CITIC Limited

CITIC LIMITED
CITIC LIMITED
Stock code: 00267
Half-Year Report 2024

CITIC Limited
Registered Office
32nd Floor, CITIC Tower,
1 Tim Mei Avenue,
Central, Hong Kong
Tel +852 2820 2111

Fax +852 2877 2771
www.citic.com
Our Businesses
Comprehensive Financial Services Note 1: CITIC Limited holds 4.53% of the
shares of CSC Financial through
CITIC Financial Holdings (100%)
Glasslake Holdings Limited, an
CITIC Bank (601998.SH) (00998.HK) (68.49%) indirect wholly-owned subsidiary.
At the same time, CITIC Securities
CITIC Securities (600030.SH) (06030.HK) (19.84%)
directly holds 4.94% of the shares of
CITIC Trust (100%) CSC Financial.
CITIC-Prudential Life (50%) Note 2: CITIC Limited holds 9.61%, 1.37%
and 7.94% of the shares of Alumina
CSC Financial1 (601066.SH) (06066.HK) (4.53%)
Limited (a listed company, Stock
CITIC Finance (98.69%) code: AWC.ASX) through CITIC
Resources Holdings Limited, CITIC
CITIC Consumer Finance (70%)
Australia Pty Limited and Bestbuy
Overseas Company Limited,
respectively.
Advanced Intelligent Manufacturing Note 3: CITIC Limited holds 1.71% of the
CITIC Heavy Industries (601608.SH) (67.27%) shares of SSC (Stock code: 600871.SH)
through CITIC Corporation,
CITIC Dicastal (42.11%) a wholly-owned subsidiary and
CITIC Holdings (100%) 10.01% shares of China Overseas
Land & Investment Limited (Stock
code: 00688.HK) through an indirect
wholly-owned subsidiary.
Advanced Materials
CITIC Pacific Special Steel (000708.SZ) (83.85%) As at 30 June 2024
CITIC Metal (601061.SH) (89.77%)

CITIC Resources2 (01205.HK) (59.50%)
CITIC Mining International (100%)
CITIC Pacific Energy (100%)
Nanjing Iron & Steel (600282.SH) (62.76%)
New Consumption
CITIC Telecom International (01883.HK) (57.54%)
AsiaSat (50.50%)
CITIC Press (300788.SZ) (73.50%)
Dah Chong Hong (100%)
CITIC Agriculture (100%)
New-Type Urbanisation
CITIC Construction (100%)
CITIC Environment (100%)
CITIC Industrial Investment (100%)
CITIC Offshore Helicopter (000099.SZ) (38.63%)
CITIC Pacific Properties (100%)
CITIC Urban Development & Operation (100%)
CITIC Heye Investment (100%)
Our Company Contents
CITIC Limited (00267.HK) is one of China’s 2 Highlights
largest conglomerates and a constituent 4 Chairman’s Letter to Shareholders
of the Hang Seng Index. Tracing our roots
8 Financial Review
to the beginning of China’s opening and
reform, CITIC has grown in step with the 23 Risk Management
country’s rise and modernisation. We have 30 Human Resources
built a remarkable portfolio of businesses 32 Past Performance and Forward
in comprehensive financial services, Looking Statements
advanced intelligent manufacturing,
advanced materials, new consumption Financial Statements
and new-type urbanisation. 33 Consolidated Income Statement
34 Consolidated Statement of
Aligning its mission with national goals Comprehensive Income
and contributing to national rejuvenation, 35 Consolidated Statement of Financial
CITIC pursues a vision of “building an Position
outstanding conglomerate with a lasting
37 Consolidated Statement of Changes
reputation.” CITIC is committed to in Equity
pioneering national goals and to being a
39 Consolidated Cash Flow Statement
leading technology-driven group.
41 Notes to the Consolidated Interim
Our platform is unique in its diversity and Financial Information
scale, allowing CITIC to capture emerging 136 Report on Review of Interim
opportunities in China and around the Financial Information
world. Guiding us as we grow is our
fundamental commitment to create long-
Statutory Disclosure
term value for all of our shareholders. 137 Interim Dividend and Closure of
Register of Members
138 Share Option Plan Adopted by
Subsidiaries of CITIC Limited
139 Disclosure of Interests
141 Interests of Substantial
Shareholders
142 Purchase, Sale or Redemption of
Listed Securities
143 Corporate Governance
147 Review of Half-Year Report
147 Compliance with the Model Code
for Securities Transactions by
Directors
147 Update on Directors’ Information
148 Corporate Information
CITIC Limited Half-Year Report 2024 1

Highlights
Half Year ended 30 June Increase/

RMB million 2024 2023 (decrease)
Revenue 377,647 333,986 13%
Profit before taxation 71,747 69,263 3.6%
Net profit 56,749 57,471 (1.3%)
Profit attributable to ordinary shareholders 32,113 32,092 0.1%
Basic earnings per share (RMB) 1.10 1.10 0.1%
Diluted per share (RMB) 1.09 1.10 (0.7%)
Dividend per share (RMB) 0.19 0.18 5.6%
Net cash used in operating activities (295,978) (132,313) (124%)
Capital expenditure 13,538 7,093 91%
As at As at
30 June 31 December Increase/
RMB million 2024 2023 (decrease)
Total assets 11,429,264 11,330,920 0.9%
Total liabilities 10,024,187 9,994,138 0.3%
Total ordinary shareholders’ funds 733,482 703,178 4.3%
Revenue from Profit attributable to

Business assets external customers ordinary shareholders
Half-year Half-year
As at Increase/ ended ended
Business 30 June (decrease) 30 June Increase/ 30 June Increase/
RMB million 2024 (Note) 2024 (decrease) 2024 (decrease)
Comprehensive financial services 10,708,104 0.9% 139,763 1.1% 27,895 1.3%
Advanced intelligent manufacturing 60,592 0.3% 25,461 5.5% 459 7.7%
Advanced materials 362,583 (0.3%) 166,810 28% 6,653 15%
New consumption 55,796 0.2% 24,221 (2.6%) 32 (93%)
New-type urbanisation 337,469 (0.3%) 21,361 33% 2,922 (3.9%)
Note: compared with balances as at 31 December 2023.
2 CITIC Limited Half-Year Report 2024

Highlights
Business assets RMB billion
Financial services 10,609 10,708
Non-financial businesses
818 816
31 December 2023 30 June 2024
Assets of non-financial businesses RMB billion
Advanced intelligent manufacturing
Advanced materials 60 60
364 363
New consumption
New-type urbanisation
56 56
338 337
31 December 2023 30 June 2024
Profit attributable to ordinary shareholders RMB million
64,931
58,307 57,594
50,456
32,092 32,113
2020 2021 2022 2023 First half of First half of

2023 2024

Chairman’s Letter to Shareholders
Dear shareholders,
In the first half of 2024, amid a complex and challenging external environment, CITIC Limited remained fully
committed to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and
resolutely implemented the major decisions and plans of the Central Committee of the Communist Party of
China and the State Council. Under CITIC’s “One Deepening, Three Promotions and Five Breakthroughs” strategic
direction for reform and development, we focused on promoting operational excellence in our financial business,
transforming and upgrading our non-financial business portfolio and promoting effective risk resolution. In the
first half of 2024, CITIC delivered a stable performance and recorded a profit attributable to ordinary shareholders
of RMB32.1 billion, a year-on-year increase of 0.1%. S&P Global Ratings upgraded CITIC Limited’s long-term issuer
credit rating from BBB+ (positive outlook) to A- (stable outlook), our highest rating since 2016. CITIC Group also
climbed 29 places to 71st in the “Fortune Global 500”.
These achievements would not have been possible without the support of our shareholders. CITIC Limited remains
committed to enhancing our corporate value and shareholder returns with a stable and sustainable dividend
policy. The Board of Directors recommends an interim dividend of RMB0.19 per share, an increase of RMB0.01 per
share year on year. The total dividend payout amounts to RMB5.527 billion.

We have demonstrated our confidence in CITIC’s fundamentals and long-term development prospects with
concrete action. In the first half of the year, we announced a voluntary purchase of CITIC Limited shares by
directors, senior and middle management. Since the announcement, nearly 200 participants have purchased an
aggregate value of more than HK$80 million in shares.
Further demonstrating resilient development with the implementation

of the “553” strategy
The comprehensive financial service segment overcame operational pressure and instituted the CITIC model of
“Five Major Tasks” in finance. CITIC Financial Holdings has taken the initiative to improve the quality and efficiency
of serving the real economy and the segment provided a total of RMB11.8 trillion in financing across credit,
equity, bond underwriting and other sources. The establishment of CITIC Equity Investment Alliance and CITIC
Special Assets Alliance further strengthened our competitiveness in comprehensive financial services. Following
the implementation of the “Five Leading” strategy, CITIC Bank outperformed the market in its management of
the narrowing net interest margin and achieved growth in its operating income and non-interest income. Green
finance, medium- and long-term loans for the manufacturing sector and inclusive finance rose by 15%, 8% and
7%, respectively, from the beginning of the year. CITIC Securities delivered stable profit and led the industry with
RMB909 billion in domestic equity and debt underwriting value. It also maintained a leading position in equity
financing for strategic emerging industries and technology innovation bond underwriting. CSC Financial ranked
second in the industry with total domestic equity and bond underwriting of RMB704.8 billion and ranked first in
the number of corporate equity financing deals for national specialised and sophisticated “little giant” enterprises.
Following efforts to accelerate business transformation, CITIC Trust accelerated its business transformation and
realised 18% growth in trust assets under management compared to the beginning of the year. Meanwhile, CITIC-
Prudential Life expanded its distribution channels and optimised its product structure, achieving 10% year-on-year
growth in new business value.
The advanced intelligent manufacturing segment benefited from strong growth momentum in the equipment
manufacturing and high-tech manufacturing sectors. It has been actively promoting high-end, intelligent and
green transformation while enhancing product competitiveness. CITIC Heavy Industries completed a private
placement of RMB828 million and further strengthened its leading position in global equipment manufacturing.
CITIC Dicastal, despite challenges such as rising costs, recorded growth in revenue and profit with double-digit
increases in both the production and sales of aluminium wheels and castings.
The advanced materials segment contributed to the security of the industrial chain through the supply of
national strategic resources. CITIC Pacific Special Steel and Nanjing Iron & Steel outperformed peers despite weak
demand, with production and export volumes of special steel products ranking first among domestic special steel
companies. Notably, CITIC Pacific Special Steel’s ultra-high strength wire rods with a world-leading capacity of
2,060MPa were developed and used for the bridge cables of the Shenzhen-Zhongshan Link. As Australia’s largest
magnetite operation, Sino Iron continues to manage challenges including reduced production while land access
issues are being resolved, labour shortages and cost pressures and remains a leading concentrate supplier to
China. The phase three concentrator of the Kamoa-Kakula Copper Mine and the new concentrator of the Kipushi
Zinc Mine, both under Ivanhoe Mines with investment from CITIC Metal, were completed and put into production
ahead of schedule with world-leading production capacity.
The new consumption segment actively responded to consumer market headwinds with a focus on agility and
transformation. CITIC Press’s focus on smart publishing and levelled readers for children helped maintain its
leading position in the retail publishing market. CITIC Telecom International continued to expand 5G applications
to support smart city development. The number of CITIC Telecom’s 5G users doubled year on year, and the

penetration rate neared 90%, demonstrating its business resilience and growth potential. CITIC actively supported
Yuan Longping High-Tech Agriculture in implementing China’s seed industry revitalisation action plan as part of
our long-term investment and commitment to build Longping High-Tech into a world-class seed industry group.
The new-type urbanisation segment continues to align to the Belt and Road Initiative and regional development
with an aim to accelerate project construction and delivery. CITIC Construction’s key domestic and international
projects, such as Ziyang Airport Economic Zone, Nanjing Jiangbei New District and Kazakhstan Expressway, are
progressing according to plan while CITIC Environment nearly doubled the value of new contracts year on year.
CITIC Environment recently undertook the operation of the largest peninsula sewage treatment plant in Macau
and completed the production acceptance of its KBM oilfield water reuse project in Kazakhstan ahead of schedule.
CITIC Pacific Properties accelerated the delivery and settlement of various key projects with growth in both
revenue and profit despite downward market trends.
Managing corporate development and security for high-quality growth

Steady progress in risk diffusion. We have achieved positive results with the implementation of a collaborative
risk resolution model and attained breakthroughs in projects including Shenzhen Jinsha Bay and Shanghai
Dongjiadu. CITIC Trust also successfully exited the Guangzhou Evergrande project. We have established a regular
risk assessment mechanism to strengthen holistic risk management and organisational transparency, reinforcing
compliance responsibilities at all levels.
Unleashing efficiency through technological innovation. We launched the AI+ action plan to foster a “1+N” large
language model by coordinating the implementation of a foundation model designed at the group-level, while
empowering subsidiaries to capitalise on their market leadership and key roles in the value chain to develop
industry-specific models. We are also advancing the development of innovative platforms, such as the State Key
Laboratory of Intelligent Mining Heavy Equipment, the State Key Laboratory for digital steel and the key generic
technology laboratory for the seed industry. Building on the success of our “Factory Lighthouses” for aluminium
wheels and special steel manufacturing, we are now focusing our efforts to achieve another “Lighthouse”
designation at CITIC Dicastal’s factory in Morocco. CITIC Dicastal and CITIC Heavy Industries jointly launched an
integrated die-casting project and published a solution to advance global automotive production processes.
Two scientific and technological achievements involving Nanjing Iron & Steel received the National Science and
Technology Progress Award (Second Class).
Bolstering efforts in overseas expansion. Internationalisation has been CITIC’s long-standing strength and a
long-term strategic direction. The opening of CITIC Bank Hong Kong Branch further reinforced our international
financial services network. CITIC Securities continued to excel in global financial services, achieving high growth
in profit in its international business. CITIC Dicastal maintained its position as the global market share leader in
aluminium wheels for 16 consecutive years. CITIC Heavy Industries reported a record high in the total number
of new international orders. CITIC Construction signed contracts for several major projects, including the Riyadh
social housing initiative in Saudi Arabia, the Marjan Island commercial complex in the United Arab Emirates and
highway reconstruction in Uzbekistan.
Driving continuous improvements in ESG performance. The Board of Directors’ Strategic Committee has been
renamed the Strategic and Sustainable Development Committee with a corresponding working structure established
to further strengthen our top-level ESG management. We are exploring the development of an integrated green

financial service system encompassing five key components of green financial services, including green financing,
green investment, green consulting, green living and carbon management. We continued to lead the market in both
the scale and number of issues of underwritten green bonds while the balance of green corporate loans reached
RMB529.1 billion. CITIC has also allocated more resources and introduced innovative assistance models, channelling
over RMB900 million into various types of funding for the counties and districts we assist.
Launching the “Financial Core” and “Industrial Starlink” initiatives to deepen

comprehensive reform
With ongoing complexity and challenges expected in the second half of the year, we will thoroughly study and
implement the guiding principles set forth by the Third Plenary Session of the 20th Party Central Committee and
adhere to CITIC’s “One Deepening, Three Promotions and Five Breakthroughs” strategic direction for reform and
development. We strive to be in the vanguard of deepening reform to accelerate high-quality development and
strengthen our core competitiveness. We will continue to foster new quality productive forces with new growth
engines, enhance value creation through structural adjustment, fortify risk control through risk management
systems and refine our governance structure to promote organisational competitiveness. These comprehensive
and in-depth reforms will drive performance and value enhancement, charting a blueprint for a first-class,
technologically-advanced enterprise.
Among the many reform initiatives, we have launched projects to strengthen our “Financial Core”, namely building
a banking business with “Five Leading” capabilities, establishing a world-class investment bank, consolidating our
leading position in trust services, enhancing our competitive edge in insurance and promoting financial leasing as
a new growth driver for our comprehensive financial segment. To foster new quality productive forces and develop
future industry champions, we have launched a series of “Industrial Starlink” programmes designed to rekindle our
established “star” franchises, nurture emerging “stars” and identify future “stars” in the industry.
This year marks CITIC’s 45th anniversary. Throughout our journey, continuous reform has enabled us to navigate
uncertainties, overcome difficulties and embrace opportunities. Today, we remain committed to deepening
reform, promoting a CITIC that has “more distinctive characteristics, higher quality and greater potential”. We strive
to build a well-structured and capable team, a well-managed and risk-controlled business foundation, a set of
scientific, sound and effective systems and a clean, positive and entrepreneurial corporate culture. In doing so,
we endeavour to make greater contribution towards building China into a great country and advancing national
rejuvenation through Chinese modernisation.
Xi Guohua
Chairman
30 August 2024

