CITIC 'plans domestic IPO' to boost capital

BEIJING - CITIC Trust Co, China's largest trust firm, is planning an initial public offering on the domestic stock market to boost its capital, according to sources.

CITIC Trust General Manager Li Zimin announced the IPO plan in an internal meeting on Friday, said the sources. The source asked not to be identified as the matter hasn't been publicly disclosed. No firm timetable has yet been set for the listing.

CITIC Trust is owned by Chinese conglomerate CITIC Ltd, and has roughly 1.7 trillion yuan ($247 billion) of assets under management. The firm has been actively exploring an IPO, which is one of its key strategies, a Beijing-based press officer at CITIC Trust said on Tuesday, while declining to elaborate.