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Last updated at: (Beijing Time) Wednesday, July 03, 2002

Citic Capital Eyes Chinese Mainland Market

Citic Capital intends to launch a retail mutual funds business in the Hong Kong Special Administrative Region (HKSAR), with the ultimate aim to establish an asset management business in the Chinese Mainland.


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Citic Capital intends to launch a retail mutual funds business in the Hong Kong Special Administrative Region (HKSAR), with the ultimate aim to establish an asset management business in the Chinese Mainland.

Although the company realized that the Hong Kong mutual funds business is already overcrowded, it would still go ahead with the plan to build a business that can serve as a platform to enter the nascent Chinese mutual funds industry later, said Zhang Yichen, deputy Chief Executive Officer of Citic Capital.

The remarks were carried Wednesday in an article on financeasia.com -- an Asian regional website catering to professionals in the finance industry.

"Starting a business in Hong Kong will allow us to build our capabilities, internal processes and procedures. You can't gain that kind of experience and infrastructure without simply doing it," Zhang explained.

"Once that is accomplished, Citic Capital will be in a positionto hook up with the parent's domestic siblings such as Citic Securities and offer funds expertise," he said.

Citic Capital is the re-branded investment banking operation ofCitic Ka Wah Bank plus Cargary Securities, a retail brokerage house. Mainland red-chip parent China International Trust & Investment Corporation (CITIC) bought a direct controlling interest in it in early 2000 to increase cooperation with its own banking and brokerage operations.


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