Financial Review
In the first half of 2024, the global economic recovery showed divergent momentum. Developed economies faced
uncertainties stemming from monetary policy adjustments and geopolitical conflicts. Although the domestic
economy continued to recover, it still faced multiple challenges, such as weak consumer demand, a slowdown in
fixed asset investment growth, and a downturn in the real estate industry. Faced with this complex domestic and
external environment, the Company comprehensively promoted reform and innovation, actively optimised its
business structure, prudently prevented and resolved risks. As a result, it achieved new progress in high-quality
development. The Company achieved revenue of RMB377.6 billion, a year-on-year increase of 13%. Net profit was
RMB56.7 billion and profit attributable to ordinary shareholders was RMB32.1 billion, representing a year-on-year
decrease of 1.3% and increase of 0.1%.
The comprehensive financial services segment coordinated the implementation of the “five major initiatives” in
finance, effectively serving the real economy. Its revenue and profit attributable to ordinary shareholders increased
by 1.1% and 1.3% year on year respectively. CITIC Bank continued to promoted its “five leading” business strategy.
Operating performance remains stable. The growth in non-interest income drove a 2.6% year-on-year increase in
operating revenue. CITIC Securities maintained its strong position as the industry leader, achieving a net profit
exceeding RMB10 billion. It ranked first among its peers in domestic stock and bond underwriting. CITIC Trust
accelerated its business transformation, with steady growth in trust asset scale and continued optimisation of
the proprietary asset allocation structure, resulting in good investment returns. CITIC Prudential Life focused on
channel building and product structure optimisation, with a 10% year-on-year increase in new business value.
The non-financial segment recorded a 22% year-on-year increase in revenue and a 3.4% year-on-year increase
in profit attributable to ordinary shareholders. The advanced intelligent manufacturing segment saw its core
products like aluminium wheels and aluminium castings maintaining double-digit sales growth. The heavy
equipment business recorded a significant increase in new overseas orders. Revenue and profit attributable to
ordinary shareholders increased by 5.5% and 7.7% year on year, respectively. Following the consolidation of
Nanjing Iron & Steel, the advanced materials segment’s revenue grew 28% year on year. It overcame the impact
of declining steel and iron ore prices. Net profit attributable to ordinary shareholders increased 15% year on year.
The new consumption segment actively responded to market and policy changes through business expansion
and cost control. However, it was affected by the automotive price war and the downturn in the Brazilian seed
business, leading to declines in revenue and profits. The new-type urbanisation segment actively integrated into
the Belt and Road Initiative and regional development strategies. It pushed forward with project construction and
delivery, with a significant year-on-year increase in new overseas engineering contracts. Revenue increased 33%
year on year, while profit attributable to ordinary shareholders decreased 3.9%.
Earnings per share and dividends

In the first half of 2024, the Group’s basic earnings per share of net profit attributable to ordinary shareholders
was RMB1.10, essentially unchanged from RMB1.10 in the first half of 2023. As at 30 June 2024, there were
29,090,262,630 shares in issue.
The Group will distribute an interim dividend of RMB0.19 per share to ordinary shareholders (interim dividend
2023: RMB0.18 per share), which is equivalent to an aggregate cash distribution of RMB5,527 million.

Financial Review
Earnings per share RMB
Dividend per share
1.10 1.10
0.18 0.19
First half of 2023 First half of 2024
Segment Results
Comprehensive Financial Services
First half of First half of Increase/(decrease)
RMB million 2024 2023 Amount %
Revenue from external customers 139,763 138,277 1,486 1.1%
Net profit 49,980 51,228 (1,248) (2.4%)
Profit attributable to ordinary shareholders 27,895 27,529 366 1.3%
Total assets (as compared with the end of 2023) 10,708,104 10,609,132 98,972 0.9%
In the first half of 2024, this segment achieved revenue of RMB139,763 million, a year-on-year increase of 1.1%. Net
profit was RMB49,980 million, a year-on-year decrease of 2.4%, while profit attributable to ordinary shareholders of
RMB27,895 million, a year-on-year increase of 1.3%.
CITIC Bank steadily promoted its “five leading” business strategy, withstanding the pressure of continuous net
interest margin and reduced loan demand. It achieved revenue of RMB108.6 billion, a year-on-year increase of
2.6%, among which non-interest income reached RMB36 billion, a year-on-year increase of 10.3%. The bank’s
profit attributable to its shareholders was RMB35.5 billion, a year-on-year decrease of 1.6%. Asset quality remained
stable, with the non-performing loan ratio edged up by 0.01 percentage points from the beginning of the year to
1.19%. The provision coverage ratio was 206.76%, a decrease of 0.83 percentage points from the beginning of the
year. The bank actively supported the real economy. Balances of deposit and loan increased by 2.2% and 1.7%,
respectively, compared to the beginning of the year. CITIC Bank continued to adjust its loan structure adhering
to national strategies while loans for key areas such as science and technology innovation finance, green finance,
inclusive finance, agriculture-related loans, and manufacturing outpaced total loan growth.

Financial Review
CITIC Securities accelerated its efforts to become a world-class investment bank, maintaining its leading industry
position. Its domestic equity and bond underwriting value reached RMB909 billion, maintaining the top position
in the industry. Among these, both equity financing for strategic emerging industries and bond underwriting
for technology innovation ranked first in the industry. The company proactively expanded its global footprint,
establishing branch offices in Frankfurt, Toronto, and other locations, with its overseas business profitability
reaching a new high for the same period. Affected by the overall market downturn and the continued tightening
of IPO and refinancing policies, the company’s revenue reached RMB42.8 billion, a year-on-year increase of 0.1%.
Profit attributable to the parent company was RMB10.6 billion, a year-on-year decrease of 6.5%.
CITIC Trust accelerated the pace of its business transformation, reducing dependence on traditional operations,
with trust assets growing by 18% compared to the beginning of the year. Structural improvement in proprietary
asset allocation further supported earnings. The company made concerted efforts to mitigate and resolve risks,
successfully exited projects including the Guizhou Zunyi and Evergrande Guangzhou projects. CITIC Trust recorded
revenue of RMB2.8 billion and profit attributable to the parent company of RMB1.4 billion, up 25% and 4.8% year-
on-year, respectively.
CITIC-Prudential Lifenote was impacted by the integrated written premium transformation policy, resulting in
original premium income of RMB16.9 billion, a year-on-year decrease of 0.6%. Despite the external challenges, the
company continued to optimise its business structure and product mix, with more longer-duration and higher-
value insurance products. Its new business value grew 10% year-on-year, and the new business value margin
improved by 8.1 percentage points year-on-year.
Advanced Intelligent Manufacturing

Revenue from external customers 25,461 24,145 1,316 5.5%
Net profit 969 903 66 7.3%
Profit attributable to ordinary shareholders 459 426 33 7.7%
Total assets (as compared with the end of 2023) 60,592 60,415 177 0.3%
In the first half of 2024, this segment achieved revenue of RMB25,461 million, net profit of RMB969 million and
profit attributable to ordinary shareholders of RMB459 million, a year-on-year increase of 5.5%, 7.3% and 7.7%
respectively.
Note:
CITIC-Prudential Life is a joint venture of CITIC Limited, which holds a 50% equity interest, without consolidating its financial statements.

Financial Review
CITIC Dicastal overcame adverse factors such as intense domestic market competition, rising cost elements, and
escalating trade barriers overseas. Its aluminium wheel and aluminium casting sales and production volumes
increased 12% and 16% year-on-year, respectively, both reaching historical highs, ranking No.1 globally for
16 consecutive years and 3 consecutive years, respectively. The company ranked 49th in the global top 100
automotive parts manufacturers. CITIC Dicastal accelerated its overseas production, actively advancing the
construction of the 'lighthouse factory’ in Morocco. Following their commissioning last year, the aluminium wheel
factory in Mexico and the aluminium casting factory in Morocco saw continuous increases in capacity utilisation,
reaching 90% and 65%, respectively. The integrated die casting project completed its core R&D, realising the
consolidation of 98 components into one, which accelerated the transformation of automotive manufacturing
processes.
CITIC Heavy Industries stepped up efforts to expand its overseas business, focusing on regional markets in
Australia, Africa, and South America and achieved the bulk production of large-scale crushing and grinding
machinery for all major overseas mega mines. New effective overseas orders surged by 65% to RMB4 billion,
accounting for 50% of total orders, a year-on-year increase of 17 percentage points, both reaching a historical
high. However, due to a slowdown in the pace of some domestic projects, revenue decreased by 16% year-on-year
to RMB3.9 billion. Through initiatives such as lean production and cost control, the gross profit margin increased
by 3 percentage points to 21%, resulting in a profit attributable to ordinary shareholders of RMB191 million, a
year-on-year increase of 0.6%.
Advanced Materials
Revenue from external customers 166,810 130,603 36,207 28%
Net profit 8,378 6,595 1,783 27%
Profit attributable to ordinary shareholders 6,653 5,789 864 15%
Total assets (as compared with the end of 2023) 362,583 363,781 (1,198) (0.3%)
In the first half of 2024, this segment achieved revenue of RMB166,810 million, up by 28% year-on-year, while net
profit of RMB8,378 million and profit attributable to ordinary shareholders of RMB6,653 million, a year-on-year
increase of 27% and 15% respectively.

Financial Review
CITIC Pacific Special Steel capitalised on growth opportunities in industries such as bearings and new energy
vehicles. In the first half of the year, it achieved special steel sales of 9.52 million tonnes and exports of 1.12
million tonnes, maintaining its leading position in domestic special steel industry. Monthly sales of bar and wire
products reached historical highs. Its 2,060 MPa-level bridge cable materials were used in the construction of
the “Shenzhen-Zhongshan Channel”, realising domestic large-scale application for the first time. Affected by a
significant decline in market demand, the company’s revenue reached RMB57 billion, a year-on-year decrease
of 2.3%, recording profit attributable to ordinary shareholders RMB2.7 billion, a year-on-year decrease of 10%.
Its operating performance outpaced the industry. Nanjing Iron & Steel experienced counter-cyclical growth in
high-end products, with sales of advanced steel materials such as high-tech shipbuilding and marine engineering
steel, high-standard bearings and other advanced steel materials reaching 1.3 million tonnes, accounting for over
27% of total sales. The gross profit margin increased by 1.61 percentage points to 17.94%. The company actively
expanded its overseas key customer base and increased the export of high-value-added products. In the first half
of the year, the export order intake and export volume grew by 64% and 31% year-on-year, respectively, while
profit attributable to ordinary shareholders rose by 25% to RMB1.2 billion.
Sino Iron continued to manage challenges including reduced production while land access being revolved, labour
shortages, and cost pressures and remained a leading concentrate supplier to China.
CITIC Metal achieved revenue of RMB64.2 billion and profit attributable to ordinary shareholders was RMB1.1
billion, representing year-on-year growth of 4.9% and 3.7%, respectively. The non-ferrous metals segment
capitalised on the opportunity of the rising price of copper. The company bolstered its upstream and downstream
channel development and sales efforts, resulting in double-digit growth in electrolytic copper product sales. The
non-ferrous business segment generated revenue of RMB44.6 billion, a 28% increase year-on-year, accounting for
70% of total revenue with profitability significantly enhanced. The third phase of KK copper mine’s concentrator,
under Ivanhoe Mines with investment from CITIC Metal, was completed ahead of schedule, and expected to
commence commercial production in the third quarter of 2024, enabling the mine to become the world’s third-
largest copper mine with an annual production capacity of over 600,000 tonnes. A strategic divestment of a small
stake in Ivanhoe unlocked investment value at favourable prices.
CITIC Resources continued to expanded its crude oil trading operations. It achieved revenue of HK$3.9 billion, a
year-on-year increase of 93%. However, impacted by a one-time tax benefit in the Yuedong Oilfield in the same
period last year, as well as a year-on-year decline in coal prices in the current period, profit attributable to the
parent company decreased 7.9% year-on-year to HK$353 million.
CITIC Pacific Energy’s traditional coal sales and new energy power generation both experienced growth coupled
with the decline in coal prices that reduced power generation costs. It achieved revenue of RMB5 billion and profit
attributable to the parent of RMB710 million, up 15% and 84% year-on-year respectively.

