CITIC Trust is a leading trust company in China with comprehensive capabilities. The company offers a wide range of integrated financial products and services, including asset service trusts, asset management trusts and charitable trusts.
In 2024, CITIC Trust focused on both business transformation and risk mitigation to ensure strong progress on both fronts, maintained its top market position and achieved significant progress in risk management. The company received several prestigious awards, including the “Annual Excellence Trust Company Award” from the Shanghai Securities Journal, the “2024 China Excellent Trust Company Award” from Securities Times and the “Golden Bull Award” from China Securities Journal.
Business highlights
Developing core trustee capabilities to strengthen the real economy. CITIC Trust remains committed to serving as a solutions provider for large financial institutions, strengthening due diligence in institutional business and steadily enhancing the scale and market influence of its asset management trust services. The company continued to be a comprehensive financial solutions provider for real-economy enterprises, with an additional trust business of RMB573.6 billion serving the real economy in 2024. Continuing to be a comprehensive trust partner for local governments, the company sustained growth in its occupational annuity business, remaining the sole representative in the trust industry for pension trusteeship. CITIC Trust also maintained its role as a distinctive wealth management trustee, achieving 12% growth in wealth management assets. Additionally, charitable trusts achieved nearly RMB600 million in new registrations for the year, with the scale of existing assets ranking first in the industry.
Aligning with the direction of transformation and development to create a healthier business structure. CITIC Trust implemented the new “three-category” regulations for trusts, with the proportion of asset service trusts encouraged by regulators increasing to 58%. The unit capital consumption by trust assets decreased by 17% year on year, breaking the inertia of high-risk and high-capital consumption in trust operations. As a result, new contract revenue saw 13% year-on-year growth.
Trust asset structure – categorised by new classifications of trust business
Risk management
Enhancing the comprehensive risk management system. Adhering to the philosophy of “using risk management to support business development and promote value enhancement”, CITIC Trust conducted special inspections on the management of seven key business processes. The company also shifted compliance management from post-event reporting to proactive prevention, early warning and mitigation. It actively reduced the scale of stakeholder-related real estate and urban investment trust businesses, while prudently managing risky projects. CITIC Trust leveraged synergy between the finance and real estate sectors by establishing property rights trust plans to achieve equity control, capital investment and risk isolation, thereby driving significant results in major risk mitigation in real estate.
Advancing refined capital management. CITIC Trust maintained a prudent and stable operating approach while steadily promoting the development of a refined capital management system. While increasing the scale of trust assets, the company optimised its asset structure to achieve efficient capital utilisation. By the end of 2024, CITIC Trust’s net capital coverage ratio reached 203%, with a net capital balance of RMB28.9 billion.
Business highlights
Developing core trustee capabilities to strengthen the real economy. CITIC Trust remains committed to serving as a solutions provider for large financial institutions, strengthening due diligence in institutional business and steadily enhancing the scale and market influence of its asset management trust services. The company continued to be a comprehensive financial solutions provider for real-economy enterprises, with an additional trust business of RMB573.6 billion serving the real economy in 2024. Continuing to be a comprehensive trust partner for local governments, the company sustained growth in its occupational annuity business, remaining the sole representative in the trust industry for pension trusteeship. CITIC Trust also maintained its role as a distinctive wealth management trustee, achieving 12% growth in wealth management assets. Additionally, charitable trusts achieved nearly RMB600 million in new registrations for the year, with the scale of existing assets ranking first in the industry.
Aligning with the direction of transformation and development to create a healthier business structure. CITIC Trust implemented the new “three-category” regulations for trusts, with the proportion of asset service trusts encouraged by regulators increasing to 58%. The unit capital consumption by trust assets decreased by 17% year on year, breaking the inertia of high-risk and high-capital consumption in trust operations. As a result, new contract revenue saw 13% year-on-year growth.
Trust asset structure – categorised by new classifications of trust business
Risk management
Enhancing the comprehensive risk management system. Adhering to the philosophy of “using risk management to support business development and promote value enhancement”, CITIC Trust conducted special inspections on the management of seven key business processes. The company also shifted compliance management from post-event reporting to proactive prevention, early warning and mitigation. It actively reduced the scale of stakeholder-related real estate and urban investment trust businesses, while prudently managing risky projects. CITIC Trust leveraged synergy between the finance and real estate sectors by establishing property rights trust plans to achieve equity control, capital investment and risk isolation, thereby driving significant results in major risk mitigation in real estate.
Advancing refined capital management. CITIC Trust maintained a prudent and stable operating approach while steadily promoting the development of a refined capital management system. While increasing the scale of trust assets, the company optimised its asset structure to achieve efficient capital utilisation. By the end of 2024, CITIC Trust’s net capital coverage ratio reached 203%, with a net capital balance of RMB28.9 billion.
| Indicator | Year end 2024 （RMB billion） | Year end 2023 （RMB billion） | Change | Regulatory requirement |
|---|---|---|---|---|
| Net capital | 28.9 | 27.9 | 4% | ≥RMB200 million |
| Total risk capital | 14.2 | 13.5 | 6% | Not applicable |
| Net capital coverage ratio | 203% | 207% | -4pp | ≥100% |
| Net capital/net assets | 82% | 80% | 2pp | ≥40% |