Collaboration is a distinctive advantage of CITIC. In 2024, CITIC Limited aimed to foster high-quality development through enhanced collaboration, guided by the principle of “One CITIC, One Customer”. The company leveraged its comprehensive financial licenses and diversified industries to create a unique collaborative framework that addresses the varied needs of its customers.
Collaborative ecosystem development Relying on the strategic partnership with local governments, corporate groups, financial institutions, universities, etc., CITIC Limited actively promotes the implementation of practical cooperation across various sectors, so as to build a high-quality development ecosystem of “working hand in hand to achieve long-term development and create value” with its strategic customers.
Expanding development opportunities through collaboration with local governments. Strengthening cooperation with local governments. In line with national strategies, CITIC serves the needs of local areas with what it can offer, and thus seizes development opportunities for CITIC. Leveraging the advantages of a full range of business licenses, financial subsidiaries of CITIC obtain empowerment from the government and receive support in aspects such as the opening of government-related accounts, while actively serving local development. Besides, industrial subsidiaries of CITIC give full play to the advantage of wide industrial coverage to facilitate the development of new productive forces in local areas.
Achieving mutual benefits through collaboration with corporate clients. In 2024, CITIC Limited focused on fostering mutually beneficial partnerships with key strategic clients. Collaborating with major banks such as the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Export-Import Bank, CITIC launched over 330 initiatives in areas including financial services, fintech, support for the real economy, rural revitalisation, cross-border services, green initiatives, and risk management. CITIC’s non-financial subsidiaries such as CITIC Heavy Industries, CITIC Dicastal and CITIC Pacific Special Steel increased their collaboration with key clients, securing 19 new projects with a total cooperation value of RMB16.5 billion.
Realising collaborative value CITIC Financial Holdings leverages the strengths of its financial institutions to create an integrated wealth management system. The collaborative value in customer service, product innovation, platform development, and advisory support is increasingly evident.
Developing an integrated support system for “equity, loan, debt and insurance” services. CITIC Financial Holdings provides diverse and progressive financial services tailored to the evolving needs of enterprises. In the equity sector, it leads in IPO projects on STAR Market, ChiNext, and Beijing Stock Exchange, capturing over 30% market share. For loans, it redefines traditional credit practises by creating a “fourth financial statement” that evaluates a company’s technology and potential, thereby establishing a robust lending mechanism. In bonds, CITIC maintains a market-leading position in underwriting technology innovation bonds. For insurance, it constructs a guarantee and risk-sharing system, exploring a cost-effective and commercially sustainable guarantee mechanism that effectively enhances loan accessibility for businesses.
Introducing the CITIC Entrepreneurs Office. CITIC addresses the comprehensive needs of enterprises and entrepreneurs with an integrated solution that encompasses “People-Family-Enterprise-Society” through a “Three Dimensions, Four Aspects” approach. The comprehensive financial services include “commercial banking+investment banking+private banking+investment+advisory support”, along with a comprehensive solution to support specialised and sophisticated enterprises.
Sharing channels and customer resources. As of the end of 2024, CITIC’s financial subsidiaries had over 1.35 million corporate clients and nearly 200 million individual clients. By unifying channel and customer resources, CITIC Financial Holdings achieved a cumulative issuance of “CITIC Premium Products” of RMB220.6 billion, an increase of 87% from the previous year. All fixed-income products met performance benchmarks, exceeding them by an average of 71 basis points, while equity premium products ranked in the top 32% since inception. “CITIC Innovation Products” reached a cumulative issuance of RMB17.5 billion, with an annual increase of RMB14.6 billion.
Collaborative ecosystem development Relying on the strategic partnership with local governments, corporate groups, financial institutions, universities, etc., CITIC Limited actively promotes the implementation of practical cooperation across various sectors, so as to build a high-quality development ecosystem of “working hand in hand to achieve long-term development and create value” with its strategic customers.
Expanding development opportunities through collaboration with local governments. Strengthening cooperation with local governments. In line with national strategies, CITIC serves the needs of local areas with what it can offer, and thus seizes development opportunities for CITIC. Leveraging the advantages of a full range of business licenses, financial subsidiaries of CITIC obtain empowerment from the government and receive support in aspects such as the opening of government-related accounts, while actively serving local development. Besides, industrial subsidiaries of CITIC give full play to the advantage of wide industrial coverage to facilitate the development of new productive forces in local areas.
Achieving mutual benefits through collaboration with corporate clients. In 2024, CITIC Limited focused on fostering mutually beneficial partnerships with key strategic clients. Collaborating with major banks such as the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Export-Import Bank, CITIC launched over 330 initiatives in areas including financial services, fintech, support for the real economy, rural revitalisation, cross-border services, green initiatives, and risk management. CITIC’s non-financial subsidiaries such as CITIC Heavy Industries, CITIC Dicastal and CITIC Pacific Special Steel increased their collaboration with key clients, securing 19 new projects with a total cooperation value of RMB16.5 billion.
Realising collaborative value CITIC Financial Holdings leverages the strengths of its financial institutions to create an integrated wealth management system. The collaborative value in customer service, product innovation, platform development, and advisory support is increasingly evident.
Developing an integrated support system for “equity, loan, debt and insurance” services. CITIC Financial Holdings provides diverse and progressive financial services tailored to the evolving needs of enterprises. In the equity sector, it leads in IPO projects on STAR Market, ChiNext, and Beijing Stock Exchange, capturing over 30% market share. For loans, it redefines traditional credit practises by creating a “fourth financial statement” that evaluates a company’s technology and potential, thereby establishing a robust lending mechanism. In bonds, CITIC maintains a market-leading position in underwriting technology innovation bonds. For insurance, it constructs a guarantee and risk-sharing system, exploring a cost-effective and commercially sustainable guarantee mechanism that effectively enhances loan accessibility for businesses.
