China Development Bank International Investment

China Development Bank International Investment Limited is an investment company incorporated in the Cayman Islands and headquartered in Hong Kong. It operates as an international investment platform associated with China Development Bank and is identified with cross-border and overseas investment activity. The company is also a Hong Kong-listed red-chip company, meaning that its corporate registration is outside mainland China while its ownership and business connections are linked to mainland Chinese interests. The listed entity has undergone several changes of name and corporate structure. Its public-market history dates to 10 May 1994, when it became listed on the Hong Kong Stock Exchange as a red-chip company. Earlier corporate identities included Honlinda Limited, ING Beijing Investment and New Capital International Investment. These changes reflected successive reorganizations, changes in control and the use of different holding companies within the listed group. ING Beijing Investment was incorporated in Hong Kong in 2005 and was dissolved in 2007. New Capital International Investment, which used that name from 2003 to 2012, subsequently took over ING Beijing Investment and became the holding company that preserved the group's listing status. The entity was later renamed China Development Bank International Investment after being taken over by China Development Bank, a Chinese state-owned policy bank. By 31 December 2016, China Development Bank was reported as the company's majority owner. The company's historical shareholder base included international and private-sector investors. In 2002, ING Group was the largest shareholder of ING Beijing Investment, holding 85.14 million shares, equivalent to 15.78 percent. After the takeover by New Capital International Investment, ING Group retained the same number of shares, although its percentage holding declined to 13.16 percent because of changes in the total share capital. Sense Control International Limited was reported as the largest shareholder at that stage, with a 16.63 percent interest. The company's business profile is best understood as an investment holding and international investment vehicle rather than a retail financial-services brand. Publicly described activities include equity investment and overseas investment, although the available reference material does not provide a complete current portfolio, detailed product catalogue, assets-under-management figure or current management roster. In 2015, the company was reported to have planned the formation of a joint venture with EIG Global Energy Partners, indicating an interest in energy-related investment cooperation. The reference material does not establish whether that proposed venture was completed. China Development Bank International Investment's corporate identity is therefore closely tied to ownership changes, Hong Kong capital-market status and its relationship with China Development Bank. Its historical trajectory illustrates how an offshore-incorporated, Hong Kong-listed investment company can become part of a mainland Chinese state-owned financial group while retaining its separate listed-company structure.

China Development Bank International Investment Limited is a Cayman Islands-incorporated investment company with its headquarters in Hong Kong. Its history is closely connected with Hong Kong's red-chip market and with a succession of corporate names and holding-company arrangements. The listed company's public history began on 10 May 1994, when it became a red-chip company listed on the Hong Kong Stock Exchange. The entity was previously associated with the name Honlinda Limited. It later operated under the name New Capital International Investment, a name used from 2003 to 2012. The company also became associated with ING Beijing Investment, reflecting the role of ING-related ownership and corporate structures in an earlier phase of its development. ING Beijing Investment was incorporated in Hong Kong in 2005 and was dissolved in 2007. New Capital International Investment subsequently took over ING Beijing Investment. In that reorganization, New Capital International Investment became the group's new holding company while also taking over the listed status. This arrangement enabled the public-market presence to continue through a different corporate vehicle. Shareholding changed over time. In 2002, ING Group was reported as the largest shareholder of ING Beijing Investment, holding 85.14 million shares, or 15.78 percent of the company. Following the takeover by New Capital International Investment, ING Group continued to hold the same number of shares, but its percentage fell to 13.16 percent because the total share capital had changed. Sense Control International Limited was reported as holding 16.63 percent and as the largest shareholder at that stage; the company was owned by Lin Si Yu. The company was subsequently taken over by China Development Bank and adopted its current name, China Development Bank International Investment. The change connected the Hong Kong-listed investment company with China Development Bank, a Chinese state-owned policy bank. As of 31 December 2016, China Development Bank was reported as the company's majority owner. The resulting structure combined an offshore Cayman Islands incorporation, a Hong Kong headquarters and listing, and control by a mainland Chinese state-owned financial institution. The company's described business activities include equity investment and overseas investment. Available reference material does not provide enough information to reconstruct a comprehensive investment portfolio or to determine the full scope of its current operations. In 2015, the company was reported to have planned a joint venture with EIG Global Energy Partners. The proposal suggested an intended focus on energy-related investment, but the available material does not confirm that the joint venture was ultimately established. The company's development is consequently defined less by consumer-facing products than by changes in corporate identity, ownership and listed-company structure. Its main historical turning points were the 1994 Hong Kong listing, the transition among Honlinda, ING Beijing Investment and New Capital International Investment, the use of New Capital International Investment as the listed holding company, and the later takeover and renaming by China Development Bank.

1. 2016China Development Bank reported as majority owner

   As of 31 December 2016, China Development Bank was reported to hold majority ownership of the company.

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2. 2015Proposed energy-investment joint venture

   The company was reported to have planned a joint venture with EIG Global Energy Partners. The available reference does not confirm completion.

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3. 2012New Capital International Investment name period ends

   The company ceased using New Capital International Investment as its principal name after the 2003–2012 period.

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4. 2007ING Beijing Investment dissolved

   The Hong Kong-incorporated ING Beijing Investment entity was dissolved after the group's restructuring.

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5. 2005ING Beijing Investment incorporated in Hong Kong

   ING Beijing Investment was incorporated in Hong Kong during the group's earlier corporate phase.

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6. 2003New Capital International Investment name period begins

   The listed company became known as New Capital International Investment, a name it used through 2012.

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7. 2002ING Group reported as largest shareholder

   ING Group was reported to hold 85.14 million shares, representing 15.78 percent of ING Beijing Investment.

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8. 1994Hong Kong listing

   The company became a red-chip company listed on the Hong Kong Stock Exchange on 10 May 1994.

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An offshore-incorporated, Hong Kong-listed investment platform associated with China Development Bank, focused on equity and international investment activities.

• Equity investmentInvestment services

  Equity investment is one of the activities associated with the company. The available reference material identifies this broad activity but does not provide a complete list of portfolio companies, fund structures, investment mandates or current allocation by sector.

• Overseas investmentInternational investment

  The company has been described as undertaking overseas or international investment. Its Cayman Islands incorporation, Hong Kong headquarters and association with China Development Bank are consistent with an international investment-platform role, although the available sources do not specify a full geographic market strategy.

• Investment holdingCorporate investment

  The listed company has served as a holding-company vehicle through changes involving ING Beijing Investment and New Capital International Investment. This holding function has been central to maintaining the group's listed structure during successive reorganizations.

• 2015Planned joint venture with EIG Global Energy PartnersM&A

  The company explored an energy-related partnership as part of its international investment activities.

  What changed. China Development Bank International Investment was reported to have planned a joint venture with EIG Global Energy Partners.

  Aftermath. The available reference material does not establish whether the proposed joint venture was completed.

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• 2007Replacement of ING Beijing Investment as holding structureStrategy

  ING Beijing Investment had been incorporated in Hong Kong in 2005, while New Capital International Investment was the group's other listed corporate vehicle.

  What changed. New Capital International Investment took over ING Beijing Investment and replaced it as the group's holding company while preserving the listed status.

  Aftermath. ING Beijing Investment was dissolved, and the listed group continued through New Capital International Investment.

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• Takeover and renaming by China Development BankM&A

  The listed investment company operated under earlier names and corporate arrangements before becoming associated with China Development Bank.

  What changed. Following a takeover by China Development Bank, the company adopted the name China Development Bank International Investment.

  Aftermath. The company became part of the China Development Bank group while retaining its Hong Kong-listed, offshore-incorporated structure.

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1. China Development Bank International Investment