Editing CITIC Group (section)

===2000s===
{{main|CITIC Limited}}
Beginning in 2008, CITIC Group had the lead role in developing [[Quilamba]] in Angola as part of an exchange of Chinese construction materials and expertise for Angolan natural resources.<ref name=":Curtis&Klaus">{{Cite book |last1=Curtis |first1=Simon |title=The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order |last2=Klaus |first2=Ian |publisher=[[Yale University Press]] |isbn=9780300266900 |location=New Haven and London |publication-date=2024 |doi=10.2307/jj.11589102 |jstor=jj.11589102}}</ref>{{Rp|page=125}}

Its subsidiary, [[CITIC Pacific]] ({{lang-zh|c=中信泰富}}, now known as CITIC Limited), made unauthorized bets on the foreign currency market in October 2008 and lost [[HKD|HK$]]14.7 billion ([[USD|US$]]1.9 billion, when accounted for in [[mark-to-market]] terms). [[Senior management|Senior executives]] such as Financial Controller Chau Chi-Yin and Group Finance Director Leslie Chang resigned.<ref>{{cite news |url=https://www.nytimes.com/2008/10/20/business/worldbusiness/20iht-citic.3.17108990.html |author=Keith Bradsher |title=Citic Pacific could lose $2 billion from foreign exchange trading |work=[[The New York Times]] |date=2008-10-20 |access-date=2012-02-24 |archive-date=2011-12-24 |archive-url=https://web.archive.org/web/20111224064149/http://www.nytimes.com/2008/10/20/business/worldbusiness/20iht-citic.3.17108990.html |url-status=live }}</ref><ref>{{cite news |url=https://www.reuters.com/article/us-citicpacific-idUSTRE49J5NI20081020 |author=Alison Leung, Ruth Wong |title=CITIC Pacific warns potential $2 billion forex losses |work=[[Reuters]] |date=2008-10-20 |access-date=2017-06-30 |archive-date=2015-11-07 |archive-url=https://web.archive.org/web/20151107080803/http://www.reuters.com/article/2008/10/20/us-citicpacific-idUSTRE49J5NI20081020 |url-status=live }}</ref><ref>{{cite web|url=http://www.thestandard.com.hk/news_print.asp?art_id=73153&sid=21085671|title=Heads roll as $15.5b losses loom|date=2008-10-21|author=Katherine Ng|publisher=[[The Standard (Hong Kong)|The Standard]]|url-status=dead|archive-url=https://web.archive.org/web/20121026101329/http://www.thestandard.com.hk/news_print.asp?art_id=73153&sid=21085671|archive-date=2012-10-26}}</ref> Its stock price plunged 55.1 percent upon the resumption of trade.<ref>{{cite news|url=http://hk.news.yahoo.com/article/081021/3/8tvg.html|archive-url=https://web.archive.org/web/20081026011839/http://hk.news.yahoo.com/article/081021/3/8tvg.html|url-status=dead|archive-date=2008-10-26|script-title=zh:中信泰富暴挫55.1%|work=Sing Tao Daily|date=2008-10-21|language=zh-hk|via=yahoo!}}</ref>

In 2015, CITIC Group sold 10% stake of [[CITIC Limited]] to a joint-venture of [[Itochu]] and [[Charoen Pokphand]] for [[Hong Kong dollar|HK$]]34.4&nbsp;[[1,000,000,000|billion]] (US$4.54&nbsp;billion); the joint venture also subscribed new convertible preferred shares for HK$45.9&nbsp;billion (or US$5.9&nbsp;billion).<ref>{{cite web|url=https://www.itochu.co.jp/en/news/press/2015/__icsFiles/afieldfile/2016/09/02/news_150120_en.pdf|title=CITIC Limited Receives Investment from Charoen Pokphand Group and ITOCHU|date=20 January 2015|access-date=20 October 2016|publisher=Itochu, Charoen Pokphand and CITIC Group|archive-date=21 October 2016|archive-url=https://web.archive.org/web/20161021011113/https://www.itochu.co.jp/en/news/press/2015/__icsFiles/afieldfile/2016/09/02/news_150120_en.pdf|url-status=live}}</ref> It was reported it was the largest investment ever made by a Japanese general trading company.<ref>{{cite news|title=Itochu, CP to jointly invest 1 trillion yen in China's CITIC Group|url=http://asia.nikkei.com/Business/Deals/Itochu-CP-to-jointly-invest-1-trillion-yen-in-China-s-Citic-Group|access-date=22 January 2015|agency=Nikkei|date=20 January 2015|archive-date=22 January 2015|archive-url=https://web.archive.org/web/20150122103454/http://asia.nikkei.com/Business/Deals/Itochu-CP-to-jointly-invest-1-trillion-yen-in-China-s-Citic-Group|url-status=live}}</ref> The transaction is also the largest acquisition in China by a Japanese company, and the largest investment by foreigners in a Chinese state-owned enterprise.<ref>{{cite news|last1=Fukase|first1=Atsuko|title=Thaw in Japan-China Business Ties? Itochu's CITIC Deal Towers Above Others|url=https://blogs.wsj.com/japanrealtime/2015/01/20/thaw-in-japan-china-business-ties-itochus-citic-deal-towers-above-others/|access-date=22 January 2015|work=Wall Street Journal Japan Real Time|date=20 January 2015|archive-date=13 September 2018|archive-url=https://web.archive.org/web/20180913192425/https://blogs.wsj.com/japanrealtime/2015/01/20/thaw-in-japan-china-business-ties-itochus-citic-deal-towers-above-others/|url-status=live}}</ref>

In 2023, [[China Huarong Asset Management]], the company that manages the troubled assets, contracted to buy 5.01 percent of Citic Limited for [[HK]]$13.6 billion (US$1.7 billion). Huarong will acquire a stake from CITIC Group’s subsidiary, Citic Polaris. In addition, Huarong plans to change the name to China Citic Financial Asset Management. The deal is a return on the investment that CITIC invested in 2021, leading the rescue of Huarong.<ref>{{Cite web|language=en|url=https://www.bloomberg.com/news/articles/2023-11-15/china-huarong-buys-5-stake-in-citic-for-1-74-billion?leadSource=uverify%20wall|title=Huarong Sends $1.7 Billion Back to Citic After Asset Sales|website=Bloomberg|access-date=2024-02-27|archive-date=2024-02-28|archive-url=https://web.archive.org/web/20240228023135/https://www.bloomberg.com/news/articles/2023-11-15/china-huarong-buys-5-stake-in-citic-for-1-74-billion?leadSource=uverify%20wall}}</ref><ref>{{Cite web|language=en|url=https://www.caixinglobal.com/2023-11-16/huarong-sends-17-billion-back-to-citic-group-after-asset-sales-102136472.html|title=Huarong Sends $1.7 Billion Back to Citic Group After Asset Sales|website=Caixin Global|access-date=2024-02-27|archive-date=2024-02-28|archive-url=https://web.archive.org/web/20240228023621/https://www.caixinglobal.com/2023-11-16/huarong-sends-17-billion-back-to-citic-group-after-asset-sales-102136472.html}}</ref>