P. R. China
Approved by the State Council, CITIC Group has transformed into a wholly state-owned company through comprehensive restructuring and changed its name to CITIC Group Corporation ("CITIC Group"), with RMB 183.70263 billion as the registered capital and Mr. Chang Zhenming as the legal representative.... Read more
Approved by the State Council, CITIC Group has transformed into a wholly state-owned company through comprehensive restructuring and changed its name to CITIC Group Corporation ("CITIC Group"), with RMB 183.70263 billion as the registered capital and Mr. Chang Zhenming as the legal representative.
CITIC Group was established in 1979 by Comrade Rong Yiren with the initiation and support by Comrade Deng Xiaoping. Since its inception, CITIC Group Corporation has given full play to the role of a pilot of national economic reform and an important window on China's opening to the outside world and made explorations and innovation in many business fields with remarkable success. It has blazed a new trail of development for China's "Reform and Opening-up" as well as the "Modernization Drive" by attracting and utilizing foreign capital, introducing advanced technologies, and adopting advanced and scientific international practice in operation and management thus building up good reputation and image both home and abroad with a remarkable performance.
Up to now, CITIC Group has developed into a large state-owned multinational conglomerate with a balanced development of both financial and non-financial businesses. Its financial business covers a full range of services including commercial banking, investment banking, trust, insurance, fund management and asset management and its non-financial business includes real estate, engineering contracting, energy and resources, infrastructure construction, machinery manufacturing and IT industry with clear overall strength and great momentum of development.
At the end of 2010, CITIC Group's total assets stood at RMB 2539.1 billion, net assets RMB 172.5 billion, operating income RMB 263.9 billion and net profit RMB 33.4 billion. CITIC Group was enlisted in the Fortune Global 500 for the third consecutive year in 2011, ranking the 221st.
On the financial services side, CITIC Group drove business collaboration among its financial affiliates and upgraded its shared information platform. Fully capitalizing on this synergy, the affiliates registered new progress in co-underwriting, cross product design and client information sharing, and the Group further secured its position as an integrated financial service provider. As of the end of 2010, total assets of CITIC Group's financial services stood at RMB 2.0958 trillion (US$329 Billion), an increase of 16% year on year (yoy), and total profit RMB 34.5 billion (US$5.43 Billion).
With regards to the non-financial business side, total assets of CITIC Group's non-financial business stood at RMB 410.2 billion (US$64.6 Billion), an increase of 23.9% yoy, operating income in 2010 RMB 191.7 billion (US$30.19 Billion), up 38.8% yoy, and total profit RMB 19.2 billion (US$3.02 Billion), up 62.1% yoy.
Globally, the headcount for CITIC Group, as of the end of 2010, stood at 140,028. Moving forward, CITIC Group will carry out the development agenda for the next five-year period, embracing a client-centered business philosophy, and promoting overarching restructuring. New models of management and control will be explored, and key investments and projects conducted. More efforts shall be made in business and investment management as well as risk control. Tapping into its comprehensive advantage and synergy, the Group is expected to breakthrough in scientific development, and will continue to strive to be a world-renowned conglomerate that enjoys prominent overall strength, excellence in various sectors and market competitiveness.
CITIC Group is applying for ".citic" Top Level Domain ("applied-for TLD") which is the commonly known shortened English name for CITIC Group.
The vision for the applied for gTLD ".citic" is to become the online brand for this Global Fortune 500 conglomerates. Through this gTLD, CITIC Group will be able to protect its brand and deliver the right impression and message to the end users, thus becoming the brand protection and brand building mechanism that the conglomerate deserves to have in this modern age of the internet. Furthermore, ".citic" will have a multiplier effect on CITIC Group's efforts to expand and promote its range of businesses globally.
Currently, CITIC Group has over 30 million clients worldwide, which would drive traffic and recognition of the ".citic" domain when it is launched globally. This would also help accelerate the acceptance of ".citic" domain, and create a new market for these users that would like to have their own ".citic" domain name if and when CITIC Group decides to open it up to them. By offering customized ".citic" personal domain names and services like homepages, email accounts and applications, its multitude of clients, internal employees and business partners, CITIC Group can increase and improve these relevant parties' trust and relationship with itself. This creates a virtuous cycle whereby CITIC Group can observe that its brand equity will increase through the usage of ".citic" domain names. By the third year, CITIC Group expects ".citic" to have about 10,000 domain names at a wholesale price of RMB 388 (US$61.10) per domain per year.
By consolidating all the domain names associated with CITIC Group and its subsidiaries, ".citic" will unify all of the conglomerate's online related businesses, reposition them and create a solid foundation for the future. By doing so, CITIC Group can further increase the scope and range of its online related businesses while consolidating its position in the market. To fulfill this purpose and mission, CITIC Group will invest heavily on upgrading and improving the security and intelligence of its information technology backbone and architecture.
For the first time since the invention of the Internet, a company will have full ownership of a top level domain "brand" name. It is with this in mind that ".citic" term is first conceived. More importantly, with such leverage, CITIC Group, through ".citic", can help to promote healthy competition from the registrars by dictating the level of service and quality expected that is consistent with the stature of such a Global Fortune 500 company.
Furthermore, this will increase the level of trust from the users as problems like phishing, domain redirection and domain parking will be eliminated. Users know that they can depend on such gTLDs that are the brand personification of the actual entity. At the same time, it is so much easier for users to remember instantly and search for such famous companies. The introduction of ".citic" in its IDN form will also greatly benefit the local users (500 million internet users alone in China) by providing better user experience and more choices for access.
Through the presence and increased access and usage of ".citic", the online persona and brand of CITIC Group, ".citic" gTLD will benefit ICANN in successfully showcasing how a Global Fortune 500 company can effectively manage, protect and expand its online presence using a gTLD.×