China CITIC Financial Holding Co., Ltd. (referred to as "CITIC Financial Holding") held its inaugural meeting in Beijing on July 15th, marking the official launch of a financial holding company that manages nearly one billion yuan of total assets and embarks on another new journey of CITIC's unremitting exploration for China's financial reform and development. The establishment meeting was attended by members of the board of directors, supervisory board, management team, and major executives of subsidiaries of CITIC Group and CITIC Financial Holdings. The establishment of a financial holding company is an important measure taken by the Party Central Committee and the State Council to promote financial system reform. In September 2020, the State Council issued and implemented the "Decision on the Implementation of Access Management for Financial Holding Companies". Subsequently, the People's Bank of China issued the "Trial Measures for the Supervision and Management of Financial Holding Companies" to implement access management and continuous supervision for financial holding companies, in order to further strengthen risk prevention and promote the standardized development of the financial industry. CITIC Group actively applied for the establishment of a financial holding company and obtained the first batch of financial holding company establishment permits issued by the People's Bank of China in March 2022. Subsequently, CITIC Financial Holding held a board meeting and completed industrial and commercial registration, marking the company's transition from the initial application stage to the formal operation stage.

Zhu Hexin, Secretary of the Party Committee and Chairman of CITIC Group, stated at the establishment conference that the establishment of CITIC Financial Holdings reflects CITIC Group's fulfilling the mission of a central enterprise and playing a leading role in deepening financial reform, and will further consolidate the role of finance as the "ballast stone" for the group's reform and development.

. To achieve high-quality development, CITIC Financial Holding needs to promote the deep integration of party leadership and corporate governance, and improve the corporate governance mechanism; Focusing on economic and social needs, providing high-quality products and services to promote smooth economic circulation and deliver financial "living water"; Continuously improve the comprehensive risk management system with CITIC characteristics, and build a solid barrier for safe development; Give full play to the role of the Group as a "pilot field" for reform, set up a benchmark for innovation and development in management mechanism, business innovation and Digital transformation, and strive to build CITIC Financial Holding into the "number one engine" driving CITIC Group's high-quality development, and build it into a financial holding company with international competitiveness and global influence, so as to better serve the real economy and meet the needs of people for a better life. According to the plan, CITIC Financial Holdings will uniformly hold equity in financial companies within the group, actively build a first-class financial control platform, enhance the four functional systems of "comprehensive risk prevention and control, comprehensive financial services, advanced technology empowerment, and unified customer service", build three core capabilities of "wealth management, asset management, and comprehensive financing", and strengthen the five sub sectors of banking, securities, trust, insurance, and asset management, Continuously inject momentum into achieving high-quality development. Xi Guohua, General Manager of CITIC Group and Chairman of CITIC Financial Holding, gave a comprehensive introduction to the next steps of CITIC Financial Holding's development at the establishment conference. He stated that there is no precedent to follow in how to make CITIC Financial Holdings a solid and effective entity. We must be bold in taking the lead and breaking new paths, following the development concept of "market-oriented mechanisms, collaborative ecology, resource intensification, digital management, and international perspectives", establish a hierarchical and clear internal management system, and build an efficient financial control; Relying on a comprehensive risk management system to build safety and financial control; Accelerate the construction of CITIC Financial Holding's digital platform, promote the Digital transformation and intelligent upgrading of traditional financial business, and build smart financial holding; Integrate the professional advantages of financial subsidiaries, unleash the enormous value of CITIC's comprehensive finance, fully empower the development of various fields of the real economy, and build value financial control; Make good use of CITIC Financial Holding's "experimental field", conduct scientific exploration and bold innovation, strive to be the "vanguard" of internal reform within the group, and empower excellent financial control with innovative institutional mechanisms. Since the central bank issued the administrative license four months ago, CITIC Financial Holding has adhered to capital management as the link, corporate governance as the platform, risk management as the bottom line, and wealth management as the driving force, fully promoting various key tasks to achieve phased results and achieving a smooth start.

It is reported that CITIC Bank and CITIC Securities have issued advisory notices on the change of major shareholders to the public, marking a crucial step in the asset transfer work of CITIC Financial Holdings and its official debut in the capital market. At the same time, CITIC Financial Holdings has established a wealth management committee and further established multiple sub committees such as investment banking, retail system construction, and asset allocation, actively assisting subsidiaries in providing full lifecycle wealth management services. The construction of a collaborative platform for risk and compliance management is also steadily advancing, focusing on embedding risk compliance into wealth management processes and continuously strengthening the construction of a comprehensive risk management system.

Previously, CITIC Financial Holdings issued a notice on doing a good job in combating the epidemic, stabilizing the economy, and preventing risks based on the newly issued policies of regulatory authorities. It proposed 14 work measures from three major aspects, guiding financial subsidiaries to fully focus on key areas and provide high-quality services for combating the epidemic and stabilizing the economic market.

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