CITIC Group Completes Restructuring

(Beijing) – China's financial conglomerate CITIC Group announced it successfully transferred assets to a new company, clearing another obstacle in preparation for a debut on Hong Kong exchanges.

On December 27, CITIC Group said it completed restructuring to become a wholly state-owned company.

Meanwhile, the new company, CITIC Group Corporation, invested most of its operating assets to establish CITIC Limited with Beijing CITIC Enterprise Management Co., Ltd, one of its wholly owned subsidiaries. The registered capital of CITIC Limited stands at 128 billion yuan.