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CITIC Group takes step toward IPO

12-29-2011 14:35 BJT

China's State-backed financial conglomerate CITIC Group has completed its restructuring, paving the way for an expected initial public offering (IPO).

The State Council has approved the restructuring, CITIC said in a statement late Tuesday. The new company, named CITIC Ltd, has a registered capital of 128 billion yuan ($20.24 billion). A source within CITIC Group told Reuters that the move is a "step forward" in the company's plans for a listing.

Last year, media reports said CITIC was seeking a possible listing on the Hong Kong Stock Exchange.

CITIC controls a number of companies, including China's leading brokerage house CITIC Securities Co, CITIC Resources Holdings, and CITIC Pacific.

Reuters

 

Editor:Wang Xi |Source: Global Times

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