China Investment Corporation - Wikipedia

China Investment Corporation (CIC) is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. ChinaInvestmentCorporation FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Chinesesovereignwealthfund ChinaInvestmentCorporationHeadquartersatNewBeijingPolyPlazaTypeSovereignwealthfundIndustryInvestmentserviceFoundedBeijing,China(2007)HeadquartersBeijing,ChinaKeypeoplePengChun(ChairmanandCEO) JuWeimin(ViceChairman,PresidentandCIO)OperatingincomeUS$118.012 billion(2019)[1]NetincomeUS$110.313 billion(2019)[1]TotalassetsUS$1.2 trillon(2021)[1]TotalequityUS$946.934 billion(2019)[1]Numberofemployees689(2019)[2]SubsidiariesCentralHuijinInvestmentWebsitewww.china-inv.cn ChinaInvestmentCorporation(CIC)(Chinese:中国投资有限责任公司;pinyin:zhōngguótóuzīyǒuxiànzérèngōngsī)isasovereignwealthfundresponsibleformanagingpartofthePeople'sRepublicofChina'sforeignexchangereserves.CICwasestablishedin2007withapproximatelyUS$200 billionofassetsundermanagement.Attheendof2017,theCIChadoverUS$941billioninassetsundermanagement.[1]ItisChina'slargestsovereignwealthfund.[3]In2021,theChinaInvestmentCorporationhadUS$1.2trillioninassetsundermanagement.[4] Contents 1History 2Governance 2.1BoardofDirectors 2.2BoardofSupervisors 2.3Executivecommittee 2.4InternationalAdvisoryCouncil 3Subsidiariesandminorityinterests 4Seealso 5References 6Externallinks History[edit] Asof2007,thePeople'sRepublicofChinahasUS$1.4 trillionincurrencyreserves,[5]whilethishadgrownby2013toUS$3.44trillion.[6]TheChinaInvestmentCorporationwasestablishedwiththeintentofutilizingthesereservesforthebenefitofthestate,modeledaccordingtoTemasekHoldingsofSingapore.Thestate-ownedCentralHuijinInvestmentCorporationwasmergedintothenewcompanyasawhollyownedsubsidiarycompany.[5] InMay2007itwasreportedthatCICwastobuya$3billionstakeintheBlackstoneGroup.[7] SpecialnationaldebtbondswereissuedtocreatethecapitalthattheCICneeded.1,550.35 billionyuan($207.91 billion)wasissuedinthisbondsale.ThebondprocesswascompletedinDecember2007.AccordingtoLouJiwei,theCICneedstomakeaprofitof300 millionYuaneverydayjusttopaytheinterestonthebondsandoperationcosts.TheCICpaiditsfirstinterestonthebondsinFebruary2008whereitpaid12.9 billionyuan.[8] In2008,CICjoinedtheInternationalForumofSovereignWealthFunds[9]andsigneduptotheSantiagoPrinciplesonbestpracticeinmanagingsovereignwealthfunds.[10] In2010,CICestablishedanewsubsidiary,CICInternational(HongKong)CoinHongKongandappointedLawrenceLauasitschairman.[11] In2011,CICestablisheditsfirstforeignofficeinToronto,choosingitoverfinancialcentressuchasNewYorkorLondonasitsfirstoffice.FelixCheewillbethechiefrepresentativeofficer[12] InSeptember2013,thefundacquirea12.5%stakeinRussianpotashfertilisercompanyUralkaliforarumoured$2billion.[13] InMarch2014,theCICacquireda$40millionstakeiniKangHealthGroup.[14]InOctober2015,theCICprovidedcapitalinadealbetweenCarnivalCorporationandChinaStateShipbuildingCorporation[15] InOctober2015,CSSCCarnivalCruiseShipping,ajointventurebetweentheCIC,theChinaStateShipbuildingCorporation,andCarnivalCorporation&plc,wasfounded,withoperationsexpectedtocommencein2019.[16][17] InJanuary2017,acquireda45%stakeintheofficeskyscraper1211AvenueoftheAmericas,NewYorkCity,whichvaluedthebuildingat$2.3billion.