CIC

China Investment Corporation (CIC for short) was established on September 29, 2007, as a wholly state-owned company set up in accordance with the Company Law of the People’s Republic of China. It is headquartered in Beijing and has registered capital of US$200 billion. The company was founded to diversify the investment of the state’s foreign exchange funds and to maximise shareholder value within an acceptable level of risk.

CIC has three subsidiaries: CIC International Co., Ltd. (CIC International), CIC Capital Corporation (CIC Capital) and Central Huijin Investment Ltd. (Central Huijin). CIC International was established in September 2011 and took over all of CIC’s overseas investment and management business at the time; its activities cover public-market equities and bonds, hedge funds, multi-asset and real estate investment, as well as entrusted investment in cross-sector private equity funds (including private credit), co-investment and minority-stake financial investment. CIC Capital, established in January 2015, is CIC’s platform for outbound direct investment, engaging in direct investment and the management of multilateral and bilateral funds. CIC’s overseas investment and management business is carried out by CIC International and CIC Capital respectively, both of which adhere to a market-oriented, commercial, professional and international operating model. Authorised by the State Council, Central Huijin makes equity investments in key state-owned financial enterprises and, to the extent of its capital contribution, exercises the rights and fulfils the obligations of an investor on behalf of the state in accordance with the law, with the aim of preserving and increasing the value of state-owned financial assets; beyond this, it conducts no other commercial business and does not intervene in the day-to-day operations of the enterprises in which it holds controlling or minority stakes. Strict “firewalls” are maintained between the overseas businesses of CIC International and CIC Capital, and between both of them and Central Huijin’s domestic business.

Since its establishment, CIC’s successive chairmen and chief executive officers have included Lou Jiwei (September 2007 to March 2013) and Ding Xuedong (July 2013 to February 2017). Gao Xiqing served as vice chairman and president from September 2007 to February 2014; Li Keping served as executive director, executive vice president and chief investment officer from July 2011 to February 2014, and as vice chairman, president and chief investment officer from February 2014 to July 2016. Successive chairmen of the board of supervisors have included Hu Huaibang (September 2007 to September 2008), Jin Liqun (September 2008 to May 2013), Li Xiaopeng (May 2013 to July 2014) and Guo Haoda (September 2014 to January 2018). At the executive vice president level, Yang Qingwei (September 2007 to December 2009), Zhang Hongli (September 2007 to June 2011, concurrently chief operating officer), Wang Jianxi (September 2007 to May 2013), Peng Chun (May 2010 to September 2013), Fan Yifei (May 2010 to February 2015), Xie Zhichun (May 2014 to May 2015), Xie Ping (September 2007 to September 2015) and Liu Guiping (June 2014 to July 2016) served in succession; Liang Xiang served as a member of the executive committee and secretary of the discipline inspection commission from September 2008 to January 2012, and as executive vice president and secretary of the discipline inspection commission from February 2012 to July 2015. In addition, Zhou Yuan served as chief strategy officer from February 2012 to January 2016, and Hua Hua served as chief information technology officer from February 2012 to April 2016.

In October 2016, Bai Tao became deputy general manager of China Investment Corporation and general manager and executive director of Central Huijin. Bai Tao graduated in finance from Renmin University of China and worked at ICBC for 30 years, serving successively as vice president or assistant president of several branches including Hainan, Jilin and Hunan, and also heading head-office departments such as project credit, risk management and internal audit; in June 2014 he left ICBC to become vice president and Party committee member of China Life Insurance (Group) Company. According to Caixin, people close to Huijin said he drove a number of institutional reforms at Huijin, such as introducing a system of full-time directors under which Huijin employees no longer concurrently serve as directors.