OUR COMPANY history

THE FIRST TEN YEARS: A PERIOD OF DIVERSIFICATION

CITIC Pacific's origins date back to 1987 when Beijing based China International Trust and Investment Corporation, now known as the CITIC Group, formed CITIC Hong Kong (Holdings) Limited as a wholly owned subsidiary in Hong Kong. In early 1990 CITIC Hong Kong, bought a 49% interest in Tylfull Company Ltd a company owning several Hong Kong properties and which was listed on the Hong Kong Stock Exchange. Around the same time CITIC Hong Kong sold Hong Kong properties it owned to Tylfull, which also acquired a 38.3% interest in Dragonair, then a young airline.

 

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THE 21ST CENTURY: A REFOCUSING ON CORE BUSINESSES

In the opening years of this century of there was an increased emphasis on property investment and development in mainland China particularly in Shanghai and the fast growing cities of the Yangtze delta.

 

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Major events
Major events

1990

  • CITIC Group acquired a 49% interest in Tylfull Company limited

1991

  • Name changed to CITIC Pacific Limited
  • Acquried 12.5% of Cathay Pacific and 20% of Macau Telecom
  • Led a consortium with a 36% interest to acquire Dah Chong Hong

1992

  • Acquired additional interests in Dah Chong Hong and became a wholly owned subsidiary of CITIC Pacific

1993

  • Acquired 12% of Hong Kong Telecom
  • Bought a 55% interest in 4 industrial companies in Wuxi specialising in the production of steel, telecommunication cables, precision pipes and motors

1994

  • Acquired an interest in Western and Eastern Harbour Tunnels

1997

  • CITIC Tower, the company's headquarter was completed
  • Acquired 20% interest in CLP Holding Limited
  • Started a property business in Shanghai

2000

  • Acquired Telecom 1616 Group and renamed as CITIC Telecom 1616 (currently named as CITIC Telecom International)

2002

  • Established a sponsored Level ADR Program

2004

  • Increased the Group's interest in Jiangyin steel mill joint venture to approximately 79%
  • Acquired 95% stake of Dongfang Iron and Steel Co., Ltd in Huangshi (subsequently renamed to Hubei Xinyegang Co., Ltd)

2006

  • Agreement entered into by the Group to acquire potential mining rights for over 6 billion tonnes of magnetite iron ore in Western Australia. Acquired the right to extract 1 billion of magnetite ore under Sino Iron Acquisition Agreement was completed in July 2006
  • Acquired interest in Shijiazhang Iron and Steel Co., Ltd

2007

  • Separate listing of CITIC 1616 Holding Limited (currently named as CITIC Telecom International) on the Main Board of the Stock Exchange of Hong Kong
  • Separate listing of Dah Chong Hong Holding Limited on the Main Board of the Stock Exchange of Hong Kong

2008

  • An agreement was entered into by the Company and CITIC Group on 12 November 2008, under which the subscription by CITIC Group of the convertible bond issue by the Company was completed on 24 December 2008. Consequently, the interest of the Company owned by CITIC Group increased to 57.56%

2009

  • Mr Chang Zhenming became the Chairman in April and Mr Zhang Jijing was appointed as Managing Director
  • Disposed 14.5% of Cathay Pacific Limited interest

2010

  • Disposed 10% Hong Kong Air Cargo Terminals Limited (HACTL) interest
  • Disposed 65% Shijiazhuang steel mill interest

2011

  • Disposed 100% Honest Motors Building, Nos. 9-11 Leighton Road, Causeway Bay, Hong Kong
  • Disposed 100% No.10, Hainan Road, Hongkou, Shanghai, the People’s republic of China interest
  • Acquired 100% equity interest in Shanghai CITIC Shipping Corporation Limited
  • Disposed 50% Zhengzhou Xinli Electric Power Co., Ltd. interest

2012

  • Disposed 50% CITIC Guoan Co., Ltd. interest
  • Sino Iron project started producing iron ore concentrate

2013

  • Disposed 18.54% of CITIC Telecom International Limited interest
  • Sino Iron first iron ore concentrate shipment