Introducing the CITIC Entrepreneurs Office. CITIC addresses the comprehensive needs of enterprises and entrepreneurs with an integrated solution that encompasses “People-Family-Enterprise-Society” through a “Three Dimensions, Four Aspects” approach. The comprehensive financial services include “commercial banking+investment banking+private banking+investment+advisory support”, along with a comprehensive solution to support specialised and sophisticated enterprises.
Sharing channels and customer resources. As of the end of 2024, CITIC’s financial subsidiaries had over 1.35 million corporate clients and nearly 200 million individual clients. By unifying channel and customer resources, CITIC Financial Holdings achieved a cumulative issuance of “CITIC Premium Products” of RMB220.6 billion, an increase of 87% from the previous year. All fixed-income products met performance benchmarks, exceeding them by an average of 71 basis points, while equity premium products ranked in the top 32% since inception. “CITIC Innovation Products” reached a cumulative issuance of RMB17.5 billion, with an annual increase of RMB14.6 billion.
Industry and finance collaborative risk mitigation In recent years, CITIC Limited has utilised its comprehensive advantages and the leading role of its financial holding platform to establish a “joint fleet” for collaborative risk mitigation. Key initiatives include enhancing the coordination and optimisation of resources, strengthening strategic partnerships with local governments, improving information exchange and professional development and exploring and nurturing a robust ecosystem for collaborative risk mitigation. These efforts have successfully mitigated risks for several significant projects, leading to the gradual establishment of a risk mitigation model unique to CITIC.
CITIC’s distinctive “Dual-Drive and Integrated Four-Ends” collaborative risk mitigation model On-site sales for the Donjiadu Project
The Dongjiadu project in Shanghai achieved “three launches and three sellouts” in 2024, generating RMB21.5 billion in sales and becoming a benchmark case for collaborative risk mitigation model of CITIC’s financial and non-financial industries. The project initially faced challenges due to liquidity issues among the involved real estate companies, which led to a lack of new funding and halted operations. CITIC’s collaborative approach provided a tailored solution for the project: CITIC Financial Asset Management offered incremental funds for liquidity relief to revitalise the assets. CITIC Trust established a dual-layer trust structure to effectively isolate risks. Subsidiaries like CITIC Consulting and CITIC Engineering were involved in project management, facilitating the resumption of construction and injecting new life into the project.
In the Shenzhen Kaisa project, five real estate developments were forced to halt operations, resulting in multiple lawsuits from upstream and downstream suppliers. CITIC Limited implemented a range of measures, including acquiring certain assets, restructuring trust plans, injecting additional funds, exercising substantial control, and advancing construction projects. These actions effectively revitalised the assets and successfully facilitated the resumption of operations for the at-risk projects, achieving a balanced distribution of risks and a win-win outcome for local governments, project owners, existing creditors, and distressed companies.
These cases have demonstrated significant effectiveness of the company’s collaborative risk mitigation approach. This strategy has successfully achieved risk isolation, promising asset revitalisation, guaranteed value restoration, and demonstrated the impact of brand export, leading to substantial economic and social benefits. In 2024, CITIC Limited facilitated the restructuring and revitalisation of risk projects totalling RMB23.9 billion, recovering RMB12.9 billion in cash.
Since 2022, the company has completed collaborative risk mitigation activities totalling nearly RMB82 billion, revitalising over 70 real estate risk projects and delivering more than 66,000 housing units. This initiative has significantly supported efforts to “ensure housing delivery, safeguard livelihoods and maintain stability”. The company has also assisted multiple creditor financial institutions in addressing existing risks and preserving a stable financial credit environment. Additionally, CITIC has actively engaged in local urban renewal projects, contributing to the development of new landmarks and playing an important role in preventing and mitigating risks in key sectors.
In the Shenzhen Kaisa project, five real estate developments were forced to halt operations, resulting in multiple lawsuits from upstream and downstream suppliers. CITIC Limited implemented a range of measures, including acquiring certain assets, restructuring trust plans, injecting additional funds, exercising substantial control, and advancing construction projects. These actions effectively revitalised the assets and successfully facilitated the resumption of operations for the at-risk projects, achieving a balanced distribution of risks and a win-win outcome for local governments, project owners, existing creditors, and distressed companies.
These cases have demonstrated significant effectiveness of the company’s collaborative risk mitigation approach. This strategy has successfully achieved risk isolation, promising asset revitalisation, guaranteed value restoration, and demonstrated the impact of brand export, leading to substantial economic and social benefits. In 2024, CITIC Limited facilitated the restructuring and revitalisation of risk projects totalling RMB23.9 billion, recovering RMB12.9 billion in cash.
Since 2022, the company has completed collaborative risk mitigation activities totalling nearly RMB82 billion, revitalising over 70 real estate risk projects and delivering more than 66,000 housing units. This initiative has significantly supported efforts to “ensure housing delivery, safeguard livelihoods and maintain stability”. The company has also assisted multiple creditor financial institutions in addressing existing risks and preserving a stable financial credit environment. Additionally, CITIC has actively engaged in local urban renewal projects, contributing to the development of new landmarks and playing an important role in preventing and mitigating risks in key sectors.