Chinese investment trust Citic Securities, up 481%, leads the list of Global 2000 stock market stars.
Liu Lefei runs a private equity arm of CITIC, a state-owned investment bank.
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Citic's chairman is Larry Yung, the son of China's former vice president, Rong Yiren.
Brokerages were lower, with Haitong Securities down 2.9% and Citic Securities fell 2.1%.
Among banks, China Citic Bank Corp. fell 1.4%, and Bank of China Ltd. shed 1% in Shanghai.
Citic Pacific said it knew of the losses, which it claims were unauthorized, six weeks before it announced them.
His clan went back to its moneymaking ways under the acronym Citic, but you could call it Guanxi Inc.
Surprisingly, CalPERS still owns stock in Citic Pacific, an affiliated Hong Kong-based company.
As The Economist went to press, Wachovia, an American bank, and Citic of China were among the names in the frame.
Silvia Fun, an analyst at CCB International, said the IPO moratorium has hurt Citic, the largest underwriter of share sales in China.
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Citic Trust is a unit of Chinese financial conglomerate Citic Group Corp.
Wheatley, who signed on for another three years that began last Oct. 1, won't discuss Citic but says he expects more problems at listed companies.
Take the case of China International Trust and Investment Company (CITIC).
The return of IPOs, put on hold as the market regulator tries to weed out weak candidates, could boost earnings at companies such as Citic Securities.
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Investors in the share offering included CIC International, Boyu Capital and CITIC Capital, as well as CDB Capital, the equity investment arm of China Development Bank.
"In the residential market, the policy restrictions will not be relaxed anytime soon, " said Stanley Ching, head of the real-estate group at Citic Capital in Hong Kong.
Based on our Global 2000 composite ranking for sales, profits, assets and market value, Citic, a newcomer to the list, ranks 1740 in its Global 2000 debut.
TPG-Newbridge will bring in Larry Yung, China's richest businessman and chairman of Citic Pacific, and Lee Shau-kee, a local tycoon and head of Henderson Land, a property group.
Beijing broke the code over a decade ago concerning the contribution bond offerings by state-owned or operated companies like CITIC could make to expanding China's sources of international borrowing.
The two biggest Citic Securities and Haitong Securities Co.
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This belated action may persuade investors already holding CITIC paper -- or those considering the future purchase of its bonds -- to evaluate the inadequacies of past CITIC prospectuses and overall financial disclosure.
Several publicly-listed state-controlled banks unveiled impressive third-quarter profits: Bank of China's quarterly profits rose by 9% from a year ago, ABC saw a rise of 40% and China CITIC posted a 41% increase.
Ev en in Hong Kong some stocks look attractive: conglomerates like CITIC Pacific, which is the premier red chip, or First Pacific and Hutchison Whampoa, or even HSBC, which is a strong, global bank.
Citic Pacific's managing director is Henry Fan, who took a leave of absence as a member of Hong Kong's executive council and chairman of the city's Mandatory Provident Fund Schemes Authority after the company's announcement.
CGI, a start-up investment firm that is based in Beijing and is controlled jointly by the mainland's telecoms industry and Citic Guoan, a media group, was said to be preparing a joint bid with Netcom.
Investors in Bear Stearns (nyse: BSC - news - people ), including the billionaire (at least he once was) currency speculator Joe Lewis, and Citic Securities have been royally burned, providing a cautionary tale to any would-be angels.
Zhang Qiang, vice president at China Citic Bank, said at a briefing in March that nonstandard investment accounted for 64%, or 151.5 billion yuan, of all wealth-management products at the bank, substantially higher than the 35% limit set by the CBRC.
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