Its initial aim was to "attract and utilize foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management." It now owns 44 subsidiaries including China CITIC Bank, CITIC Holdings, CITIC Trust Co. and CITIC Merchant Co., Ltd (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.
CITIC Group is considering a $12 billion listing in Hong Kong.
The founder of CITIC, Rong Yiren, is one of the richest businessmen in China in the 1980s. He was also one of the earliest capitalists who stayed in mainland China. .
CITIC Group is 中国中信集团公司 in Chinese, while CITIC Pacific is 中信泰富 in Chinese. CITIC Pacific is a subsidiary of CITIC.
Its subsidiary, CITIC Pacific, made unauthorized bets on the foreign currency market in October 2008 and lost HK$14.7 billion (US$1.9 billion, when accounted for in mark-to-market terms). Senior executives such as Financial Controller Chi Yin Chau and Group Finance Director Leslie Chang resigned. Its stock price plunged 55.1 percent upon the resumption of trade.