Citic Group leverages private investment to max

Itochu and CP Group are the latest firms to broaden links with the Chinese conglomerate following its overseas listing last year.

Japan’s Itochu and Thailand’s Charoen Pokphand Group CP are the latest in a string of overseas firms to deepen their relationship with China’s largest mainland conglomerate Citic Group following its Hong Kong unit's share sale last year.

Itochu and CP said on Tuesday they plan to buy 20% of Citic Group unit Citic Ltd for HK$80.3 billion $10.4 billion at HK$13.8 per share .

The manner in which Citic Group is restructuring and courting private investment is under intense scrutiny as the Beijing-headquartered conglomerate is widely viewed as the poster child for Chinese President Xi Jinping’s reform of sprawling state-owned enterprises.

CP...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222