Having Survived 30 Years, CITIC Now Thrives
(Beijing) – Financing your own bets in the high-stakes world of international finance can result in big paydays, significant losses, or both at different points in time – especially if you are a huge, state-owned conglomerate in China.
CITIC Group has seen it all. And now, after 30 years of highs and lows – including steep losses tied to structured investments just two years ago – the firm is reaping in rewards after posting its best financials ever.
At the end of 2009, total assets of the Group rose to 2.15 trillion yuan and annual net profits were about 19 billion yuan for the year, rocketing the CITIC Group into number 415 of the Global Fortune 500, the first time the Group has been included in the rankings.
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