CITIC Limited (SEHK: 00267) is the largest conglomerate in China and a constituent of the Hang Seng Index. Among our diverse businesses, we focus primarily on financial services, resources and energy, manufacturing, engineering contracting and real estate.
Tracing our roots to the beginning of China’s opening and reform, we are driven today by the same values that defined our start: a pioneering spirit, a commitment to innovation and a focus on the long term. We embrace world-class technologies and aim always for international best practice. While sectors evolve and economies change, we adapt and our businesses last.
Chairman’s Letter to Shareholders
In 2015, the volatility in commodity, currency and capital markets, together with China’s slowing growth rate, were the headline themes preoccupying investors globally. However, we see that the absolute scale and opportunity of China’s economy remains massive, with China in the midst of a structural transition towards a more service-and consumption-oriented economy. China’s development may have entered a “new normal,” but increasingly Chinese businesses are becoming more globally competitive as they focus on sustainable growth and innovation.
The macroeconomic environment has been turbulent and, internally, 2015 was a year of change. Investors such as CP Group, Itochu Corporation and Youngor provided substantial new capital to CITIC Limited. As a result, we have a much stronger balance sheet, which provides us with the financial flexibility to seize the right opportunities. Our transformation continues in 2016, as evidenced most recently by our decision to reposition our property business.