Sovereign wealth fund China Investment Corp (CIC) on Tuesday said its 2024 net profit rose 30.4% from a year earlier as returns on overseas investments exceeded targets and domestic financial capital under management grew.
In its annual report, the firm said net profit rose to $140.64 billion from $107.86 billion a year earlier.
Its annualised cumulative net investment return on overseas investments for the decade ending in 2024 was 6.92%, beating the fund’s target, it said.
Alternative investments, including hedge funds and cross-sector private equity, accounted for 48.49% of CIC‘s overseas portfolio as of the end of last year, according to the report. Public equities comprised 34.65%, while fixed income products made up 15.53%.
State-owned financial capital under the management of its Central Huijin Investment subsidiary reached 6.87 trillion yuan ($971.5 billion) at the end of 2024, up 6.4% from the beginning of the year, it said.
Beijing-based CIC was founded in 2007 to help China earn a higher return on its foreign exchange reserves.
Through its Central Huijin unit, CIC was a shareholder in 19 Chinese state-owned financial institutions at the end of 2024, including China Development Bank and Industrial and Commercial Bank of China .
In March, China’s finance ministry said it planned to transfer a majority stake in three of the nation’s state-owned bad-debt managers to Central Huijin, as part of moves to overhaul the ownership structure of state financial firms.
CIC said its total assets reached $1.57 trillion at the end of 2024, with net assets of $1.37 trillion.
Reuters
