China Foreign Economy and Trade Trust explained

Trade Name:FOTIC
Type:state-owned subsidiary
Industry:Financial services
Founded:1987
Hq Location City:Beijing
Hq Location Country:China
Area Served:mainland China
Revenue Year:2015
Income Year:2015
Net Income Year:2015
Assets Year:2015
Equity Year:2015
Website:fotic.com.cn
Footnotes:source[1]

China Foreign Economy and Trade Trust Co., Ltd. known as FOTIC is a Chinese asset management company (as trust company). The company is a wholly owned subsidiary of Sinochem Group (via Sinochem Corporation for 93.07% and another subsidiary for 6.93%).

History

FOTIC was incorporated on 30 September 1987 (as). Since 1994, FOTIC was a subsidiary of Sinochem Group (formerly known as China National Chemicals Import & Export Corporation).[2] Some assets and liabilities were transferred to Exim Bank of China that year.[2]

Equity investments

In 2004 the company was one of the investor of the Pacific Securities (a listed company since 2007 as) for 22.56% stake. In 2007 it was diluted to 10.00%.[3] At the same time, FOTIC also signed a shareholders' agreement with 5 companies, making the consortium acted as the largest shareholder of the Pacific Securities.[3] The agreement expired in March 2010, which FOTIC withdrew from the renewed agreement.[4] In June 2011 to March 12 FOTIC sold 5.02% shares of the Pacific Securities, which the shares were no longer restricted to sell due to 2007 IPO (a 36 months restriction), making FOTIC owned below 5% shares, the threshold to regularly disclose its interests.[5] [6] [7] [8] [9] It was further decreased to 4.58% on 31 March,[10] 2.39% on 30 June[11] to below 2% on 30 September (the 10th largest shareholder owned 2.08% and the shares held by FOTIC was not included in the top 10).[12]

The company also owned 49% stake of Manulife-Sinochem Life Insurance until January 2012. The stake were transferred to another subsidiary of Sinochem Group.[13]

Notes and References

  1. Web site: 2015 Annual Report. 29 April 2016. 10 February 2017. China Foreign Economy and Trade Trust. Chinese.
  2. Web site: http://www.gov.cn/zhengce/content/2010-12/03/content_3732.htm. zh:关于中国化工进出口总公司进行综合商社试点的批复. 31 December 1994. 9 February 2017. The State Council of China. Chinese.
  3. Web site: A 股股票上市公告书. 27 December 2007. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  4. Web site: 2010 Annual Report. 22 April 2011. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  5. Web site: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2011-08-03/601099_20110803_1.pdf. zh:关于股东减持公司股份的提示性公告. 3 August 2011. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  6. Web site: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2011-09-16/601099_20110916_1.pdf. zh:关于股东减持公司股份的提示性公告. 16 September 2011. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  7. Web site: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2011-10-21/601099_20111021_1.pdf. zh:关于股东减持公司股份的提示性公告. 21 October 2011. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  8. Web site: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2011-11-22/601099_20111122_1.pdf. zh:关于股东减持公司股份的提示性公告. 22 November 2011. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  9. Web site: http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2012-03-22/601099_20120322_2.pdf. zh:关于股东减持公司股份的提示性公告. 22 March 2012. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  10. Web site: 2012 First Quarterly Report. 27 April 2012. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  11. Web site: 2012 Interim Report. 25 August 2012. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  12. Web site: 2012 Third Quarterly Report. 27 October 2012. 9 February 2017. The Pacific Securities. Shanghai Stock Exchange. Chinese.
  13. Web site: 2012 Annual Report. 25 April 2013. 9 January 2017. 34. Manulife-Sinochem Life Insurance. Chinese.

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