China Foreign Economy and Trade Trust
Chinese asset management company From Wikipedia, the free encyclopedia
China Foreign Economy and Trade Trust Co., Ltd. known as FOTIC is a Chinese asset management company (as trust company). The company is a wholly owned subsidiary of Sinochem Group (via Sinochem Corporation for 93.07% and another subsidiary for 6.93%).
| FOTIC | |||||||||
| Company type | state-owned subsidiary | ||||||||
| Industry | Financial services | ||||||||
| Founded | 1987 | ||||||||
| Headquarters | , China | ||||||||
Area served | mainland China | ||||||||
| Revenue | CN¥2.474 billion (2015) | ||||||||
| CN¥1.513 billion (2015) | |||||||||
| CN¥1.204 billion (2015) | |||||||||
| Total assets | CN¥7.591 billion (2015) | ||||||||
| Total equity | CN¥7.434 billion (2015) | ||||||||
| Owner |
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| Parent |
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| Website | fotic.com.cn | ||||||||
| Footnotes / references source[1] | |||||||||
| China Foreign Economy and Trade Trust Co., Ltd. | |||
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| Simplified Chinese | 中国对外经济贸易信托有限公司 | ||
| Traditional Chinese | 中國對外經濟貿易信託有限公司 | ||
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History
FOTIC was incorporated on 30 September 1987 (as Chinese: 中国对外经济贸易信托投资; lit. 'China Foreign Economy and Trade Trust Investment Corporation'). Since 1994, FOTIC was a subsidiary of Sinochem Group (formerly known as China National Chemicals Import & Export Corporation).[2] Some assets and liabilities were transferred to Exim Bank of China that year.[2]
Equity investments
In 2004 the company was one of the investor of the Pacific Securities (a listed company since 2007 as SSE: 601099) for 22.56% stake. In 2007 it was diluted to 10.00%.[3] At the same time, FOTIC also signed a shareholders' agreement with 5 companies, making the consortium acted as the largest shareholder of the Pacific Securities.[3] The agreement expired in March 2010, which FOTIC withdrew from the renewed agreement.[4] In June 2011 to March 12 FOTIC sold 5.02% shares of the Pacific Securities, which the shares were no longer restricted to sell due to 2007 IPO (a 36 months restriction), making FOTIC owned below 5% shares, the threshold to regularly disclose its interests.[5][6][7][8][9] It was further decreased to 4.58% on 31 March,[10] 2.39% on 30 June[11] to below 2% on 30 September (the 10th largest shareholder owned 2.08% and the shares held by FOTIC was not included in the top 10).[12]
The company also owned 49% stake of Manulife-Sinochem Life Insurance until January 2012. The stake were transferred to another subsidiary (Chinese: 中化集团财务) of Sinochem Group.[13]
References
External links
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