Business Intelligence on Retailing, Franchising, and Consumerism in China

CITIC Capital Gains 45% Of Guan Sheng Yuan

According to the news from Shanghai United Assets and Equity Exchange, CITIC Capital has gained 45% shares of Guan Sheng Yuan (Group) Company Limited through its two companies.

This will be another important cooperation between CITIC Capital and Daguangming. In the summer of 2007, Daguangming and CITIC Capital signed an agreement, which said the two companies would jointly invest RMB2 billion to establish Guangming-CITIC Capital Management Company. The company will focus on the food industry and implement mergers and acquisitions.

Yimin Foods, which is owned by Daguangming, is the wholly-owned parent company of Guan Sheng Yuan. At the end of 2007, Yimin Foods intended to transfer 45% of shares of Guan Sheng Yuan in Shanghai United Assets and Equity Exchange. The listed price was RMB510 million. A representative from Shanghai United Assets and Equity Exchange told local media that CITIC Capital Rongzhi Investment Company and CITIC Capital Puhao Investment Company became the final assignees of Guan Sheng Yuan. Each of the two companies will get 22.5% of the shares.

CITIC Capital, which is founded in Hong Kong in 2002, is an overseas investment institution of CITIC Group. CITIC Pacific Limited and CITIC International Financial Holdings Limited each holds a 50% stake of the company. The main industry of CITIC Capital include industry direct investment and asset management and the total asset managed by the company is about US$1.1 billion.

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