Citic Investments Essay

Project Pitch

--------------FIN4060 China Finance

Background

In October 08, the Chief Larry Yung disclosed that the firm misplaced HK$15 billion dollars (US$2 billion) due to " unauthorized trades". The not authorized trades were hedges having a contract benefit of AUD 9 billion dollars against the Australian dollar, taken out to cover against an AUD 1 . six billion prospective acquisition and capital expenditure.. After this controversy, in December 2008, CITIC Group being injected assets in to CITIC Pacific through issuance of convertible bond and increased the equity involvement in CITIC Pacific cycles to approximately 57. 56%. Rong Zhijian, former Chief of the plank of CITIC Pacific, retired in April 2009. The 2008 forex trading losses controversy terminated a brief history of CITIC Pacific since an SOE operated by Rong's friends and family as individuals. During the past 20 years, Rong offers operated CITIC Pacific to get an independent empire. However , pertaining to CITIC Group and Chinese language government, Pacific cycles, being a funnel of funding, is likely to be more transparent and familiar. Being " the last red-hat family”, Rong Zhijian and Rong's relatives he represents is observed with all curiosity by the community. The change of romantic relationship between Rong's family, CITIC and China government, the development and fortune of Rong's family and CITIC is always a hot theme. Objectives

Based on the case of CITIC Group and CITIC Pacific, we all will check out the development of the special method of reveal holding associated with management. Disputes of interests incurred between an influential supervisor and federal government as a aktionar to an SOE in this mode when it evolves to a certain stage and in some business environment will be stressed. Prediction of future potential customers and possible transformation on this mode, appropriate also to other SOEs in this function, will be offered. Outline

1 . Launch of CITIC Pacific and Rong's family to see how was CITIC Pacific produced as an SOE controlled by Rong's...



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