CITIC Securities
| Headquarters in Shenzhen | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1995; 30 years ago (1995) |
| Headquarters | CITIC Securities Tower, , China |
Area served | China |
| Services |
|
| Owner | CITIC Group (15.59%) |
Number of employees | 15,842 (2018) Edit this on Wikidata |
| Subsidiaries | CLSA |
| Website | www |
CITIC Securities Co., Ltd. is a Chinese full-service investment bank.[1] It offers services in underwriting, research, brokerage, asset management, wealth management, and investment advisory. CITIC Securities was established in 1995 and it is headquartered in Shenzhen, Guangdong Province. By mid-2020, it was among China's four largest securities firms, together with Guotai Junan Securities, GF Securities, and Haitong Securities.[2]
Listing
[edit ]On January 6, 2003, CITIC Securities (SSE: 600030) was listed on the Shanghai Stock Exchange (SSE). On October 6, 2011, CITIC Securities (SEHK: 6030) was listed on the Hong Kong Stock Exchange (HKEX).
Awards
[edit ]In 2011, CITIC Securities was awarded the "Best Equity House in China" and "Best Broker in China" by FinanceAsia; "China Equity House" by the IFR Asia; "Most Innovative Investment Bank from Asia" by The Banker. The research team have been awarded "Best Local Research Team" by New Fortune in six consecutive years.
Acquisitions
[edit ]In July 2012, CITIC Securities agreed to acquire Crédit Agricole's Asia brokerage and research unit CLSA for 1ドル.25 billion which 19.9 percent stake or 310ドル.3 million will be bought in the first step and the remaining 80.1 percent stake or 941ドル.7 million will be bought later.[3]
In August 2015, CITIC Securities was reported to be in advanced talks with London Stock Exchange Group Plc to buy Russell Investments, an asset management firm based in the US. However the discussions was suspended due to a series of investigations into top CITIC Securities executives by Chinese authorities.[4] In October London Stock Exchange announced the sale of Russell Investments to TA Associates, a Boston private equity firm for US1ドル.15 billion, much lower than US1ドル.8 billion offered by CITIC Securities.[5]
Legal investigation
[edit ]On August 25, 2015 the Chinese news media announced that several executives within CITIC Securities were under investigation for possible wrongdoing.[6]
In September 2015, the CEO of CITIC Securities was suspected by Chinese police of leaking and trading on unspecified inside information.[7]
In December 2015, the head of CITIC Securities investment banking division and the head of overseas investment banking business were reported to be detained by authorities to assist investigation on potential insider trading and information leakage.[8]
CITIC CEFC bond default
[edit ]In November 2016, CITIC CLSA acted as the sole bookrunner for CEFC Shanghai's 250ドル USD bond issuance. CITIC CLSA hid from the market that the bond deal was only 60% subscribed at pricing. It manipulated the bond price in the secondary market in an effort to offload the 100mm USD bond CITIC CLSA held on its balance sheet.[9]
In May 2018, CITIC Group announced they would repay ca 450 million euros owed by CEFC Europe to finance and banking group J&T within days but since the debt was not paid a week later, J&T announced it had taken over shareholder rights and installed crisis management at CEFC Europe.[10] [11] Several days later, CEFC Shanghai defaulted on 327ドル million in bond payments, and offered to make the payments six months after the maturity date.[12]
In October 2020, some retail CEFC bondholders in Hong Kong filed a complaint to the Securities and Futures Commission in Hong Kong against the bond's sole underwriter CITIC CLSA.[13]
See also
[edit ]References
[edit ]- ^ "The best international investment banks to work for in China". efinancialcareers. November 2, 2015.
- ^ Wang Juanjuan, Wu Hongyuran & Guo Yingzhe (1 July 2020). "In Depth: China Prepares to Tear Down 25-Year Bank-Brokerage Divide". Caixin.
- ^ "Citic Securities to Buy Credit Agricole's CLSA for 1ドル.25 Billion". Bloomberg. July 20, 2012.
- ^ johndetrixhe, Cathy Kit Ching Chan chan_cat Aaron Kirchfeld ak_mna John Detrixhe. "LSE's Sale of Russell Investments to Citic May Collapse". Bloomberg.com. Retrieved 2016年02月06日.
- ^ Panchal, Tapan. "LSE to Sell Russell Investments for 1ドル.15 Billion". Wall Street Journal. ISSN 0099-9660 . Retrieved 2016年02月06日.
- ^ "Steep Swings for Chinese Shares as Global Markets Turn Mixed". New York Times. August 26, 2015. Retrieved August 26, 2015.
- ^ Areddy, James T. "China Investigates Citic Securities President for Insider Trading". Wall Street Journal. ISSN 0099-9660 . Retrieved 2016年02月06日.
- ^ "Citic Securities says unable to contact two senior executives". Reuters. 2015年12月06日. Retrieved 2016年02月06日.
- ^ "UPDATE 1- CEFC Energy Retail Bondholders File SFC Complaint against Bond Bookrunner CLSA". Debtwire. 2020年12月30日. Archived from the original on 2021年04月20日. Retrieved 2021年03月29日.
- ^ "UPDATE 1-China's CITIC to pay CEFC Europe's 450 MLN euro debt - CEFC official". Reuters. 2018年05月09日.
- ^ "UPDATE 2-J&T Private Investments says takes over shareholder rights in CEFC Europe". Reuters. 2018年05月17日. Archived from the original on May 17, 2018.
- ^ "UPDATE 1-CEFC Shanghai International defaults on 327ドル MLN in bond payments". Reuters. 2018年05月21日.
- ^ "UPDATE 1- CEFC Energy Retail Bondholders File SFC Complaint against Bond Bookrunner CLSA". Debtwire. 2020年12月30日. Archived from the original on 2021年04月20日. Retrieved 2021年03月29日.
External links
[edit ]- Companies in the SSE 50 Index
- Hang Seng China 50 Index
- Financial services companies established in 1995
- Banks established in 1995
- Companies listed on the Shanghai Stock Exchange
- Companies in the CSI 100 Index
- Companies in the FTSE China A50 Index
- Companies listed on the Hong Kong Stock Exchange
- Investment banks in China
- Companies based in Shenzhen
- Government-owned companies of China
- Financial services companies of China
- CITIC Group
- H shares