CITIC Pacific has a proud history as a leading China-focused company. Although we have multiple businesses, we have three main ones: special steel manufacturing, iron ore mining and property development in mainland China.
Together, these businesses represented over 70% of CITIC Pacific's total assets at the end of 2012 and are the destination for our current and planned capital expenditure. CITIC Pacific may also consider investments in industries which are upstream and downstream from steel manufacturing and iron ore mining respectively if such investments have synergies with, or supplement and enhance the value, of our major businesses.
Our other businesses are now principally two tunnels in Hong Kong, power generation and coal mining assets in China, Dah Chong Hong and CITIC Telecom International. With the exception of our interest in the Western Harbour Tunnel, we now have a majority interest or managerial control of all of our material business activities, and this is an important part of our strategy.
No matter what our strategy is, or how good our assets are, the key to business success is always people. At CITIC Pacific, we believe it is our people who make the company strong and why I believe attracting individuals of the highest calibre is crucial to our future.
We are managed by a team of highly qualified and experienced professionals who strive to achieve the highest standards. An important part of our strategy is the emphasis we place on good corporate governance. My aspiration is for CITIC Pacific to be recognised as one of the best-run companies in the world.
Now that CITIC Group is our majority shareholder, we are very aware that we have to be even more vigilant about looking after the interests of our minority shareholders, even as we continue to leverage our relationship with the CITIC Group to access resources and opportunities.
As Chairman, I feel it is my responsibility to deliver on our goals of creating value and generating superior returns for our shareholders. With the support of our board and management team, I am confident that we have the best tools and people in place to do exactly that.
||No matter what our strategy is, or how good our assets are, the key to business success is always people. At CITIC Pacific, we believe it is our people who make the company strong.