wechat image
  • Chairman’s Letter to Shareholders
Chairman’s Letter to Shareholders

Dear Shareholders,

The year 2020 was both extraordinary and challenging. The world struggled with new complexities as global norms were upended by the COVID-19 pandemic and resulting economic downturn. In China, however, effective pandemic management measures contributed to a swift recovery and the rapid resumption of domestic industrial, social and economic activities.

As such, CITIC Limited realised profit attributable to ordinary shareholders of HK$56.6 billion in 2020, an increase of 5% year-on-year that was driven by 45% growth in profit in the second half. Our financial services business, the largest contributor to the bottom line, recorded an increase of 1.6% in net profit for the year, following the implementation of policies to support the real economy and an improvement in asset quality. Our non-financial business recorded profit growth of 15% by adjusting operational strategies in response to market challenges, rapidly resuming production and fully leveraging beneficial policies.

The board recommends a final dividend payment of HK$0.388 per share, giving shareholders a total dividend of HK$0.488 per share for the year 2020, 5% more than in 2019. As of the end of 2020, CITIC Limited had approximately HK$50.68 billion in cash and available facilities.

To better prepare for continued change and uncertainty, China is accelerating its dualcirculation economic strategy, which prioritises the development of a dominant domestic economy supplemented by international trade. In alignment with China’s 14th Five-Year Plan, and to adapt to the increasingly complex operating environment, CITIC has outlined an updated development strategy focused on comprehensive financial services, advanced intelligent manufacturing, advanced materials, new consumption and new-type urbanisation. These five segments will be matrixed with five platforms: the financial, industrial, capital investment, capital operations and strategic investment platforms. We will leverage integration, collaboration and expansion to build a lasting enterprise and solidify the CITIC brand’s positioning as a leader in the fields in which we operate.

Optimising asset allocation, focusing on five business segments

Building five platforms, vitalising our businesses

Making a difference in our communities

Achieving excellence and highquality development

Zhu Hexin


Beijing, 30 March 2021