CITIC rejig move buoys investors

HONG KONG: CITIC Pacific's core business restructuring is going to be a long and tedious, but necessary, process to extract the company from the hedging controversy that has led to a police probe.

The conglomerate, with interests in power generation, aviation, civil engineering, mining and retail in Hong Kong and on the mainland, is known to be aggressively trimming its operations and revamping its corporate structure under the leadership of its new chief executive officer Chang Zhenming.

Chang, a senior executive at CITIC in Beijing, replaced Larry Yung, who stepped down after the massive hedging losses came into the open last October.