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China Resources Holdings Company Limited(Chinese:HoaNhuận), or simplyChina Resources,is a Chinesestate-ownedconglomeratethat owns a variety of businesses inHong KongandMainland China.Some of its subsidiaries use the name in the form of theacronymCRC.
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| Company type | State-owned enterprise | ||||||||||
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| Industry | Conglomerate | ||||||||||
| Founded | 1938 | ||||||||||
| Headquarters | China Resources Headquarters Shenzhen, Guangdong,China | ||||||||||
Area served | Mainland China Hong Kong | ||||||||||
Key people | Chairman:Fu Yuning | ||||||||||
| Revenue | US$126.2 billion (2023)[1] | ||||||||||
| US$3.797 billion (2023)[1] | |||||||||||
| Total assets | US$367.0 billion (2023)[1] | ||||||||||
Number of employees | 394,112 (2023)[1] | ||||||||||
| Subsidiaries | China Resources Beer China Resources Cement China Resources Land China Resources Microelectronics China Resources Power China Resources Vanguard | ||||||||||
| Chinese name | |||||||||||
| Simplified Chinese | HoaNhuận | ||||||||||
| Traditional Chinese | HoaNhuận | ||||||||||
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| Website | www | ||||||||||
History
editThe company started as Liow & Company (Chinese:Liên cùng công ty) in Hong Kong in 1938. Its original purpose was to raise funds and purchase supplies and equipment for theEighth Route Armyand laterPeople's Liberation Army,then engaged in theChinese Civil War.[2]It was renamed as China Resources Corporation (Chinese:Hoa nhuận công ty) in 1948. In 1983, the company was incorporated as China Resources (Holdings) Company Limited (Chinese:Hoa nhuận ( tập đoàn ) công ty hữu hạn).
Operations
editThe company's main business focus is the export of mainland Chinese products (including energy) to Hong Kong. Its retail operations are organised under the China Resources Retail group, and include Chinese Arts & Crafts; it also runs a number of supermarkets in Hong Kong, originally under the CRC name, but now rebranded asVanguard.It also ownsNg Fung Hong,the monopoly meat importer into Hong Kong.
China Resources Cementis the largest NSPclinkerand cement producer in Southern China by production capacity and the second largest concrete producer in China by sales volume.[3][4]It was established in 2003 and incorporated inCayman Islands.
Rank
editAccording toFortune Magazine,China Resources was ranked 70th on the 2022Fortune Global 500list, improved 73 places since 2014.
Investigation
editIn 2013 the firm and its chairman at the time,Song Lin,who also held high government rank, was reported to be under investigation regarding the purchase of coal mines inShanxiprovince for 9.9 billion RMB that did not produce any coal for several years after the acquisition. There are substantial reserves of coal in the mines, but exploiting them requires substantial investments. Meanwhile, coal from newly opened strip mines in Mongolia had depressed the market. The deal raised questions about the leverage that large, state-owned firms had to borrow money at low interest for projects of dubious profitability and about where the money went and why.[2]
See also
edit- China Resources Alcohol Corporation
- China Resources Beer
- China Resources Beverage
- China Resources Cement
- China Resources Gas(CR Petroleum Company Limited sold toSinopec2007)
- China Resources Land
- China Resources Microelectronics
- China Resources Power
- China Resources Tower
- China Resources Vanguard
- Ng Fung Hong
- Vanke
Notes and references
edit- ^abcd"China Resources".Fortune Global 500.Fortune.Retrieved2024-08-24.
- ^abKeith Bradsher; Chris Buckley (August 7, 2013)."Mine Deal Puts New Scrutiny on China's State Industries".The New York Times.RetrievedAugust 8,2013.
- ^China Resources Cement Holdings Limited
- ^China Resources Cement Holdings Limited
External links
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