Financial Review
New Consumption
Revenue from external customers 24,221 24,870 (649) (2.6%)
Net profit 260 828 (568) (69%)
Profit attributable to ordinary shareholders 32 481 (449) (93%)
Total assets (as compared with the end of 2023) 55,796 55,704 92 0.2%
In the first half of 2024, this segment achieved revenue of RMB24,221 million, net profit of RMB260 million, and
profit attributable to ordinary shareholders of RMB32 million, representing year-on-year declines of 2.6%, 69%, and
93% respectively.
CITIC Press actively responded to the contraction of the traditional book publishing industry and the impact of
new media channels. It focused on developing its digital and intelligent publishing as well as children’s reading
systems. Through price control and cost reduction, it improved its gross profit margin by 3.31 percentage points.
The profit attributable to ordinary shareholders grew 2.2% year-on-year to RMB93 million. In the first half of
the year, the market share of book publishing reached 2.68%, ranking first among national publishing houses.
Specifically, business management, popular science, self-help psychology, and biography maintained the top
position, while children’s and lifestyle categories ranked second.
CITIC Telecom actively sought the extension of its concession assets in Macau, continuously expanding 5G
applications to support the construction of smart cities. In the Macau region, the number of 5G users grew 24%
from the beginning of the year to 624,000, with a penetration rate reaching 87.9%. The company launched its
5.5G commercial services in July of this year, making Macau one of the first cities in the world to commercially
adopt 5.5G technology. As part of its global strategy, CITIC Telecom expanded into new markets. It partnered
with a globally-renowned hardware provider in Singapore to deploy servers for local customers and delivered
several data centre ICT projects in Malaysia. However, due to the intensified competition in the international
telecommunications business, revenue declined 8.2% year-on-year to HK$4.9 billion, and profit attributable to
ordinary shareholders fell 37% to HK$455 million.
Dah Chong Hong actively expanded into overseas markets. The commercial vehicle division completed the
establishment and capital injection for the Isuzu project in Vietnam, with the store opening plan progressing
smoothly. The yacht division actively advanced the preliminary preparatory work for the authorisation of its new
principals in the Asia-Pacific region. Impacted by the automotive price war and disruption to new energy vehicle
consumption, the company’s vehicle sales volume declined 2.9% year-on-year. In the first half of the year, it
achieved revenue of RMB19 billion, down 1.6% year-on-year, and incurred a loss of RMB89 million.

Financial Review
Longping High-Tech turned to profitability, achieving a net profit of RMB110 million compared to a loss in the
same period last year. The company became the first seed industry enterprise to receive the China Quality Award.
By seizing business opportunities in the low-cadmium rice market, the company’s domestic rice seed sales grew
over 20% year-on-year, solidifying its position as the industry leader. In the first half of the year, Longping High-
Tech received approvals for 28 new rice varieties, obtained 38 plant variety protection certificates and was granted
two invention patents and five utility model patents, setting new historical highs.
New-Type Urbanisation
Revenue from external customers 21,361 16,077 5,284 33%
Net profit 3,015 3,094 (79) (2.6%)
Net profit attributable to ordinary shareholders 2,922 3,042 (120) (3.9%)
Total assets (as compared with the end of 2023) 337,469 338,424 (955) (0.3%)
In the first half of 2024, this segment achieved revenue of RMB21,361 million, a 33% year-on-year increase. It
realised net profit of RMB3,015 million and profit attributable to ordinary shareholders of RMB2,922 million, a year-
on-year decrease of 2.6% and 3.9% respectively.
The property development and operation business pushed forward with the delivery and settlement
of projects. Key real estate projects, such as Suzhou Wuzhong and Changsha Longping, were successfully
delivered, contributing to a revenue of RMB7.2 billion, a year-on-year increase of 204%. Multiple measures were
implemented to accelerate inventory clearance, such as stepping up discount pricing for projects such as Fenghua
in Ningbo to boost sales. The Qingdao government repurchased 596 residential units in the Qingdao Langya Jun
project, which will be used for affordable housing.
The business of engineering construction and urban operations signed a series of contracts for key projects,
including social housing project in Riyadh, Saudi Arabia, a commercial complex on Marayna Island in the UAE, and
highway renovation in Uzbekistan. In the first half of the year, the value of new effective contracts increased by
RMB10.3 billion year-on-year to RMB15.2 billion. Key projects, including Ziyang Airport Economic Zone, Nanjing
Jiangbei New District, and Kazakhstan expressways, all progressed according to plan. The company completed the
production acceptance of the produced water reuse project in the KBM oilfield in Kazakhstan ahead of schedule
and undertook the operation of Macau’s largest peninsula wastewater treatment plant.

Financial Review
Group Financial Results

Revenue
by nature
Half-year ended 30 June Increase/(decrease)
Net interest income 74,136 75,717 (1,581) (2.1%)
Net fee and commission income 29,031 34,499 (5,468) (16%)
Sales of goods and services 241,035 197,166 43,869 22%
– Sales of goods 221,401 177,501 43,900 25%
– Revenue from construction contracts 6,032 6,143 (111) (1.8%)
– Revenue from other services 13,602 13,522 80 0.6%
Other revenue 33,445 26,604 6,841 26%
9% 8%
Other revenue Other revenue
19%
Net interest income 23%
Net interest
income
First half
8% First half
of 2024 Net fee and
commission of 2023 10%
income Net fee and
commission
income
64% 59%
Sales of goods and
services Sales of goods and
services
Expected credit losses and other impairment losses

In the first half of 2024, expected credit and asset impairment losses of RMB33,674 million were recorded, a
decrease of 2.4% from the same period last year. In particular, CITIC Bank recognised impairment losses of
RMB34,413 million, primarily due to expected credit losses of RMB29,974 million on loans and advances to
customers.
Net financial charges

In the first half of 2024, the Group’s finance costs amounted to RMB6,902 million, an increase of RMB1,208 million,
or 21% year-on-year, mainly due to an increase in interest expenses.
In the first half of 2024, the Group’s finance income amounted to RMB1,312 million, an increase of RMB573 million
or 78% year-on-year, primarily driven by an increase in interest income.

Financial Review
Income tax
Income tax of the Group in the first half of 2024 was RMB14,998 million, an increase of RMB3,206 million
compared with the corresponding period, consistent with the trend of changes in profit before tax.
Group Cash Flows

CITIC Limited Half-year ended 30 June Including CITIC Bank Half-year ended 30 June
Increaase/(decrease) Increase/(decrease)
RMB million 2024 2023 Amount % 2024 2023 Amount %
Net cash used in operating activities (295,978) (132,313) (163,665) (124%) (341,909) (123,018) (218,891) (178%)
Net cash generated from investing activities 19,849 26,738 (6,889) (26%) 61,639 44,392 17,247 39%
Including: Proceeds from disposal and redemption of
financial investments 1,711,493 1,320,930 390,563 30% 1,716,776 1,320,829 395,947 30%
Payments for purchase of financial
investments (1,689,581) (1,275,837) (413,744) (32%) (1,651,773) (1,272,807) (378,966) (30%)
Net cash generated from/(used in) financing activities 232,749 31,521 201,228 638% 245,616 (16,838) 262,454 1,559%
Including: Proceeds from bank and other loans and
debt instruments issued 1,140,437 777,825 362,612 47% 907,898 519,116 388,782 75%
Repayment of bank and other loans and
debt instructions issued (911,082) (725,903) (185,179) (26%) (673,828) (521,085) (152,743) (29%)
Interest paid on bank and other loans and
debt instruments issued (23,883) (19,302) (4,581) (24%) (14,943) (11,168) (3,775) (34%)
Dividends paid to non-controlling interests (4,602) (1,404) (3,198) (228%) (1,858) (1,984) 126 6.4%
Net decrease in cash and cash equivalents (43,380) (74,054) 30,674 41% (34,654) (95,464) 60,810 64%
Cash and cash equivalents at the beginning of the
Period 359,383 427,460 (68,077) (16%) 249,002 307,871 (58,869) (19%)
Effect of exchange rate changes 2,595 2,621 (26) (1.0%) 2,432 5,766 (3,334) (58%)
Cash and cash equivalents at the end of the Period 318,598 356,027 (37,429) (11%) 216,780 218,173 (1,393) (0.6%)
Capital Expenditure
Half-year ended 30 June Increase/(decrease)
Comprehensive financial services 4,118 1,532 2,586 169%

Advanced intelligent manufacturing 607 703 (96) (14%)
Advanced materials 6,301 2,917 3,384 116%
New consumption 454 709 (255) (36%)
New-type urbanisation 2,058 1,232 826 67%
Total 13,538 7,093 6,445 91%

Financial Review
Capital Commitments
As at 30 June 2024, the contracted capital commitments of the Group amounted to approximately RMB14,316
million. Details are disclosed in Note 33(f ) to the financial statements.
Group Financial Position

As at As at Increase/(decrease)
30 June 31 December
Total assets 11,429,264 11,330,920 98,344 0.9%
Loans and advances to customers and

other parties 5,474,256 5,380,140 94,116 1.7%
Investments in financial assets 3,333,592 3,356,367 (22,775) (0.7%)
Cash and deposits 583,489 625,135 (41,646) (6.7%)
Trade and other receivables 293,070 254,452 38,618 15%
Fixed assets 210,710 210,719 (9) (0.004%)
Placements with banks and non-bank financial
institutions 298,629 237,742 60,887 26%
Total liabilities 10,024,187 9,994,138 30,049 0.3%
Deposits from customers 5,577,672 5,459,993 117,679 2.2%
Deposits from banks and non-bank financial
institutions 811,766 893,565 (81,799) (9.2%)
Debt instruments issued 1,431,737 1,221,107 210,630 17%
Borrowing from central banks 275,603 273,226 2,377 0.9%
Trade and other payables 412,702 391,948 20,754 5.3%
Bank and other loans 254,893 235,770 19,123 8.1%
Total ordinary shareholders’ funds 733,482 703,178 30,304 4.3%

Financial Review
Total assets
As at 30 June 2024, total assets increased to RMB11,429,264 million from RMB11,330,920 million as at 31
December 2023.
By geography
6% 6%
Hong Kong, Macau and Taiwan Hong Kong, Macau and Taiwan
3% 3%
Overseas Overseas
As at
30 June
91% As at
31 December 91%
2024 Chinese mainland 2023 Chinese mainland

Financial Review
Loans and advances to customers and other parties

As at 30 June 2024, the net loans and advances to customers and other parties of the Group were RMB5,474,256
million, an increase of RMB94,116 million, or 1.7% compared with 31 December 2023. The proportion of loans
and advances to customers and other parties to total assets was 47.90%, an increase of 0.42 percentage point
compared with 31 December 2023.
30 June 31 December
Loans and advances to customers and other
parties measured at amortised cost
Corporate loans 2,830,177 2,625,019 205,158 7.8%
Discounted bills 2,657 1,784 873 49%
Personal loans 2,340,099 2,294,540 45,559 2.0%
Accrued interest 20,967 20,188 779 3.9%
Total loans and advances to customers and
other parties measured at amortised cost 5,193,900 4,941,531 252,369 5.1%
Allowance for impairment losses (144,041) (139,679) (4,362) (3.1%)
Carrying amount of loans and advances to
customers and other parties measured at
amortised cost 5,049,859 4,801,852 248,007 5.2%
Loans and advances to customers and other
parties at fair value through profit or loss
Corporate loans 9,559 5,558 4,001 72%
Loans and advances to customers and
other parties at fair value through other
comprehensive income
Corporate loans 70,655 58,064 12,591 22%
Discounted bills 344,183 514,666 (170,483) (33%)
Carrying amount of loans and advances to
customers and other parties at fair value
through other comprehensive income 414,838 572,730 (157,892) (28%)
Net loans and advances to customers and
other parties 5,474,256 5,380,140 94,116 1.7%

Financial Review
Investments in financial assets

As at 30 June 2024, the investments in financial assets of the Group were RMB3,333,592 million, a decrease of
RMB22,775 million, or 0.7% compared with 31 December 2023. The proportion of investments in financial assets to
total assets was 29.17%, a decrease of 0.45 percentage point compared with 31 December 2023.
(a) Analysed by types
30 June 31 December
Debt securities 2,082,037 2,116,909 (34,872) (1.6%)
Investment management products 29,935 35,614 (5,679) (16%)
Investment funds 591,563 553,540 38,023 6.9%
Trust investment plans 189,192 205,542 (16,350) (8.0%)
Certificates of deposit and certificates of
interbank deposit 86,726 126,908 (40,182) (32%)
Equity investment 311,133 278,588 32,545 12%
Wealth management products 7,645 6,161 1,484 24%
Investments in creditor’s rights on assets 1,900 1,900 – –
Others 40,486 39,966 520 1.3%
Subtotal 3,340,617 3,365,128 (24,511) (0.7%)
Accrued interest 20,947 19,861 1,086 5.5%
Less: allowance for impairment losses (27,972) (28,622) 650 2.3%
Total 3,333,592 3,356,367 (22,775) (0.7%)
(b) Analysed by measurement attribution
30 June 31 December
Financial assets at amortised cost 991,934 1,076,039 (84,105) (7.8%)
Financial assets at FVPL 1,329,560 1,292,115 37,445 2.9%
Debt investments at FVOCI 934,990 967,803 (32,813) (3.4%)
Equity investments at FVOCI 77,108 20,410 56,698 278%
Total 3,333,592 3,356,367 (22,775) (0.7%)

Financial Review
Deposits from customers

As at 30 June 2024, deposits from customers of the Group were RMB5,577,672 million, representing an increase
of RMB117,679 million, or 2.2% compared with the end of year 2023. The proportion of deposits from customers
to total liabilities was 55.64%, representing an increase of 1.01 percentage points compared with the end of year
2023.
30 June 31 December
Corporate deposits
Time and call deposits 1,787,895 1,755,882 32,013 1.8%
Demand deposits 2,060,738 2,149,823 (89,085) (4.1%)
Subtotal 3,848,633 3,905,705 (57,072) (1.5%)
Personal deposits
Time and call deposits 1,121,774 1,125,384 (3,610) (0.3%)
Demand deposits 444,924 340,432 104,492 31%
Subtotal 1,566,698 1,465,816 100,882 6.9%
Outward remittance and remittance payables 84,778 19,022 65,756 346%
Accrued interest 77,563 69,450 8,113 12%
Total 5,577,672 5,459,993 117,679 2.2%
Bank and other loans

30 June 31 December
Comprehensive financial services 9,406 10,344 (938) (9.1%)
Advanced intelligent manufacturing 9,041 6,018 3,023 50%
Advanced materials 94,448 90,205 4,243 4.7%
New consumption 8,150 6,608 1,542 23%
New-type urbanisation 56,651 54,245 2,406 4.4%
Operation management 132,588 125,712 6,876 5.5%
Elimination (56,135) (58,000) 1,865 3.2%
Subtotal 254,149 235,132 19,017 8.1%
Accrued interest 744 638 106 17%
Total 254,893 235,770 19,123 8.1%

Financial Review
Debt instruments issued

30 June 31 December
Comprehensive financial services 1,346,476 1,133,946 212,530 19%
Advanced intelligent manufacturing – – – –
Advanced materials 4,990 5,259 (269) (5.1%)
New consumption 3,205 3,184 21 0.7%
New-type urbanisation 1,000 – 1,000 –
Operation management 71,398 74,009 (2,611) (3.5%)
Elimination (2,354) (2,818) 464 16%
Subtotal 1,424,715 1,213,580 211,135 17%
Accrued interest 7,022 7,527 (505) (6.7%)
Total 1,431,737 1,221,107 210,630 17%
Total ordinary shareholders’ funds

As at 30 June 2024, total ordinary shareholders’ funds of the Group amounted to RMB733,482 million, representing
an increase of RMB30,304 million as compared with the end of year 2023.

