CITIC Pacific's origins date back to 1987 when Beijing based China International Trust and Investment Corporation, now known as the CITIC Group, formed CITIC Hong Kong (Holdings) Limited as a wholly owned subsidiary in Hong Kong. In early 1990 CITIC Hong Kong, bought a 49% interest in Tylfull Company Ltd a company owning several Hong Kong properties and which was listed on the Hong Kong Stock Exchange. Around the same time CITIC Hong Kong sold Hong Kong properties it owned to Tylfull, which also acquired a 38.3% interest in Dragonair, then a young airline.
Tylfull changed its name to CITIC Pacific Ltd in 1991, took rapid steps to increase its investment in aviation and also to diversify its investment portfolio. In 1991 it increased its shareholding in Dragonair to 46% and bought a 12.5% interest in Cathay Pacific. In the same year the company purchased a 20% stake in Macau Telecom and invested in Dah Chong Hong (DCH), a leading Hong Kong based trading and motor distribution company. By mid 1992 DCH had become a wholly owned subsidiary of CITIC Pacific.
In the ensuing years CITIC Pacific continued the process of diversification, notably into the civil infrastructure and power businesses and the steel industry. A feature of activity in this period was a focus on developing and investing in businesses in mainland China. In 1993 the company acquired a 56% interest in the Ligang power station, which had been first developed by CITIC Hong Kong in the late 1980s, and a 50% stake in the Xinli power plant. In the same year a controlling interest in the Jiangyin Xingcheng Steel Works was acquired and this was the basis of the special steel business which is now one of the key industries of CITIC Pacific.
In the opening years of this century of there was an increased emphasis on property investment and development in mainland China particularly in Shanghai and the fast growing cities of the Yangtze delta.
CITIC Hong Kong had been a pioneer in property development in Shanghai, building one of the city’s first modern office tower-CITIC Square- and an international standard apartment block –Royal Pavilion- both of which opened in 1998.
In January 2002 the company acquired these investment properties from CITIC Hong Kong and began foundation work on the New Westgate Garden residential development in Puxi. By 2005 CITIC Pacific had developments in progress or announced at several sites including the Qingpu district of Shanghai, the Shanghai Pudong Liu Jia Zui New Financial district project, and a commercial office development in Ningbo. The company had also acquired valuable land banks in other cities in the Yangtze River delta and Yangzhou and had signed an agreement to develop a large resort project on the Shenzhou peninsula on Hainan Island.
CITIC Pacific also directed more attention to special steel, increasing its interest in Jiangyin Special Steel Plant in 2004 and in the same year acquiring 95% of Xin Yegang in Hubei province and thereby also obtaining a majority interest in Shenzhen listed Daye Special Steel Company. In 2006 Shijiazhuang Steel became a member of the CITIC Pacific Group although the interest in this company was disposed of in 2010.
The group’s bridge and tunnel operations in Shanghai were sold in 2003 following a change of government policy which would not permit an adequate return in future.
Disposed 18.54% of CITIC Telecom International Limited interest
Sino Iron first iron ore concentrate shipment
Disposed 50% CITIC Guoan Co., Ltd. interest
Sino Iron project started producing iron ore concentrate
Disposed 100% Honest Motors Building, Nos. 9-11 Leighton Road, Causeway Bay, Hong Kong
Disposed 100% No.10, Hainan Road, Hongkou, Shanghai, the People’s republic of China interest
Acquired 100% equity interest in Shanghai CITIC Shipping Corporation Limited
Disposed 50% Zhengzhou Xinli Electric Power Co., Ltd. interest
Disposed 10% Hong Kong Air Cargo Terminals Limited (HACTL) interest
Disposed 65% Shijiazhuang steel mill interest
Mr Chang Zhenming became the Chairman in April and Mr Zhang Jijing was appointed as Managing Director
Disposed 14.5% of Cathay Pacific Limited interest
An agreement was entered into by the Company and CITIC Group on 12 November 2008, under which the subscription by CITIC Group of the convertible bond issue by the Company was completed on 24 December 2008. Consequently, the interest of the Company owned by CITIC Group increased to 57.56%
Separate listing of CITIC 1616 Holding Limited (currently named as CITIC Telecom International) on the Main Board of the Stock Exchange of Hong Kong
Separate listing of Dah Chong Hong Holding Limited on the Main Board of the Stock Exchange of Hong Kong
Agreement entered into by the Group to acquire potential mining rights for over 6 billion tonnes of magnetite iron ore in Western Australia. Acquired the right to extract 1 billion of magnetite ore under Sino Iron Acquisition Agreement was completed in July 2006
Acquired interest in Shijiazhang Iron and Steel Co., Ltd
Increased the Group's interest in Jiangyin steel mill joint venture to approximately 79%
Acquired 95% stake of Dongfang Iron and Steel Co., Ltd in Huangshi (subsequently renamed to Hubei Xinyegang Co., Ltd)
Established a sponsored Level ADR Program
Acquired Telecom 1616 Group and renamed as CITIC Telecom 1616 (currently named as CITIC Telecom International)
CITIC Tower, the company's headquarter was completed
Acquired 20% interest in CLP Holding Limited
Started a property business in Shanghai
Acquired an interest in Western and Eastern Harbour Tunnels
Acquired 12% of Hong Kong Telecom
Bought a 55% interest in 4 industrial companies in Wuxi specialising in the production of steel, telecommunication cables, precision pipes and motors
Acquired additional interests in Dah Chong Hong and became a wholly owned subsidiary of CITIC Pacific
Name changed to CITIC Pacific Limited
Acquried 12.5% of Cathay Pacific and 20% of Macau Telecom
Led a consortium with a 36% interest to acquire Dah Chong Hong
CITIC Group acquired a 49% interest in Tylfull Company Limited
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