China Sovereign Wealth Fund’s Profit Spikes In 2014
China Investment Corporation (CIC), the sovereign wealth fund, reported a huge net profit increase in Y 2014 in the company’s annual report, released Friday.
Net profits hit US$89.1-B last year, 2-B $’s more than in Y 2013.
CIC branches abroad reported a net investment profit margin of 5.47% in Y 2014, lower than the annual average rate of 5.66% registered since the founding of the company in Y 2007.
The company’s total assets surpassed US$740-B, that according to the report.
Ding Xuedong, CIC chairman and CEO, said the company intensified risk control, optimized its structure of investment combinations and promoted long-term investments during last year.
By the end of last year, open market stocks and long-term assets accounted for 44.1% and 26.2% separately of its overseas investment portfolio, said the company.
The CIC has 3 subsidiaries: CIC International and Central Huijin Investment Ltd. and CIC Capital Corporation.
Have a terrific holiday weekend.
HeffX-LTN
Paul Ebeling
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