Risk Management
CITIC Limited has established a risk management and internal control system covering all business segments
to identify, assess and manage various risks in the Group’s business activities. The business, operating results,
financial position and profitability of CITIC Limited may be subject to a number of risk factors and uncertainties,
directly or indirectly, relating to the Group. The risk factors set out below are not exhaustive and CITIC Limited,
in addition to these risk factors, may also be exposed to other unknown risks or risks that may not be material at
present but may become material in future.
Financial Risk
As a sub-committee of the Executive Committee, the Asset and Liability Management Committee (“ALCO”) has
been established to monitor financial risks of the Group in accordance with the relevant treasury and financial risk
management policies.
Asset and liability management

CITIC Limited’s sources of funds for different businesses include long-term and short-term debt and equity, of
which ordinary shares, preferred shares and perpetual securities are the alternative forms of equity financing
instruments. CITIC Limited manages its capital structure to finance its overall operations and growth by using
different sources of funds. The type of funding is targeted to match the characteristics of our underlying business.
1. Debt
ALCO centrally manages and regularly monitors the existing and projected debt levels of CITIC Limited and
its major non-financial subsidiaries to ensure that the Group’s debt size, structure and cost are at reasonable
levels.
As at 30 June 2024, consolidated debt of CITIC Limited(1) was RMB1,678,864 million, including loans of
RMB254,149 million and debt instruments issued(2) of RMB1,424,715 million. Debt of CITIC Bank(3) accounted
for RMB1,167,607 million. CITIC Limited attaches importance to cash flow management, the head office of
CITIC Limited had cash and deposits of RMB1,461 million and available committed facilities of RMB40,545
million.
The details of debt are as follows:
As at 30 June 2024 RMB million

Consolidated debt of CITIC Limited 1,678,864
Among which: Debt of CITIC Bank 1,167,607
Note:
(1) Consolidated debt of CITIC Limited is the sum of “bank and other loans” and “debt instruments issued” in the Consolidated Balance Sheet of
CITIC Limited excluding interest accrued;
(2) Debt instruments issued include corporate bonds, notes, subordinated bonds, certificates of deposit issued, certificates of interbank deposit
issued, convertible corporate bonds and beneficiary certificates excluding interest accrued;
(3) Debt of CITIC Bank refers to CITIC Bank’s consolidated debt securities issued, including long-term debt securities, subordinated bonds,
certificates of deposit issued, certificates of interbank deposit issued and convertible corporate bonds excluding interest accrued and
convertible corporate bonds that has been subscribed by another subsidiary of the Group.

Risk Management
Consolidated debt by maturity as at 30 June 2024
71% 12%
Within one year or on demand
Between one and two years
7%
Between two and five years
10%
Over five years
Consolidated debt by type as at 30 June 2024
1%
Beneficiary certificates issued
1% 6%
Convertible corporate bonds issued Loan within one year or on demand
9%
Loan over one year
57% 13%
Certificates of interbank
deposit issued Corporate bonds issued
8%
Notes issued
5%
Subordinated bonds issued
0%
Certificates of deposit issued
The debt to equity ratio of CITIC Limited as at 30 June 2024 is as follows:
In RMB million Consolidated

Debt 1,678,864
Total equity(4) 1,405,077
Debt to equity ratio 119%
Note:
(4) Total consolidated equity is based on the “total equity” in the Consolidated Statement of Financial Position.

Risk Management
2. Liquidity risk management

The objective of liquidity risk management is to ensure that CITIC Limited always has sufficient cash to
repay its maturing debt, perform other payment obligations and meet other funding requirements for
normal business development.
CITIC Limited’s liquidity management involves the regular cash flow forecast for the next three years
and the consideration of its liquid assets level and new financings necessary to meet future cash flow
requirements.
CITIC Limited centrally monitors and graded manages its own liquidity and that of its major non-financial
subsidiaries and improves the efficiency of fund utilisation. With flexible access to domestic and overseas
markets, CITIC Limited seeks to diversify sources of funding through different financing instruments, in
order to raise low-cost funding of medium and long terms, maintain a mix of staggered maturities and
minimise refinancing risk.
Details of liquidity risk management are set out in Note 34(b) to the consolidated financial statements.
3. Contingent liabilities and commitments

Details of contingent liabilities and commitments of CITIC Limited as at 30 June 2024 are set out in Note 33
to the consolidated financial statements.
4. Pledged loan
Details of cash and deposits, trade and other receivables, inventories, financial assets held for trading, fixed
assets, right-of-use assets and intangible assets pledged as security for CITIC Limited’s loan as at 30 June
2024 are set out in Note 29(d) to the consolidated financial statements.
5. Credit ratings
Standard & Poor’s Moody’s
30 June 2024 A-/Stable A3/Stable

Risk Management
Treasury risk management

Treasury risk management essentially covers the following financial risks inherent in CITIC Limited’s businesses:
• Interest rate risk

• Currency risk
• Counterparty risk for financial products
• Commodity risk
• Market price risk
CITIC Limited manages the above risks by using appropriate financial derivatives or other means, and priority will
be given to simple, cost-efficient and effective hedge instruments which meet the HKFRS 9 in performing treasury
risk management responsibilities. To the extent possible, gains and losses of the derivatives offset the losses and
gains of the assets, liabilities or transactions being hedged.
CITIC Limited is committed to establishing a comprehensive and uniform treasury risk management system. Within
the group-wide treasury risk management framework, member companies are required to, according to their
respective business characteristics and regulatory requirements, implement suitable treasury risk management
strategies and procedures and submit reports on a regular and ad hoc basis.
1. Interest rate risk

CITIC Limited regularly monitors current and projected interest rate changes, with each of the operating
entities of the Group implementing its own interest rate risk management system covering identification,
measurement, monitoring and control of market risks. Interest rate risk is managed by taking into account
market conditions and controlled at a reasonable level.
For our financial subsidiaries, repricing risk and benchmark risk are the main sources of interest rate risk.
Observing the principle of prudent risk appetite, they closely track changes in the macroeconomic situation
and internal business structure, continue to optimise the maturity structure of deposits, make timely
adjustments to the loan repricing lifecycle, and take the initiative to manage sensitive gaps in interest rates
for the overall objective of achieving steady growth both in net interest income and economic value within
a tolerable level of interest rate risk.
For our head office and non-financial subsidiaries, the interest rate risk arises primarily from debt.
Borrowings at floating rates expose CITIC Limited to cash flow interest rate risk, while borrowings at fixed
rates expose CITIC Limited to fair value interest rate risk. Based on its balance sheet and market conditions,
CITIC Limited and its non-financial subsidiaries will conduct analysis and sensitivity testing on interest rate
risk, adopt a flexible approach in choosing financing instruments at floating and fixed rates, or choose to
employ, at the suitable time, the interest rate swaps and other derivative instruments approved for use by
the ALCO to manage interest rate risk.
Details of interest rate risk management are set out in Note 34(c) to the consolidated financial statements.

Risk Management
2. Currency risk
CITIC Limited has major operations in mainland China, Hong Kong and Australia, with Renminbi (“RMB”),
Hong Kong dollar (“HKD”) and United States dollar (“USD”) as functional currencies respectively. The Group’s
member companies are exposed to currency risk from gaps between financial assets and liabilities, future
commercial transactions and net investments in foreign operations that are denominated in a currency
that is not the member company’s functional currency. The reporting currency of the consolidated financial
statements of CITIC Limited is RMB. Translation exposures from the consolidation of subsidiaries, whose
functional currency is not RMB, are not hedged by using derivative instruments as no cash exposures are
involved.
CITIC Limited measures its currency risk mainly by currency gap analysis. Where it is appropriate, the Group
seeks to lower its currency risk by matching its foreign currency denominated assets with corresponding
liabilities in the same currency or using forward contracts, cross currency swaps and other derivative
instruments, provided that hedging is only considered for firm commitments and highly probable forecast
transactions.
Details of currency risk management are set out in Note 34(d) to the consolidated financial statements.
3. Counterparty risk for financial products

CITIC Limited has business with various financial institutions, including deposits, interbank lending,
financial investment products and derivative financial instruments. To mitigate the risk of non-recovery of
deposited funds or financial instrument gains, member companies of CITIC Limited approve and adjust the
list of counterparties and credit limits of approved financial institutions through internal credit extension
processes. A regular report is required.
4. Commodity risk
Some businesses of CITIC Limited involve the production, procurement, and trading of commodities, and
they face exposure to price risks of commodities such as iron ore, crude oil, gas and coal.
To manage some of its raw material exposures such as supply shortages and price volatility, CITIC Limited
has entered into long-term supply contracts for certain inputs or used plain vanilla futures, forward
contracts and other derivative instruments for hedging. While CITIC Limited views that natural offsetting
is being achieved to a certain extent across its different business sectors, it performs a continual risk
management review to ensure commodity risks are well understood and controlled within its business
strategies.
5. Market price risk

CITIC Limited holds investments in financial assets classified as Derivative financial instruments or
Investments in financial assets in the consolidated balance sheet, including shares of listed company.
To control price risks arising from such investments, the Group actively monitors the price changes and
diversifies the relevant investment risks through appropriate asset allocation.

Risk Management
Economic Environment
CITIC Limited operates diversified businesses globally in various countries and regions. As a result, its financial
condition, operational results and business prospects are, to a significant degree, subject to the development of
both international and domestic economies, as well as the political and legislative environment.
As China’s economy is undergoing structural changes, the formation of new growth drivers involves further
reforms in a variety of areas, including politics, economy, technology, culture and society. The global economy
is still on the way of recovery, but the performances in main economic entities and regions are divergent, and
challenges from trade friction and other aspects are increasing. The growth prospect is with uncertainty. If
negative economic factors appear in countries and regions in which CITIC Limited operates, there might be an
adverse impact on its operational results, financial condition and profitability.
Operational Risk
The financial services segment of the CITIC Limited covers various sectors, including banking, securities, trust,
insurance and asset management. As information technology is widely applied in the modern financial services
industry, the reliability of computer systems, computer networks and information management software is
essential to both traditional financial and innovative businesses. Unreliable information technology systems or
underdeveloped network technologies may result in inefficient trading systems, business interruption, or loss of
important information, thus affecting the reputation and service quality of financial institutions and even incurring
economic losses and legal disputes.
CITIC Limited carries out resources and energy, manufacturing, engineering construction, property development
and management, and other businesses in countries and regions across the world, and these businesses might
continue to encounter a diversity of operational difficulties. Certain difficulties, if beyond the control of CITIC
Limited, might result in production delays or increases in production costs. These operational risks include delay
of government payments, deterioration of tax policies, labour disputes, unforeseen technical failures, various
disasters and emergencies, unexpected changes in mineral, geological or mining conditions, pollution and other
environmental damage, as well as potential disputes with foreign partners, customers, subcontractors, suppliers or
local residents or communities. Such risks would cause damage or loss to the relevant businesses of CITIC Limited,
which in turn could adversely affect its operations, financial condition and profitability.
Credit Risk
With the proliferation of new market entities, innovative business models, new products, businesses and
counterparties, credit risks could increase in both width and complexity. In this unpredictable economic climate,
with extensive business operations and counterparties, the Company pays close attention to market developments
and credit risks arising from business partners. If the Company fails to investigate and prevent such risks, they may
have an adverse impact on its operations, financial condition and profitability.

Risk Management
Competitive Markets
CITIC Limited operates in highly competitive markets. Failure to compete in terms of product specifications,
service quality, reliability or price may have an adverse impact on the Company.
– The comprehensive financial services business faces fierce competition from domestic and international
commercial banks and other financial institutions;
– The engineering construction business is challenged by global peers as well as China’s large state-owned
enterprises and private companies;
– Resources and energy, manufacturing, property development and management, and other businesses in
different sectors also face severe competition over resources, technologies, prices and services.
Intensification of competition might result in lower product prices, narrower profit margins as well as loss of
market share for CITIC Limited.
Other External Risks and Uncertainties

Impact of local, national and international laws and regulations
CITIC Limited faces local business risks in different countries and regions. Such risks might have a significant
impact on the financial condition, operations and business prospects of CITIC Limited in the relevant markets. The
investments of CITIC Limited in countries and regions across the world might at present or in future be affected by
changes in local, national or international political, social, legal, tax, regulatory and environmental requirements
from time to time. In addition, new government policies or measures, if introducing changes in fiscal,
tax, regulatory, environmental or other aspects that may affect competitiveness, could result in an additional or
unforeseen increase in operating expenses and capital expenditures, produce risks to the overall return on investment
of CITIC Limited, and delay or impede its business operations and hence adversely affect revenue and profit.
Impact of new accounting standards

The Hong Kong Institute of Certified Public Accountants (“HKICPA”) issues new and revised Hong Kong Financial
Reporting Standards (“HKFRSs”) from time to time. As the accounting standards continue to evolve, HKICPA might
further issue new and revised HKFRSs in the future. The new accounting policies, if required to be adopted by
CITIC Limited, could have a significant impact on its financial condition and operations.
Natural disasters or events, terrorism and diseases

The business of CITIC Limited could be affected by events such as earthquakes, typhoons, tropical cyclones,
inclement weather, acts or threats of terrorism, or outbreaks of highly contagious diseases, which would directly
or indirectly reduce the supply of essential goods or services or reduce economic activities on a local, regional or
global scale. Any of these disasters might damage the businesses of CITIC Limited, which would have a material
adverse impact on the financial condition and operations of CITIC Limited.

