How was the Rong family squeezed out of CITIC?

CITIC Group injected US$ 6,543.805 billion into CITIC Pacific, and other Rong family members withdrew from CITIC Group one after another. As compensation, the Rong family obtained a large area of high-quality land resources in Hainan, and from then on, the Rong family parted ways with CITIC Group.

In 2007, when the international financial crisis occurred, CITIC Pacific suffered a huge loss of HK$ 654.38+055 billion, which could not be made up by one company alone. CITIC Pacific can only turn to the parent company of CITIC Group for help, but CITIC Group is a state-owned enterprise, not a private enterprise. It is possible to ask for help, but there are conditions.

The final result was Rong Zhijian's resignation, CITIC Group injected US$ 654.38+0.5 billion into CITIC Pacific, and other Rongshi family members also withdrew from CITIC Group. As compensation, the Rong family got a large area of high-quality land resources in Hainan, and from then on, the Rong family parted ways with CITIC Group.

Historical background of CITIC Group

Rong Yiren's "Rong family", the first generation of Rong and Rong Desheng, was the famous "king of flour" and "king of cotton spinning" before liberation. After the founding of New China, Rong Yiren served as vice mayor and vice minister of textile industry.

Therefore, Mr. Rong Yiren served as the first chairman and led the initial development of CITIC Group. After more than 40 years' development, CITIC Group has become a large multinational enterprise group with many businesses, involving financial and industrial fields, with 65,438+076 subsidiaries and 65,438+02 listed companies.