[18]InNovember2017,ChinaInvestmentCorp.purchasedLogicor,aEuropeanwarehousecompany,fromTheBlackstoneGroupL.P.for$13.49billion.[19]OthercompanieswerealsobiddingforLogicor.[20] Governance[edit] ThemanagementandboardoftheChinaInvestmentCorporationultimatelyreportstotheStateCouncilofthePeople'sRepublicofChina.TheChinaInvestmentCorporationisseenasbeing"firmlyentrenched"inthepoliticalestablishmentasthecompositionofitsboardofdirectorsimplies"considerableinfluenceonthepartofChina’sMinistryofFinance."[21] BoardofDirectors[edit] Chairman&CEO-PengChun[22] ViceChairman,President&CIO-JuWeimin[22] ExecutiveDirector,ExecutiveVicePresident&COO-ShenRujun[22] Non-ExecutiveDirector-NingJizhe[22] Non-ExecutiveDirector-ZouJiayi[22] Non-ExecutiveDirector-RenHongbin[22] Non-ExecutiveDirector-LuiGuiping[22] Non-ExecutiveDirector-LuLei[22] IndependentDirector-LiJiange[22] IndependentDirector-BaiChong'en[22] EmployeeDirector-FanYong[22] BoardofSupervisors[edit] ChairmanofBoardofSupervisors-HuHao[23] Supervisor-QinBoyong[23] Supervisor-XiaoYuanqi[23] Supervisor-YanQingmin[23] EmployeeSupervisor-CuiGuangqing[23] Executivecommittee[edit] Chairman&CEO-PengChun[24] ViceChairman,President&CIO-JuWeimin[24] ChairmanofBoardofSupervisors-HuHao[24] ExecutiveDirector,ExecutiveVicePresident&COO-ShenRujun[24] ExecutiveVicePresident&DeputyCIO-GuoXiangjun[24] ExecutiveVicePresident&DeputyCIO-QiBin[24] ChiefInspector-PanYuehan[24] ExecutiveVicePresident&CSO-ZhaoHaiying[24] ExecutiveVicePresident&CRO-LiuHaoling[24] MemberoftheExecutiveCommittee-BaoJianmin[24] MemberoftheExecutiveCommittee-LiuYanbin[24] MemberoftheExecutiveCommittee-XuZhinbin[24] InternationalAdvisoryCouncil[edit] Asia ZengPeiyan(China) ShaukatAziz(Pakistan) JustinYifuLin(China) FrederickMa(HongKong,China) YingyiQian(China) AndrewSheng(Malaysia) JosephYam(HongKong,China) Africa OmariIssa(Tanzania) JohnH.Maree(SouthAfrica) Americas DavidDenison(Canada) MeritE.Janow(UnitedStatesofAmerica) JorgePauloLemann(Brazil) JohnJ.Mack(UnitedStatesofAmerica) JohnL.Thornton(UnitedStatesofAmerica) Europe KnutN.Kjaer(Norway) JeanLemierre(France) Oceania PeterHowardCostello(Australia) Subsidiariesandminorityinterests[edit] GDFSuezExploration&ProductionInternationalSA(30%;jointventurewithEngie)[25][26] Seealso[edit] Foreign-exchangereservesofChina People'sBankofChina Sovereignwealthfund StateAdministrationofForeignExchange SSBTOD05Omnibus References[edit] ^abcdeChinaInvestmentCorporationAnnualReport2017 ^http://www.china-inv.cn/wps/wcm/connect/62e332fc-8ddd-4eb9-b21c-b5cc3585e82a/CICAnnualReport2015.pdf?MOD=AJPERES&CACHEID=62e332fc-8ddd-4eb9-b21c-b5cc3585e82a ^"ChinaInvestmentCorp.posts17.4%gainonoverseasportfolio".Pensions&Investments.September25,2020.RetrievedApril15,2021. ^MENAFN."VisualizingTheWorld'sLargestSovereignWealthFunds".menafn.com.RetrievedDecember10,2021. ^abChinaBusiness:"China'strillion-dollarkittyisready",AsiaTimes,October2,2007. ^ChinaInvestmentCorporationProfile.SovereignWealthFundInstitute.July2,2008.RetrievedAugust27,2013. ^"ChinatoBuy$3BillionStakeinBlackstone",TheNewYorkTimes,MAY20,2007. ^Liming,Li(January31,2008)."DayofReckoningforChina'sSovereignFund".EconomicObserver. ^InternationalForumofSovereignWealthFunds."IFSWFOurmembers".ArchivedfromtheoriginalonSeptember27,2016.RetrievedSeptember24,2016. ^InternationalForumofSovereignWealthFunds."IFSWFSantiagoPrinciples".RetrievedSeptember27,2016. ^"CIClaunchesHongKongsubsidiary".FinancialTimes.October19,2010.RetrievedMarch8,2011. ^Canada(January12,2011)."China'ssovereignwealthfundsetsupshopinToronto".Theglobeandmail.com.RetrievedMarch8,2011. ^PolinaDevitt(September24,2013)."Chinagets12.5percentstakeinRussia'sUralkali".PUBLISHER. ^"China'sSovereignFundtoAcquire$40MillionStakeiniKang".SovereignWealthFundInstitute.March27,2014.RetrievedJuly15,2014. ^"CICBacksCarnivalCruiseJointVenture".SovereignWealthFundInstitute.October22,2015.RetrievedOctober25,2015. ^"Chinafirms,CarnivalCorpformJVtolaunchChinesecruiseline".Reuters.October21,2015.RetrievedNovember8,2018. ^"CostaAtlanticaandMediterraneaSoldtoNewChineseBrand".CruiseIndustryNews.November6,2018.RetrievedNovember8,2018. ^Katz,Rayna."ChineseBuyerSnapsUpChunkOfMidtownOfficeBldg".globest.com. ^www.egi.co.ukhttps://www.egi.co.uk/news/cic-completes-e12-3bn-acquisition-of-logicor/.RetrievedApril15,2021.{{citeweb}}:Missingorempty|title=(help) ^Grant,Peter(May31,2017)."China'sCICinAdvancedTalkstoBuyEuropeanWarehouseCompanyfromBlackstone".TheWallStreetJournal.NewYorkCity,NewYork.RetrievedJune1,2017. ^AReviewofChinese-LanguageLiteratureonSovereignWealthFunds.-OxfordInternationalReview.-(AdobeAcrobat*.PDFdocument) ^abcdefghijk"ChinaInvestmentCorporation-BoardofDirectors".www.china-inv.cn.ArchivedfromtheoriginalonFebruary28,2019.RetrievedDecember28,2021. ^abcde"ChinaInvestmentCorporation-BoardofSupervisors".www.china-inv.cn.ArchivedfromtheoriginalonFebruary28,2019.RetrievedDecember28,2021. ^abcdefghijkl"ChinaInvestmentCorporation-ExecutiveCommittee".www.china-inv.cn.ArchivedfromtheoriginalonMarch24,2019.RetrievedDecember28,2021. ^"2014Managementreportandannualconsolidatedfinancialstatements"(PDF).GDFSuez.February26,2015.RetrievedFebruary21,2016. ^"ENGIEandChinaInvestmentCorporation(CIC)signedMOU".Engie.June30,2015.RetrievedFebruary21,2016. Externallinks[edit] ChinaInvestmentCorporationWebsite SovereignWealthFundInstitute-ChinaInvestmentCorporation AuthoritycontrolGeneral VIAF 1 WorldCat Nationallibraries Germany UnitedStates Retrievedfrom"https://en.wikipedia.org/w/index.php?title=China_Investment_Corporation&oldid=1069589593" Categories:ChinaInvestmentCorporationSovereignwealthfundsChinesecompaniesestablishedin2007Government-ownedcompaniesofChinaCompaniesbasedinBeijingFinancialservicescompaniesestablishedin2008Hiddencategories:CS1errors:missingtitleCS1errors:bareURLUseAmericanEnglishfromJanuary2019AllWikipediaarticleswritteninAmericanEnglishArticleswithshortdescriptionShortdescriptionmatchesWikidataUsemdydatesfromMarch2011ArticleswithVIAFidentifiersArticleswithWORLDCATIDidentifiersArticleswithGNDidentifiersArticleswithLCCNidentifiers Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English expanded collapsed Views ReadEditViewhistory More expanded collapsed Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Languages العربيةDeutschEspañolفارسیFrançaisBahasaIndonesiaItalianoNederlands日本語PortuguêsРусскийУкраїнська中文 Editlinks