Human Resources
In the first half of 2024, the Company’s works on human resources followed the direction of marketisation,
specialisation, differentiation and informatisation. Leveraging on a series of reforms for the construction of talent
teams, the Company carried out open selection for the Group. Besides, the Company implemented the “Talent
Ladder Programme”, promoted the development of international talents, and also launched training in rotation for
all outstanding young employees. By constantly optimising the whole chain of “selection, cultivation, management
and utilisation” of the talent team, the Company continued to promote the strategy of “strengthening the
enterprise with talents”.
I. Strengthening the Construction of the Talent Echelon and Focusing

on Cultivating Reserve Talents
The Company started the human resources reform with open selection and systematically improved
the construction of the talent echelon. With a long-term perspective and a focus on the future, we have
implemented the “Talent Ladder Programme” and the “Leadership Talent Programme” and established a
talent reserve pool. By executing the “Three-Tier Talent Ladder” plan, we have cultivated a large number of
exceptional talents and gradually formed a pyramid-shaped talent structure comprising 500 management
trainees and excellent employees as foundational talents, 300 outstanding middle managers as backbone
talents, and 50 distinguished management personnel as leadership talents. This solidifies the foundation for
our sustainable and high-quality development.
II. Focusing on Staff Training to Improve the Comprehensive Quality of

our Team
The Company actively empowered staff development with talent training and continuously improved
the staff training system. Trainings are provided, based on the “Leadership Class, Excellence Class, and
Talent Class”, for staff according to their needs and classification by level. Every staff is required to
participate in training by rotation. By comprehensively utilising various forms of training, such as executive
coaching, intensive class, on-site teaching, and research project, the Company endeavoured to promote
the simultaneous enhancement of employees’ personal capability and the Company’s operation and
management level in various aspects such as strategic orientation, professional capacity enhancement, and
international operations.
III. Cultivating International Talents to Empower the Development of

International Business
The Company was dedicated to building a high-quality, international talent team, focusing on “high-
end, sophisticated, and scarce” international professionals. We continued to intensify the introduction of
overseas high-end talents and construct its international talent pool by levels and categorisation. We made
investigation to formulate the strategy of building our international talent team, such as implementing
the “International Management Talent Training Programme” and the “Ten, Hundred, Thousand” Project
for International Talents, i.e. striving to cultivate 10 international leadership talents, 100 core talents, and
1,000 foundational talents. The Company leveraged its advantages in international business to develop
personalised training programmes, offering a comprehensive, multi-position, and full-chain training model
that provided a vast stage for the growth of international talents.

Human Resources
IV. Promoting Employee Rotations and Exchanges to Revitalise the

Company’s Talent Resource
The Company continued to advance the development of a system for employee rotations and exchanges,
fully leveraging the comprehensive advantages and synergy. Through training by practicing, we continued
to strengthen cross-agency rotations and exchanges between our headquarters and subsidiaries, among
our subsidiaries in different sectors, with strategic partner enterprises and between domestic companies
and overseas companies. We also arranged personnel in rotations and exchanges to participate in key
special work in depth with a focus on improving their comprehensive quality and capabilities. In addition,
we eased the worries of the employees by providing benefits and career development plan, aiming to
achieve a win-win result of training talents and supporting the Company’s development.
V. Advancing Reform of the Incentive System to Stimulate Employees’

Passion
The Company continuously refined its incentive mechanisms with the aim of enhancing core
competitiveness. Guided by the principles of “self-comparison for performance improvement, intra-sectoral
comparison for comprehensive contributions, and industry comparison for leading standards”, the Company
further optimised the performance evaluation system, ensuring its scientific and fair nature. This approach
is designed to guide all subsidiaries of the Company in comprehensively improving its competitiveness.
The Company focused on the philosophy of “better performance leads to higher pay and faster promotion”,
maintaining a balance between incentives and constraints. The Company also strengthened the link
between evaluation and performance pay, and strived to build a distributional guideline of “rewarding high
performance and improving low efficiency” to stimulate employees’ motivation and vitality.

Past Performance and Forward Looking Statements
Performance and results of the operations of CITIC Limited for previous years described within this Half-Year
Report are historical in nature. Past performance is no guarantee of the future results of CITIC Limited. This Half-
Year Report may contain forward looking statements and opinions, and therefore risks and uncertainties are
involved. Actual results may differ materially from expectations discussed in such forward looking statements
and opinions. None of CITIC Limited, the Directors, employees or agents assumes (a) any obligation to correct or
update any forward looking statements or opinions contained in this Half-Year Report; and (b) any liability arising
from any forward looking statements or opinions that do not materialise or prove to be incorrect.

Consolidated Income Statement For the six months ended 30 June 2024 – unaudited
(Expressed in millions of Renminbi, unless otherwise stated)
Six months ended 30 June

Note 2024 2023
Interest income 167,337 169,660
Interest expenses (93,201) (93,943)
Net interest income 5(a) 74,136 75,717
Fee and commission income 35,097 39,524
Fee and commission expenses (6,066) (5,025)
Net fee and commission income 5(b) 29,031 34,499
Sales of goods and services 5(c) 241,035 197,166
Other revenue 5(d) 33,445 26,604
274,480 223,770
Total revenue 377,647 333,986
Cost of sales and services 6 (219,113) (176,981)

Other net income 7 5,254 2,507
Expected credit losses (33,373) (33,213)
Impairment losses (301) (1,304)
Other operating expenses 9 (57,063) (55,337)
Net valuation income/(loss) on investment properties 6 (84)
Share of profits of associates, net of tax 2,606 2,912
Share of profits of joint ventures, net of tax 1,674 1,732
Profit before net finance charges and taxation 77,337 74,218
Finance income 1,312 739

Finance costs (6,902) (5,694)
Net finance charges 8 (5,590) (4,955)
Profit before taxation 9 71,747 69,263
Income tax 10 (14,998) (11,792)
Profit for the period 56,749 57,471
Attributable to:
– Ordinary shareholders of the Company 32,113 32,092
– Non-controlling interests 24,636 25,379
Earnings per share for profit attributable to ordinary
shareholders of the Company during the period: 12
Basic earnings per share (RMB) 1.10 1.10
Diluted earnings per share (RMB) 1.09 1.10
The notes on pages 41 to 135 form part of this unaudited consolidated interim financial information.

Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024 – unaudited

Note 2024 2023
Other comprehensive income for the period 13
Items that may be reclassified subsequently to profit or loss:

Fair value changes on debt instruments at fair value through
other comprehensive income 4,739 3,839
Loss allowance changes on debt instruments at fair value
through other comprehensive income 114 586
Cash flow hedge: net movement in the hedging reserve (285) 43
Share of other comprehensive loss of associates and joint
ventures (4,492) (1,701)
Exchange differences on translation of financial statements and
others 1,444 2,205
Items that will not be reclassified subsequently to profit or loss:

Revaluation loss on owner-occupied property reclassified as
investment property – (10)
Fair value changes on investments in equity instruments
designated at fair value through other comprehensive income 595 (247)
Other comprehensive income for the period 2,115 4,715
Total comprehensive income for the period 58,864 62,186
Attributable to:
– Ordinary shareholders of the Company 31,407 34,115
– Non-controlling interests 27,457 28,071
Total comprehensive income for the period 58,864 62,186

Consolidated Statement of Financial Position As at 30 June 2024 – unaudited
30 June 31 December
Note 2024 2023
Assets
Cash and deposits 15 583,489 625,135
Cash held on behalf of customers 16 235,875 239,019
Placements with banks and non-bank financial institutions 298,629 237,742
Derivative financial instruments 17 98,948 77,562
Trade and other receivables 18 293,070 254,452
Contract assets 25,108 24,312
Inventories 128,350 135,142
Financial assets held under resale agreements 125,450 164,983
Loans and advances to customers and other parties 19 5,474,256 5,380,140
Margin accounts 20 113,359 118,746
Investments in financial assets 21 3,333,592 3,356,367
– Financial assets at amortised cost 991,934 1,076,039
– Financial assets at fair value through profit or loss 1,329,560 1,292,115
– Debt investments at fair value through other
comprehensive income 934,990 967,803
– Equity investments at fair value through other
comprehensive income 77,108 20,410
Refundable deposits 62,099 62,182
Interests in associates 22 110,560 109,791
Interests in joint ventures 23 56,006 56,787
Fixed assets 210,710 210,719
Investment properties 38,182 38,153
Right-of-use assets 50,292 51,424
Intangible assets 22,456 22,537
Goodwill 26,174 26,076
Deferred tax assets 79,491 83,327
Other assets 63,168 56,324
Total assets 11,429,264 11,330,920

Consolidated Statement of Financial Position
As at 30 June 2024 – unaudited
30 June 31 December
Note 2024 2023
Liabilities
Borrowing from central banks 275,603 273,226
Deposits from banks and non-bank financial institutions 24 811,766 893,565
Placements from banks and non-bank financial institutions 126,087 150,493
Financial liabilities at fair value through profit or loss 25 106,796 88,552
Customer brokerage deposits 26 288,072 282,534
Funds payable to securities issuers 2 35
Derivative financial instruments 17 94,495 73,755
Trade and other payables 27 412,702 391,948
Contract liabilities 25,681 31,482
Financial assets sold under repurchase agreements 481,719 744,571
Deposits from customers 28 5,577,672 5,459,993
Employee benefits payables 52,005 56,933
Income tax payable 8,296 9,234
Bank and other loans 29 254,893 235,770
Debt instruments issued 30 1,431,737 1,221,107
Lease liabilities 19,370 20,348
Provisions 16,479 16,130
Deferred tax liabilities 17,188 16,747
Other liabilities 23,624 27,715
Total liabilities 10,024,187 9,994,138
Equity 31
Share capital 307,576 307,576
Reserves 425,906 395,602
Total ordinary shareholders’ funds 733,482 703,178
Non-controlling interests 671,595 633,604

Total equity 1,405,077 1,336,782
Total liabilities and equity 11,429,264 11,330,920
Approved and authorised for issue by the board of directors on 30 August 2024.
Director: Xi Guohua Director: Zhang Wenwu

Consolidated Statement of Changes in Equity For the six months ended 30 June 2024 – unaudited
Investment Non-
Share Capital Hedging related General Retained Exchange controlling Total
Note capital reserve reserve reserves reserve earnings reserve Total interests equity
Balance at 31 December 2023 307,576 (42,395) 2,539 (8,232) 59,556 376,292 7,842 703,178 633,604 1,336,782
Profit for the period – – – – – 32,113 – 32,113 24,636 56,749
Other comprehensive income for the period 13 – – (220) (1,053) – – 567 (706) 2,821 2,115
Total comprehensive income for the period – – (220) (1,053) – 32,113 567 31,407 27,457 58,864
Transactions with non-controlling interests 37 – 438 – – – – – 438 (2,697) (2,259)
Appropriation to general reserve – – – – 167 (167) – – – –
Dividends paid to ordinary shareholders of
the Company 11 – – – – – (9,745) – (9,745) – (9,745)
Dividends paid to non-controlling interests – – – – – – – – (16,422) (16,422)
Other equity instruments issued by
subsidiaries 32 – – – – – – – – 37,000 37,000
Conversion of of subsidiary’s convertible
corporate bonds 30(f) – 8,215 – – – – – 8,215 (7,303) 912
Disposal of equity investments at fair value
through other comprehensive income – – – (18) – 18 – – – –
Disposal of subsidiaries – 34 – – – – – 34 – 34
Others – (45) – – – – – (45) (44) (89)
Other changes in equity – 8,642 – (18) 167 (9,894) – (1,103) 10,534 9,431
Balance at 30 June 2024 307,576 (33,753) 2,319 (9,303) 59,723 398,511 8,409 733,482 671,595 1,405,077

Consolidated Statement of Changes in Equity
Investment Non-
Share Capital Hedging related General Retained Exchange controlling
Note capital reserve reserve reserves reserve earnings reserve Total interests Total equity
Balance at 31 December 2022 307,576 (43,956) 2,750 (5,863) 55,773 335,447 6,838 658,565 574,209 1,232,774
Effect on accounting policy change – – – (2,367) – 4,280 – 1,913 – 1,913
Balance at 1 January 2023 307,576 (43,956) 2,750 (8,230) 55,773 339,727 6,838 660,478 574,209 1,234,687
Profit for the period – – – – – 32,092 – 32,092 25,379 57,471
Other comprehensive income for the period 13 – – 49 1,100 – – 874 2,023 2,692 4,715
Total comprehensive income for the period – – 49 1,100 – 32,092 874 34,115 28,071 62,186
Transactions with non-controlling interests – 1,399 – – – – – 1,399 1,550 2,949
Appropriation to general reserve – – – – 106 (106) – – – –
Dividends paid to ordinary shareholders of
the Company 11 – – – – – (11,608) – (11,608) – (11,608)
Dividends paid to non-controlling interests – – – – – – – – (15,502) (15,502)
Acquisition of a new subsidiary – – – – – – – – 3,191 3,191
Disposal of equity investments at fair value
through other comprehensive income – – – (151) – 151 – – – –
Others – 229 – – – – – 229 42 271
Other changes in equity – 1,628 – (151) 106 (11,563) – (9,980) (10,719) (20,699)
Balance at 30 June 2023 307,576 (42,328) 2,799 (7,281) 55,879 360,256 7,712 684,613 591,561 1,276,174

Consolidated Cash Flow Statement For the six months ended 30 June 2024 – unaudited

Note 2024 2023
Cash flows from operating activities
Profit before taxation 71,747 69,263
Adjustments for:
– Depreciation and amortisation 9 13,243 11,156
– Expected credit losses 33,373 33,213
– Impairment losses 301 1,304
– Net valuation (income)/loss on investment properties (6) 84
– Net valuation gain on investments (10,071) (5,650)
– Share of profits of associates and joint ventures, net of tax (4,280) (4,644)
– Interest expenses on debt instruments issued 5(a) 17,057 14,609
– Finance income 8 (1,312) (739)
– Finance costs 8 6,902 5,694
– Net gain on investments in financial assets (17,687) (17,728)
– Net gain on disposal of subsidiaries, associates
and joint ventures (1,977) (63)
Changes in working capital 107,290 106,499
Decrease/(increase) in deposits with central banks, banks and
non-bank financial institutions 45,504 (10,310)
(Increase)/decrease in placements with banks and non-bank
financial institutions (65,155) 16,798
Increase in trade and other receivables (37,869) (72,736)
(Increase)/decrease in contract assets (796) 187
Decrease/(increase) in inventories 6,792 (7,493)
Decrease/(increase) in financial assets held under resale
agreements 35,358 (45,313)
Increase in loans and advances to customers and other parties (117,106) (227,686)
Decrease/(increase) in investments in financial assets held for
trading purposes 22,082 (99,919)
Decrease/(increase) in cash held on behalf of customers 3,144 (18,826)
Increase in other operating assets (22,987) (46,843)
Decrease in deposits from banks and non-bank financial
institutions (81,099) (117,369)
Decrease in placements from banks and non-bank financial
institutions (25,363) (7,350)
(Decrease)/increase in financial liabilities at fair value through
profit or loss (61) 3,755
(Decrease)/increase in trade and other payables (5,209) 10,671
(Decrease)/increase in contract liabilities (5,801) 3,795
Decrease in financial assets sold under repurchase agreements (255,463) (97,584)
Increase in deposits from customers 99,810 401,206
Increase in borrowing from central banks 543 34,767
Increase in customer brokerage deposits 4,704 26,538
Increase in other operating liabilities 20,584 39,130
Decrease in employee benefits payables (4,928) (3,228)
Increase/(decrease) in provisions 349 (393)
Consolidated Cash Flow Statement

