Founder BEA Trust Co., Ltd. is a Chinese trust company, formerly known as Wuhan International Trust and Investment Corporation (WITIC; Chinese: 武汉国际信托投资公司).[1] Founder BEA Trust was a subsidiary of Founder Group for 70.01% stake, with Bank of East Asia owned 19.99%. The third largest shareholder was Wuhan Financial Holdings Group, a company owned by Wuhan Municipal People's Government, for 10% stake.[2] However, in 2016 Wuhan Financial Holdings Group acquired 57.51% stake from Founder Group.[3] An additional 12.5% stake sold by Founder Group to their associate company China Hi-Tech Group (SSE: 600730) was still pending the approval from China Banking Regulatory Commission, according to the third quarterly report of China Hi-Tech Group in 2016.
| Formerly | Wuhan International Trust and Investment Corporation |
|---|---|
| Company type | subsidiary |
| Industry | Financial services |
| Headquarters | Wuhan , China |
| Owner |
|
| Founder BEA Trust Co., Ltd. | |||
|---|---|---|---|
| Simplified Chinese | 方正东亚信托有限责任公司 | ||
| Traditional Chinese | 方正東亞信託有限責任公司 | ||
| |||
It was set up in the 1980s by the Chinese government to function as the largest investment bank in Central China.[citation needed]
Location
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WITIC's headquarter is located in Wuhan, where it attract extreme foreign investments for the heavily industrial cities in the area. With much autonomy, but still under the supervision of the China International Trust and Investment Corporation in Beijing (CITIC), WITIC brought major foreign investments to Wuhan Iron and Steel Corporation and Dongfeng Motor Corporation.[citation needed] WITIC survived the crash of Guangdong International Trust and Investment Corp. (GITIC) in 1998 [4] and severe liquidity problem that followed, which bankrupted most of the ITICs in China. However, in the light of the more decentralized approach by the Chinese government, WITIC has in recent years broken up into several companies that specialize in brokerage, investment, and accounting.[citation needed]
References
edit- ^ "关于武汉国际信托投资公司重新登记等有关事项的批复" (in Chinese). China Banking Regulatory Commission (CBRC). 2 September 2010. Retrieved 9 January 2017.
- ^ "2015 Annual Report" (PDF) (in Chinese). Founder BEA Trust. 20 April 2016. Retrieved 9 January 2017.
- ^ "关于方正东亚信托有限责任公司调整股权结构的批复" (in Chinese). CBRC. 4 November 2016. Archived from the original on 9 January 2017. Retrieved 9 January 2017.
- ^ [1] Archived October 11, 2008, at the Wayback Machine
External links
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