbright Group. The company also re-incorporated as a

joint-stock company A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

with limited liabilities (as ).

Subsidiaries and equity investments

The company via its wholly owned subsidiary China Everbright Holdings (), owned 49.74 percent stake of China Everbright Limited and 0.18 percent stake of China Everbright Bank. China Everbright Group also owned 29.68% stake of Everbright Securities, 23.96 per cent stake of China Everbright Bank directly. China Everbright Group also owned 41.39 percent stake in Everbright International and 4.98% stake in Shenwan Hongyuan.

References

External links

* {{authority control Government-owned companies of China Conglomerate companies of China