Note 2024 2023
Cash used in operating activities (275,677) (111,704)
Income tax paid (20,301) (20,609)

Net cash used in operating activities (295,978) (132,313)
Cash flows from investing activities
Proceeds from disposal and redemption of financial investments 1,711,493 1,320,930
Proceeds from disposal of fixed assets, intangible assets and
other assets 261 346
Proceeds from disposal of associates and joint ventures 3,645 (22)
Dividends received from equity investments, associates and joint
ventures 1,993 2,796
Payments for purchase of financial investments (1,689,581) (1,275,837)
Payments for additions of fixed assets, intangible assets and
other assets (11,281) (8,987)
Net cash payment for acquisition of subsidiaries (8) (1,216)
Net cash payment for acquisition of associates and joint ventures (390) (333)
Net decrease/(increase) in restricted cash 3,717 (606)
Cash paid for other investing activities – (10,333)
Net cash generated from investing activities 19,849 26,738
Cash flows from financing activities
Transaction with non-controlling interests (2,125) 3,001
Proceeds from bank and other loans 153,577 150,963
Repayments of bank and other loans and debt instruments
issued (911,082) (725,903)
Proceeds from debt instruments issued 986,860 626,862
Issuance of other equity instruments by subsidiaries 36,996 –
Principal and interest elements of lease payments (2,992) (2,696)
Interest paid on bank and other loans and debt instruments
issued (23,883) (19,302)
Dividends paid to non-controlling interests (4,602) (1,404)
Net cash generated from financing activities 232,749 31,521
Net decrease in cash and cash equivalents (43,380) (74,054)
Cash and cash equivalents at 1 January 359,383 427,460

Effect of exchange changes 2,595 2,621
Cash and cash equivalents at 30 June 318,598 356,027

Notes to the Consolidated Interim Financial Information For the six months ended 30 June 2024
1 General information
CITIC Limited (the “Company”) was incorporated in Hong Kong, the shares of which are listed on the Main Board
of the Stock Exchange of Hong Kong Limited. The Company and its subsidiaries (collectively referred to as the
“Group”) are principally engaged in comprehensive financial services, advanced intelligent manufacturing,
advanced materials, new consumption and new-type urbanisation.
The parent and the ultimate holding company of the Company is CITIC Group Corporation (“CITIC Group”).
These unaudited consolidated interim accounts (the “Accounts”) are presented in millions of Renminbi (“RMB”),
unless otherwise stated.
The financial information relating to the year ended 31 December 2023 that is included in the Accounts as
comparative information does not constitute the Company’s statutory annual consolidated financial statements
for that year but is derived from those financial statements. Further information relating to these statutory
financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies
Ordinance (Cap. 622) is as follows:
The Company has delivered the financial statements for the year ended 31 December 2023 to the Registrar of
Companies as required by section 662(3) of, and Part 3 of Schedule 6, to the Hong Kong Companies Ordinance
(Cap. 622).
The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not
include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying
its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies
Ordinance (Cap. 622).
2 Basis of preparation
The Accounts have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 Interim
Financial Reporting and Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited. The Accounts should be read in conjunction with the Company’s annual financial
statements for the year ended 31 December 2023, which have been prepared in accordance with Hong Kong
Financial Reporting Standards (“HKFRSs”).
The accounting policies adopted in the preparation of the Accounts are consistent with those adopted in the
Group’s annual financial statements for the year ended 31 December 2023, except for the following amendments
which became effective for the first time for the financial year beginning on or after 1 January 2024.
Amendments to HKAS 1 Non-current liabilities with covenants (1)

Amendments to HKFRS 16 Lease liability in a sale and leaseback (1)
Amendments to HKAS 7 and HKFRS 7 Supplier finance arrangements (1)
(1) Adoption of these amendments does not have a significant impact on the Accounts.

Notes to the Consolidated Interim Financial Information
For the six months ended 30 June 2024
2 Basis of preparation (continued)

The Group has not applied the following amendments which are not yet effective for the financial year beginning
on or after 1 January 2024 and which have not been early adopted in the Accounts:
Amendments to HKFRS 9 and HKFRS 7 Amendments to the classification and measurement of

financial instruments (1)
HKFRS 18 Presentation and disclosure in financial statements (1)
HKFRS 19 Subsidiaries without public accountability: disclosures (1)
Amendments to HKFRS 10 and HKAS 28 Sale of contribution of assets between an investor and its
associate or joint venture (2)
(1) Effective for the annual reporting periods beginning on or after 1 January 2025.
(2) In December 2015, the HKICPA decided to defer the application date of these amendment until such time as the HKICPA has finalised its
research project on the equity method.
The Group is in the process of making an assessment of the impact of the above amendments to standards.
None of these is expected to have a significant effect on the consolidated financial statements of the Group.
3 Critical accounting estimates and judgements

In addition to those described below, the critical accounting estimates and judgements required to be made
in preparation of the Accounts are consistent with those set out in the Company’s annual financial statements
for the year ended 31 December 2023.
(a) Mineralogy Pty Ltd. (“Mineralogy”) disputes

Each of Sino Iron Pty Ltd. (“Sino Iron”), Korean Steel Pty Ltd. (“Korean Steel”) and Balmoral Iron Pty Ltd.
(“Balmoral Iron”), subsidiary companies of the Company, has entered into a Mining Right and Site Lease
Agreement (“MRSLA”) with Mineralogy. Among other things, those agreements, together with other
project agreements, provide Sino Iron, Korean Steel and Balmoral Iron the right to develop and operate
the Group’s Sino Iron project in Western Australia (“Sino Iron Project”) and to take and process one billion
tonnes each of magnetite ore for that purpose. Before Balmoral Iron can exercise its one billion tonne
mining right, it will need to submit and have approved by the State of Western Australia project proposals
for its project, among other things.
There are a number of ongoing disputes between the Company, Sino Iron and Korean Steel (“CITIC
Parties”) on the one hand, and Mineralogy and Mr. Clive Palmer (the ultimate beneficial holder of shares
in Mineralogy) (“Mr. Palmer”) on the other hand, arising from the MRSLAs and other project agreements.
Set out below are the details of those disputes considered to be material.

3 Critical accounting estimates and judgements (continued)

(a) Mineralogy Pty Ltd. (“Mineralogy”) disputes (continued)
FCD Indemnity Disputes
Mineralogy and Mr. Palmer have commenced proceedings to pursue claims pursuant to an indemnity
given by the Company under the Fortescue Coordination Deed (“FCD”). Mineralogy and Mr. Palmer allege
that the CITIC Parties’ failure to make certain royalty payments caused them losses for which they are
indemnified pursuant to the indemnity contained in the FCD.
(i) Queensland Nickel FCD Indemnity Claim

On 29 June 2017, Mr. Palmer commenced a proceeding against the Company in the Supreme Court
of Western Australia (“Proceeding CIV 2072/2017”) claiming damages in the sum of AUD2,324,000,000
(now reduced by an amended statement of claim to AUD1,800,438,000). The amount claimed relates
to losses allegedly suffered by Mr. Palmer in relation to the nickel and cobalt refinery business located
at Yabulu in North Queensland (“Yabulu Refinery”), which was carried on by the Queensland Nickel
group of companies controlled by Mr. Palmer.
After commencing this proceeding, Mr. Palmer joined Mineralogy as a second plaintiff and Sino Iron
and Korean Steel as second and third defendants.
On 23 April 2024, Mineralogy and Mr. Palmer filed their seventh amended statement of claim. That
statement of claim alleges that as the CITIC Parties did not pay to Mineralogy royalty on products
produced by Sino Iron and Korean Steel (“Royalty Component B”) when it was due for payment under
the MRSLAs, Mineralogy did not provide funds to the manager of the Yabulu Refinery, Queensland
Nickel Pty Ltd. (“QNI”), to enable it to continue managing and operating the Yabulu Refinery, and
consequently, QNI was placed into administration in January 2016 and liquidation in April 2016.
Mineralogy and Mr. Palmer allege that if the CITIC Parties had paid Royalty Component B on time,
Mineralogy would have provided the funds required to meet QNI’s cashflow deficits at the times
necessary to enable QNI to continue to manage and operate the Yabulu Refinery.
Mineralogy and Mr. Palmer claim that the liquidation of QNI led to the diminution in value of the Yabulu
Refinery, and a consequential diminution in value of the shares of its joint venture owners, QNI Metals
Pty Ltd. and QNI Resources Pty Ltd. The shares in those companies are ultimately beneficially owned
by Mr. Palmer. Alternatively, Mineralogy and Mr. Palmer claim that Mr. Palmer lost the opportunity
to sell his shareholding in QNI, QNI Metals Pty Ltd., QNI Resources Pty Ltd. and Queensland Nickel
Sales Pty Ltd. while the Yabulu Refinery was a going concern, for market value between mid-2015 and
mid-2016. Mineralogy and Mr. Palmer claim that the CITIC Parties are liable for those losses pursuant
to an indemnity provision in the FCD.
On 17 May 2024, the CITIC Parties filed their amended substituted defence. It pleads a number of
defences, including construction arguments, as well as arguments based on causation, mitigation,
quantification of loss, Anshun estoppel and abuse of process.
Mineralogy and Mr. Palmer’s amended reply, filed on 3 June 2024, contains allegations that certain
conduct of the CITIC Parties, specifically alleged activities of the Fulcrum Group, has the effect of
disentitling the CITIC Parties from obtaining relief claimed in the form of a permanent stay of the
proceeding on grounds of Anshun estoppel or abuse of process (“Fulcrum Allegations”).


FCD Indemnity Disputes (continued)
(i) Queensland Nickel FCD Indemnity Claim (continued)
A number of interlocutory applications in this proceeding have not yet been determined. These
include:
– an application by the CITIC Parties that Mineralogy and Mr. Palmer be ordered to make discovery
of new categories of documents; and
– amended applications filed by Mineralogy and Mr. Palmer on 17 June 2024:
• to be relieved of certain discovery obligations regarding their financial capacity;
• to strike out certain paragraphs of the CITIC Parties’ amended substituted defence; and
• to obtain discovery from the CITIC Parties of documents relating to the Fulcrum Allegations.
These applications were heard on 6 August 2024. The Court reserved its decision.
Pursuant to orders made by Justice K Martin in September 2020, this proceeding will be heard together
with Proceeding CIV 1267/2018 as described below. Orders previously made in this proceeding that
damages would be determined separately and subsequently to liability have been vacated. This
means that all issues will be heard and determined together in a single trial.
On 12 April 2024, Mineralogy and Mr. Palmer filed an application regarding the sequencing of this
and other proceedings. On 19 July 2024, Mineralogy and Mr. Palmer filed an amended version of that
application. The amended application seeks orders that this proceeding:
– be heard after the final determination, including any appeals, of Proceeding CIV 2425/2023 as
described below;
– alternatively, be heard concurrently with Proceeding CIV 2425/2023; or
– alternatively, be heard concurrently with Proceeding CIV 2425/2023 and Proceeding CIV
2336/2023 as described below.
The CITIC Parties oppose the amended application. The amended application was heard on 5 August
2024. The Court reserved its decision.
No trial date has been set for this proceeding.


(ii) Palmer Petroleum FCD Indemnity Claim
On 16 February 2018, Mineralogy commenced a proceeding against the CITIC Parties in the Supreme
Court of Western Australia (“Proceeding CIV 1267/2018”) in which it claims damages in the sum of
AUD2,675,400,000. That amount is alleged to represent the diminution in the value of Mineralogy’s
shares in Palmer Petroleum Pty Ltd. (now Aspenglow Pty Ltd.) (“Palmer Petroleum”) or Blaxcell Limited
stemming from the inability of those companies to develop certain petroleum prospecting licences
in Papua New Guinea. Mineralogy is the holder and beneficial owner of all of the shares in Palmer
Petroleum and Blaxcell Limited.
On 23 April 2024, Mineralogy filed its fourth amended statement of claim. In that statement of claim,
Mineralogy claims that as the CITIC Parties failed to pay Royalty Component B when it was due for
payment under the MRSLAs, Mineralogy (on which Palmer Petroleum was allegedly completely
reliant for funding) did not provide funds to Palmer Petroleum to pay for services rendered to it by
a contractor, and in July 2016, Palmer Petroleum was wound up in insolvency.
Mineralogy claims that, if the CITIC Parties had paid Royalty Component B in accordance with their
obligations, Mineralogy would have provided funds to Palmer Petroleum and Palmer Petroleum
would have paid for the services rendered by the contractor, discharged the contractor’s statutory
demand, and/or had sufficient funding to meet its working capital requirements, operate its business,
and engage in the business of owning, exploring, developing and exploiting petroleum prospecting
licences in Papua New Guinea. Mineralogy alleges that as a consequence of Palmer Petroleum being
wound up, it ceased conducting its business and the relevant petroleum prospecting licences were
cancelled.
Mineralogy pleads that Palmer Petroleum, or alternatively Blaxcell Limited, suffered a diminution in
value equivalent to the sale value of oil that allegedly would have been recoverable from within the
area of the relevant petroleum prospecting licences. Mineralogy claims that it suffered loss equivalent
to the diminution in value of its shareholding in Palmer Petroleum, or alternatively Blaxcell Limited,
and that the CITIC Parties are liable for that loss pursuant to an indemnity provision in the FCD.
Additionally, Mineralogy claims that it lost the opportunity to sell the petroleum prospecting licences
between early 2016 and mid-2017.
On 17 May 2024, the CITIC Parties filed their amended substituted defence. It pleads a number of
defences, including construction arguments, as well as arguments based on causation, mitigation,
quantification of loss, Anshun estoppel and abuse of process.
Mineralogy’s amended reply, filed on 1 June 2024, includes the Fulcrum Allegations as described
above.


