Headquartered in Beijing, China Investment Corporation (CIC) was founded on September 29, 2007, as a wholly state-owned company incorporated in accord with China’s company law, with registered capital of $200 billion.
The company was established as a vehicle to diversify China’s foreign exchange holdings and seek maximum returns for its shareholders within acceptable risk tolerance. Two subsidiaries of CIC – China Investment Corporation International Co Ltd (CIC International) and Central Huijin Investment Ltd (Central Huijin) – were incorporated separately and function as two distinct entities. There is a strict operational firewall between the business activities of CIC International and those of Central Huijin. CIC International was established in September 2011 in accord with China’s Company Law, with a mandate to invest and manage overseas assets.
It took over the entire overseas investment portfolio and mandate from CIC, and it continues to pursue CIC’s investment principles and approaches of independent decision-making grounded in market conditions. CIC International includes CIC International (Hong Kong) Co Ltd in Hong Kong and a representative office in Toronto, Canada. Central Huijin makes equity investments in the state-owned major financial enterprises in China. It has also recapitalised selected domestic financial institutions. Though Central Huijin is not involved in the operations of the companies it invests in, it exercises its shareholder rights and performs its obligations to improve governance and to preserve and enhance the value of state-owned financial assets.