Its initial aim was to "attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practice in operation and management." [1] (http://www.citic.com/english/about/index.html) It now owns 44 subsidiaries(mainly banks) in mainland China, Hong Kong, the United States, Canada, Australia and New Zealand.
The founder of CITIC, Rong Yiren, is the son of one of the richest businessmen in China in the 1930s, Rong Desheng (荣德生). He was also one of the few capitalists that stayed in mainland China after 1949. Rong Yiren later became the vice-president of the People's Republic of China in 1993, and stepped down in 1997.
Citic said in a statement that steel making is a significant investment in its industrial portfolio, and part of its long-term goal of creating a diversified mix of businesses based on infrastructure and industrial manufacturing.
Citic said earlier this week that its Mainstream Holdings Ltd. subsidiary is selling a 30 percent stake in meat producer Shanghai DCH Shuanghui IBP Co., though it will keep 40 percent of the company.
CiticPacific is the Hong Kong-based publicly traded arm of state-owned China International Trust & Investment Corp. CiticPacific specializes in infrastructure projects, property development and distribution, in both Hong Kong and mainland China.
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