(ii) Palmer Petroleum FCD Indemnity Claim (continued)
A number of interlocutory applications in this proceeding have not yet been determined. These
include:
– an application by the CITIC Parties that Mineralogy be ordered to make discovery of new
categories of documents; and
– amended applications filed by Mineralogy on 17 June 2024:
• to be relieved of certain discovery obligations regarding its financial capacity;
• to strike out certain paragraphs of the CITIC Parties’ amended substituted defence; and
• to obtain discovery from the CITIC Parties of documents relating to the Fulcrum Allegations.
These applications were heard on 6 August 2024. The Court reserved its decision.
Pursuant to orders made by Justice K Martin in September 2020, this proceeding will be heard together
with Proceeding CIV 2072/2017 as described above. Orders previously made in this proceeding that
damages would be determined separately and subsequently to liability have been vacated. This
means that all issues will be heard and determined together in a single trial.
On 12 April 2024, Mineralogy filed an application regarding the sequencing of this and other
proceedings. On 19 July 2024, Mineralogy filed an amended version of that application. The amended
application seeks orders that this proceeding:
described below;
– alternatively, be heard concurrently with Proceeding CIV 2425/2023; or
– alternatively, be heard concurrently with Proceeding CIV 2425/2023 and Proceeding CIV
2336/2023 as described below.


Mine Continuation Proposals Disputes
(i) 2017 Mine Continuation Proposals Proceedings
The continued operation of the Sino Iron Project requires it to extend beyond the footprint it currently
occupies. The 2017 mine continuation proposals address that need, and include proposals to extend
the constrained mine pit, and increase the storage capacity for waste rock and tailings, which are
necessary by-products of the mining process. The mining tenements upon which the Sino Iron Project
is currently conducted, and those into which the CITIC Parties wish to extend in order to continue
operation, are all held by Mineralogy.
The CITIC Parties commenced a proceeding against Mineralogy and Mr. Palmer in the Federal Court
of Australia, which was transferred to the Supreme Court of Western Australia on 10 June 2019
(“Proceeding CIV 1915/2019”). The proceeding related to the failure and refusal of Mineralogy to:
– submit the 2017 mine continuation proposals for the Sino Iron Project to the State of Western
Australia under the State Agreement;
– grant further tenure which is reasonably required for the Sino Iron Project;
– take steps to secure the re-purposing of general-purpose leases for the Sino Iron Project; and
– submit a Programme of Works for the Sino Iron Project to the State of Western Australia.
The CITIC Parties brought claims for breach of contract, of unconscionable conduct under the
Australian Consumer Law, and in estoppel. Mr. Palmer was sued as an accessory to the unconscionable
conduct claim. The CITIC Parties sought orders requiring Mineralogy to take the four steps set out
above, and to pay the CITIC Parties damages for its failure and refusal to do those things. Damages
were also sought from Mr. Palmer. The State of Western Australia was joined to the proceeding as
a necessary party, because it is a party to the State Agreement, but no relief was sought against it.
The CITIC Parties commenced a new proceeding (“Proceeding CIV 2326/2021”) on 8 December 2021,
in which they sought orders for specific performance in relation to a refined tenure request addressed
to Mineralogy on 29 November 2021. That tenure request was in the alternative to the tenure in
respect of which relief was sought in Proceeding CIV 1915/2019. On 29 December 2021, Justice K
Martin ordered that Proceeding CIV 1915/2019 and Proceeding CIV 2326/2021 be consolidated and
proceed as one action (“Consolidated 2017 MCPs Proceedings”).
The primary trial in the Consolidated 2017 MCPs Proceedings occurred before Justice K Martin from 21
February 2022 to 29 April 2022. The primary trial was to determine all issues in the Consolidated 2017
MCPs Proceedings other than the quantification of any loss or damage suffered by the CITIC Parties.


Mine Continuation Proposals Disputes (continued)
(i) 2017 Mine Continuation Proposals Proceedings (continued)
On 7 March 2023, Justice K Martin delivered his reasons in the Consolidated 2017 MCPs Proceedings
and on 10 March 2023 made orders consequent upon his reasons. His Honour dismissed most of the
CITIC Parties’ claims. However, Justice K Martin made the following key findings relevant to mine
continuation:
– Mineralogy is obliged to either submit, or consent to the CITIC Parties submitting, the Programme
of Works;
– Mineralogy is contractually obliged to assist, and cooperate with, the CITIC Parties, including
in relation to the submission of project proposals under the State Agreement. However, the
Court declined to require Mineralogy to submit the 2017 mine continuation proposals in the
form before the Court, for reasons including that those proposals presumed the use of tenure
outside areas which Mineralogy had previously agreed to provide;
– Mineralogy is required to honestly consider, and not unreasonably refuse, requests for additional
tenure that is reasonably requested and reasonably required. His Honour found that the CITIC
Parties’ most recent tenure request lacked certain features required to meet that test, and so
declined to order Mineralogy to grant the tenure the subject of that request. However, his
Honour confirmed that an area outside the site lease areas, to the south of the current tailings
storage facility, and that is held by Mineralogy, is necessary for future tailings and waste storage
for the Sino Iron Project; and
– Mineralogy is not required to take steps to re-purpose the general purpose leases, for reasons
including because Mineralogy had not granted the CITIC Parties tenure over all of those general
purpose leases.
On 9 June 2023, after two unsuccessful applications for a stay of the relevant order made by Justice
K Martin, Mineralogy submitted the Programme of Works to the State. The Programme of Works was
approved on 28 July 2023. That approval allows the CITIC Parties to undertake investigative works
necessary for the extension of the mine pit and the establishment of a new tailings storage facility.
At a hearing on 21 April 2023, Justice K Martin made orders deferring the CITIC Parties’ Programme
of Works damages claim until after the determination of the appeals referred to below. His Honour
also ordered the CITIC Parties to pay Mineralogy’s and Mr. Palmer’s costs of the Consolidated 2017
MCPs Proceedings up to and including the 21 April 2023 hearing, except in relation to Mr. Palmer’s
unsuccessful application to stay the trial, for which Mr. Palmer must pay the CITIC Parties’ costs.
Unless approval can be obtained to allow extension of the mine pit and establishment of additional
storage areas for waste rock and tailings, constraints on pit size and waste and tailings storage capacity
will ultimately force the suspension of operations. In the short term, these constraints are reflected
in reduced concentrate production for calendar year 2024.


(ii) 2017 Mine Continuation Proposals Appeals
On 31 March 2023, the CITIC Parties appealed Justice K Martin’s decision in the Consolidated 2017
MCPs Proceedings (“Proceeding CACV 35/2023”). The CITIC Parties’ grounds of appeal include that
Justice K Martin erred for reasons including that:
– there is no requirement in the State Agreement or the project agreements for the CITIC Parties
to pay additional monetary consideration for areas reasonably required for the Sino Iron Project,
including because Mineralogy has been paid for those areas;
– Mineralogy’s failure to submit the 2017 mine continuation proposals was a breach of its
obligations under the State Agreement and certain project agreements;
– his Honour applied the wrong contractual standard when evaluating the CITIC Parties’ tenure
request, as the standard was whether the tenure was 'reasonably required’, and not a higher
standard;
– the 2017 mine continuation proposals and the CITIC Parties’ tenure request were divisible, and
not holistic global packages, and their licence request was accompanied by the required level
of detail;
– Mineralogy had sufficient technical information and time to consider the CITIC Parties’ tenure
request, and Mineralogy’s refusal to agree to the tenure request constituted a breach of the
State Agreement and certain project agreements; and
– injunctive relief compelling Mineralogy to conditionally surrender and apply for the re-grant of
certain general purpose leases should have been ordered.
Also on 31 March 2023, Mineralogy separately appealed Justice K Martin’s decision (“Proceeding
CACV 37/2023”) in relation to the order that it must submit the Programme of Works. Mineralogy’s
grounds of appeal include that his Honour erred in failing to hold that, before Mineralogy had an
obligation to submit a proposal, the CITIC Parties had to demonstrate a need to submit the proposal
for the purposes of performing the MRSLAs, so that Mineralogy could make an informed assessment
of whether to do so having regard to its own commercial interests.
On 1 May 2023, the Court of Appeal ordered that Proceeding CACV 35/2023 and Proceeding CACV
37/2023 be consolidated (“Consolidated 2017 MCPs Appeals”).
The appeals were heard before the Court of Appeal from 12 to 15 August 2024 and 19 to 21 August
2024. The Court of Appeal reserved its decision.


(iii) 2023 Mine Continuation Proposals Proceedings
On 27 November 2023, the CITIC Parties commenced a proceeding in the Supreme Court of Western
Australia seeking to compel Mineralogy to submit the 2023 mine continuation proposals for the
Sino Iron Project to the State of Western Australia under the State Agreement (“Proceeding CIV
2336/2023”). The areas over which the activities the subject of the 2023 mine continuation proposals
are to be carried out are a subset of the areas which were the subject of the 2017 mine continuation
proposals, and are confined to areas over which Mineralogy has already provided access to Sino Iron
and Korean Steel. The proceeding alleges that Mineralogy was obliged to consider and approve the
2023 mine continuation proposals. Approval of the 2023 mine continuation proposals will support
the continued operation of the Sino Iron Project for an interim period by addressing constraints to
the project’s mine pit and waste and tailings storage capacity.
In this proceeding, the CITIC Parties seek relief including:
– declarations that Mineralogy’s failure and refusal to consider, approve and submit the 2023 mine
continuation proposals is in breach of the State Agreement and certain project agreements;
– orders for specific performance or injunctions requiring Mineralogy to join them in submitting
the 2023 mine continuation proposals to the State; and
– damages for breach of contract.
The State of Western Australia is a party to the proceeding because it is a party to the State Agreement,
but no relief is sought against it.
On 11 March 2024, Mineralogy filed its amended defence. Mineralogy’s amended defence includes a
pleading that, because Mineralogy asserts the CITIC Parties have breached certain project agreements,
they are not entitled to the relief claimed. The alleged breaches include that:
– the conduct of the CITIC Parties as alleged by Mineralogy in Proceeding CIV 2072/2017 (i.e. the
Fulcrum Allegations as described above) constituted acts or the contemplation of acts that
adversely affected the interests of Mineralogy in the project area and represented a failure to
act in good faith towards Mineralogy in relation to the performance of the MRSLAs;
– the CITIC Parties have not paid Mineralogy the amounts claimed in the FCD Indemnity Disputes
(referred to above); and
– the CITIC Parties have allegedly failed to permit Mineralogy to observe all measurement, sampling
and assaying procedures under the MRSLAs.
On 23 January 2024, Mineralogy applied for a stay of this proceeding pending the outcome of the
Consolidated 2017 MCPs Appeals referred to above.


(iii) 2023 Mine Continuation Proposals Proceedings (continued)
On 14 February 2024, the CITIC Parties applied for orders striking out certain paragraphs of Mineralogy’s
defence (which was then current but has since been replaced by the amended defence) and on 15
February 2024, applied for orders expediting the hearing of this proceeding.
Mineralogy’s stay application and the CITIC Parties’ strike out and expedition applications were heard
on 20 and 21 March 2024. On 3 July 2024, Justice G Cobby delivered his decision:
– dismissing Mineralogy’s stay application;
– dismissing the CITIC Parties’ expedition application on the basis that it is unnecessary as the
matter is already being actively managed by the Court. His Honour accepted the proceeding
should be determined with reasonable urgency and accepted the CITIC Parties’ evidence
concerning constraints on future mining operations; and
– dismissing the CITIC Parties’ strike out application.
His Honour indicated the proceeding should proceed to a hearing as soon as can be accommodated
by the Court and said he considered it should be heard concurrently with, or immediately after, the
trials in the FCD Indemnity Disputes.
On 13 April 2024, Mineralogy filed an application regarding the sequencing of this and other
proceedings. On 19 July 2024, Mineralogy filed an amended version of that application. The amended
application seeks orders that this proceeding:
described below and the FCD Indemnity Disputes as described above; or
– alternatively, be heard concurrently with Proceeding CIV 2425/2023 and the FCD Indemnity
Disputes.
On 10 July 2024, the CITIC Parties’ filed their reply.
Fulcrum Conspiracy Claim

On 5 October 2023, Mineralogy and Mr. Palmer commenced a proceeding against Helen Dillon, Chen
Zeng, Sino Iron, Korean Steel and the Company (“Proceeding CIV 2137/2023”) claiming that the defendants
engaged in conduct for “Fulcrum Purposes”, to apply commercial pressure on Mineralogy and Mr. Palmer to
renegotiate certain project agreements, recoup certain additional costs of developing the Sino Iron Project
from Mineralogy and seek to sterilise Mineralogy’s other valuable mining tenements. On 28 November
2023, Mineralogy and Mr. Palmer filed a notice of discontinuance in Proceeding CIV 2137/2023.

Fulcrum Conspiracy Claim (continued)
On 15 December 2023, Mineralogy and Mr. Palmer commenced a proceeding against Helen Dillon, Chen
Zeng, Sino Iron, Korean Steel and the Company (together, the “CITIC Defendants”) as well as Allens, a law
firm advising the CITIC Defendants, and FBIS International Issues Management Pty Ltd., a service provider
to certain of the CITIC Defendants (“Proceeding CIV 2425/2023”). Mineralogy and Mr. Palmer claim that
the defendants engaged in the Fulcrum Purposes to apply commercial pressure on Mineralogy and Mr.
Palmer to achieve outcomes similar to those pleaded in Proceeding CIV 2137/2023 (see above).
Mineralogy and Mr. Palmer bring claims including for breach of contract, the torts of inducing a breach
of contract, collateral abuse of process, conspiracy to injure by unlawful means and conspiracy to injure
by lawful means. Unconscionable conduct under the Australian Consumer Law is also pleaded as conduct
alleged to give rise to the unlawful means conspiracy. Mineralogy and Mr. Palmer also claim that, pursuant
to the FCD, the Company is obliged to indemnify Mr. Palmer for the alleged loss suffered by Mr. Palmer
said to be in relation to the CITIC Parties’ failure to perform their obligations under the MRSLAs. Mineralogy
and Mr. Palmer claim that as a consequence of the defendants’ conduct, they suffered damages which are
said to include costs Mineralogy and Mr. Palmer incurred in prosecuting and defending the legal processes
and otherwise taking steps in respect of the Fulcrum Purposes, as well as the inability of Mr. Palmer to
devote his attention and resources to “other profitable endeavours” and AUD200,000,000 on account of the
inability to pursue the “Minimum Royalty Claim”. Mineralogy and Mr. Palmer allege that they did not pursue
the “Minimum Royalty Claim” in a previous proceeding as a consequence of the pressure exerted on them
for the Fulcrum Purposes. The plaintiffs also seek exemplary damages of approximately AUD500,000,000,
aggravated damages, disgorgement damages and interest on the amounts claimed.
On 12 April 2024, Mineralogy and Mr. Palmer filed an application regarding the sequencing of this and other
proceedings. On 19 July 2024, Mineralogy and Mr. Palmer filed an amended version of that application.
The amended application seeks orders that this proceeding:
– be heard and finally determined before the hearing of Proceeding CIV 2336/2023 as described above
and the FCD Indemnity Disputes as described above;
– alternatively, be heard concurrently with the FCD Indemnity Disputes; or
– alternatively, be heard concurrently with Proceeding CIV 2336/2023 and the FCD Indemnity Disputes.
The CITIC Parties oppose the amended application. The amended application was heard on 5 August 2024.
The Court reserved its decision.
On 28 June 2024, Mineralogy and Mr. Palmer filed their third amended statement of claim.
On 10 July 2024, the CITIC Defendants filed a further amended application for summary judgement in their
favour, to strike out Mineralogy’s and Mr. Palmer’s third amended statement of claim or, alternatively, to
temporarily stay this proceeding. That application is listed for a hearing on 15 to 17 October 2024.


(b) Metallurgical Corporation of China (“MCC”) claim
MCC was appointed as the EPC (engineering, procurement and construction) contractor for the processing
area and related facilities at the Sino Iron Project. The fixed price contract amount was US$3.4 billion.
On 30 January 2013, MCC announced that it had incurred costs over the value of the contract and had
provided additional funding of US$858 million to MCC Mining (Western Australia) Pty Ltd. (“MCC WA”),
its wholly owned subsidiary company responsible for delivering MCC’s obligations under the contract.
As at the date of issuance of these interim financial statements, MCC has not claimed any additional costs
from Sino Iron or its subsidiary companies, other than minor contract variations in the normal course of
operations, and the Group believes it has satisfied all of its obligations under the contract.
Under the contract, the Group has a right to claim liquidated damages from MCC WA for certain delays
in the completion of their project scope at a daily amount of 0.15% of the value of the main contract
(approximately US$5 million per day, with a cap of approximately US$530 million in total). As at 30 June
2024 the cumulative days of delay that has been incurred has resulted in the contractual cap to the
liquidated damages being reached.
As set out in the Company’s announcement dated 24 December 2013, Sino Iron and MCC WA entered into
a supplemental contract pursuant to which Sino Iron will take over the management of the construction
and commissioning of the remaining four production lines of the Sino Iron Project. An independent audit
will opine on various matters including the contract price for the hand over pursuant to the supplemental
contract and related fees and expenses, the value of the supporting services provided by Sino Iron to MCC
WA in carrying out its responsibilities under the contract, the extent of the works completed by MCC WA
in respect of the first two production lines, and the liability of MCC WA in respect of the extensive delays
on completion of the works under the contract. By reference to such findings of the independent audit,
Sino Iron and MCC WA expect to enter into further negotiations to determine the amount of liabilities to
be borne between the parties. Outcomes are not yet known as at 30 June 2024.
4 Taxation
The statutory income tax rate of the Company and its subsidiaries located in Hong Kong for the six months
ended 30 June 2024 is 16.5% (six months ended 30 June 2023: 16.5%).
Except for the preferential tax treatments, the income tax rate applicable to the Group’s other subsidiaries in
Chinese mainland for the six months ended 30 June 2024 is 25% (six months ended 30 June 2023: 25%).
Taxation for other overseas subsidiaries is charged at the rates of taxation prevailing in the countries/jurisdiction
in which the overseas subsidiaries operate.

5 Revenue
As a multi-industry conglomerate, the Group is principally engaged in comprehensive financial services, advanced
intelligent manufacturing, advanced materials, new consumption and new-type urbanisation.
For comprehensive financial services segment, revenue mainly comprises net interest income, net fee and
commission income, net trading gain and net gain on financial investments (Notes 5(a), 5(b) and 5(d)). For non-
comprehensive financial services segment, revenue mainly comprises income from sales of goods and services
rendered to customers (Note 5(c)).
The Group’s customer base is diversified and there is no single customer with which transactions have exceeded
10% of the Group’s revenue.
(a) Net interest income

2024 2023
Interest income arising from (note):
Deposits with central banks, banks and non-bank financial
institutions 7,960 8,192
– Financial assets at amortised cost 15,570 18,607
– Debt investments at fair value through other comprehensive
income (“FVOCI”) 11,822 10,615
Loans and advances to customers and other parties 121,260 122,502
Margin financing and securities lending 3,444 4,207
Others 292 321
167,337 169,660
Interest expenses arising from:
Borrowing from central banks (3,410) (1,904)
Deposits from banks and non-bank financial institutions (9,240) (11,344)
Placements from banks and non-bank financial institutions (2,111) (2,320)
Financial assets sold under repurchase agreements (6,347) (4,486)
Deposits from customers (53,179) (57,273)
Debt instruments issued (17,057) (14,609)
Customer brokerage deposits (836) (802)
Lease liabilities (685) (728)
Others (336) (477)
(93,201) (93,943)
Net interest income 74,136 75,717
Note:
Interest income includes interest income accrued on credit-impaired financial assets of RMB378 million for the six months ended 30 June
2024 (six months ended 30 June 2023: RMB291 million).

5 Revenue (continued)
(b) Net fee and commission income
2024 2023
Bank card fees 7,948 8,200
Trustee commission and fees 5,066 6,547
Agency fees and commission 2,545 3,538
Guarantee and advisory fees 2,823 2,751
Commission on securities brokerage 5,607 6,314
Commission on fund management 3,777 3,874
Commission on investment banking 1,818 4,153
Settlement and clearing fees 1,294 1,213
Commission on asset management 1,243 1,224
Commission on futures brokerage 2,527 1,440
Others 449 270
35,097 39,524
Fee and commission expenses (6,066) (5,025)
Net fee and commission income 29,031 34,499
(c) Sales of goods and services

2024 2023
Sales of goods 221,401 177,501
Services rendered to customers
– Revenue from construction contracts 6,032 6,143
– Revenue from other services 13,602 13,522
241,035 197,166
(d) Other revenue

2024 2023
Net trading gain/(loss) under comprehensive financial services
segment (note (i)) 4,817 (9,883)
Net gain on financial investments under comprehensive financial
services segment 28,431 35,725
Others 197 762
33,445 26,604

5 Revenue (continued)
(d) Other revenue (continued)
(i) Net trading gain/(loss) under comprehensive financial services segment
2024 2023
Net trading gain/(loss):
– debt securities and certificates of deposits 6,484 5,739
– foreign currencies 551 (1,136)
– derivatives (2,218) (14,486)
4,817 (9,883)
6 Cost of sales and services

2024 2023
Cost of goods sold 204,407 162,933

Cost of services rendered
– Cost of construction contracts 5,690 5,745
– Cost of other services 9,016 8,303
219,113 176,981
7 Other net income

2024 2023
Net gain on disposal/deemed disposal of subsidiaries, associates and
joint ventures 1,977 63
Net gain on financial investments under non-comprehensive financial
services segment 1,044 731
Net foreign exchange (loss)/gain (572) 268
Others 2,805 1,445
5,254 2,507

8 Net finance charges

2024 2023
Finance costs
– Interest on bank and other loans 5,561 4,229
– Interest on debt instruments issued 1,567 1,790
– Interest on lease liabilities 109 133
7,237 6,152
Less: interest expense capitalised (452) (569)
6,785 5,583
Other finance charges 117 111

6,902 5,694
Finance income (1,312) (739)

5,590 4,955
9 Profit before taxation

Profit before taxation is mainly arrived at after charging below costs and expenses in cost of sales and services
and other operating expenses:

2024 2023
Salaries and bonuses 29,491 28,796

Including:
– Salaries and bonuses without taking into account of consolidation
scope change 28,116 28,796
– Consolidation scope change (note) 1,375 –
Depreciation 10,910 9,498
Amortisation 2,333 1,658
Tax and surcharges 1,600 1,622
Note:
Consolidation scope change represented including Nanjing Steel Group Co., Ltd. into the consolidated financial statements of the Group.

10 Income tax expense

2024 2023
Current tax – Chinese mainland
Provision for enterprise income tax 11,809 9,958
Land appreciation tax 266 12
12,075 9,970
Current tax – Hong Kong

Provision for Hong Kong profits tax 600 285
Current tax – Overseas
Provision for the period 276 220
12,951 10,475
Deferred tax
Origination and reversal of temporary differences 2,047 1,317
14,998 11,792
The particulars of the applicable income tax rates are disclosed in Note 4.
11 Dividends
2024 2023
2023 Final dividend paid: RMB0.335

(2022 Final dividend paid: HK$0.451) per share 9,745 11,608
2024 Interim dividend proposed: RMB0.19
(2023 Interim dividend paid: RMB0.18) per share 5,527 5,236

12 Earnings per share

Basic earnings per share for the six months ended 30 June 2024 is calculated by dividing profit attributable to
ordinary shareholders of the Company by the weighted average number of ordinary shares.
Diluted earnings per share for the six months ended 30 June 2024 is calculated by dividing adjusted profit
attributable to the ordinary shareholders of the Company based on assuming conversion of all potentially
dilutive shares by the adjusted weighted average number of ordinary shares.
In 2019, China CITIC Bank Corporation Limited (“CITIC Bank”), a subsidiary of the Group, issued convertible
bonds, the specific terms of which are disclosed in Note 30(f). In 2022, CITIC Pacific Special Steel Group Co.,
Ltd. (“CITIC Special Steel”), a subsidiary of the Group, issued convertible bonds, the specific terms of which are
disclosed in Note 30(f).
The convertible bonds issued by CITIC Bank and CITIC Special Steel has a dilutive effect on profit attributable
to ordinary shareholders of the Company, the calculation results of which are listed as below:

2024 2023
Profit attributable to ordinary shareholders of the Company 32,113 32,092

Less: impact on profit attributable to ordinary shareholders of the
Company assuming above convertible bonds converted (315) (54)
Profit attributable to ordinary shareholders of the Company (adjusted) 31,798 32,038
Weighted average number of ordinary shares (in million) 29,090 29,090
Basic earnings per share (RMB) 1.10 1.10
Diluted earnings per share (RMB) 1.09 1.10

13 Other comprehensive income

Components of other comprehensive income
2024 2023
Items that may be reclassified subsequently to profit or loss:
Fair value gains on debt instruments at FVOCI 11,843 5,352
Less: Net amounts previously recognised in other comprehensive
income transferred to profit or loss in the current period (5,022) (401)
Tax effect (2,082) (1,112)
4,739 3,839
Change of loss allowance on debt investments at FVOCI 129 722
Tax effect (15) (136)
114 586
(Loss)/gain arising from cash flow hedge (202) 54
Less: net amounts previously recognised in other comprehensive
income transferred to profit or loss in the current period (118) (14)
Tax effect 35 3
(285) 43
Share of other comprehensive loss of associates and joint ventures (4,492) (1,701)
Exchange differences on translation of financial statements and
others 1,444 2,205
Items that will not be reclassified subsequently to profit or loss:
Reclassification of owner-occupied property as investment property:
revaluation loss – (10)
Less: Tax effect – –
– (10)
Fair value changes on investments in equity instruments designated
at FVOCI 998 (246)
Less: Tax effect (403) (1)
595 (247)
2,115 4,715

14 Segment reporting
The Group has presented five reportable operating segments which are comprehensive financial services,
advanced intelligent manufacturing, advanced materials, new consumption and new-type urbanisation. An
operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, whose financial performance is regularly reviewed by the board of directors to
make decisions about resources to be allocated to the segment and assess its performance, and for which
financial information regarding financial position, financial performance and cash flows is available. The details
of these five reportable segments are as follows:
– Comprehensive financial services: this segment includes banking, securities, trust, insurance and asset
management services;
– Advanced intelligent manufacturing: this segment includes manufacturing of heavy machineries, specialised
robotics, aluminium wheels, aluminium casting parts and other products;
– Advanced materials: this segment includes exploration, processing and trading of resources and energy
products, including iron ore, copper and crude oil, as well as manufacturing of special steels;
– New consumption: this segment includes motor, food and consumer products business, telecommunication
services, publication services, modern agriculture and others;
– New-type urbanisation: this segment includes development, sale and holding of properties, contracting
and design services, infrastructure services, environmental services, commercial aviation and others.
(a) Segment results, assets and liabilities

For the purposes of assessing segment performance and allocating resources among segments, the board
of directors monitors the results, assets and liabilities, revenue and expenses attributable to each reportable
segment on the following bases:
Segment assets are those assets that are attributable to a segment, and segment liabilities are those
liabilities that are attributable to a segment.
Revenue and expenses are allocated to the reportable segments with reference to revenue generated
by those segments and the expenses incurred by those segments or which otherwise arise from the
depreciation of assets attributable to those segments.
Inter-segment pricing is based on similar terms as those available to other external parties.

14 Segment reporting (continued)

(a) Segment results, assets and liabilities (continued)
Information regarding the Group’s reportable segments as provided to the board of directors for the
purposes of resources allocation and assessment of segment performance for six months ended 30 June
is set out below:
Six months ended 30 June 2024

Comprehensive Advanced
financial intelligent Advanced New New-type Operation
services manufacturing materials consumption urbanisation management Elimination Total
Revenue from external customers 139,763 25,461 166,810 24,221 21,361 31 – 377,647
Inter-segment revenue 1,052 84 104 49 422 8 (1,719) –
Reportable segment revenue 140,815 25,545 166,914 24,270 21,783 39 (1,719) 377,647
Disaggregation of revenue:
– Net interest income (Note 5(a)) 75,094 – – – – – (958) 74,136
– Net fee and commission income (Note 5(b)) 29,070 – – – – – (39) 29,031
– Sales of goods (Note 5(c)) 3,119 25,352 166,033 17,357 9,734 – (194) 221,401
– Services rendered to customers-construction
contracts (Note 5(c)) – 138 – – 5,990 – (96) 6,032
– Services rendered to customers-others (Note 5(c)) 35 55 881 6,913 6,059 32 (373) 13,602
– Other revenue (Note 5(d)) 33,497 – – – – 7 (59) 33,445
Share of profits/(losses) of associates, net of tax 1,279 (18) 390 (153) 1,102 6 – 2,606
Share of profits of joint ventures, net of tax 996 5 550 38 73 12 – 1,674
Finance income (Note 8) – 21 1,038 65 600 330 (742) 1,312
Finance costs (Note 8) – (103) (1,983) (368) (970) (4,868) 1,390 (6,902)
Depreciation and amortisation (Note 9) (5,104) (666) (5,443) (914) (1,036) (80) – (13,243)
Expected credit losses (33,916) 137 (46) (8) 567 (107) – (33,373)
Impairment losses (47) (130) (52) (72) – – – (301)
Profit/(loss) before taxation 61,608 1,105 9,653 476 4,209 (4,876) (428) 71,747
Income tax (Note 10) (11,628) (136) (1,275) (216) (1,194) (544) (5) (14,998)
Profit/(loss) for the period 49,980 969 8,378 260 3,015 (5,420) (433) 56,749
Attributable to:
– Ordinary shareholders of the Company 27,895 459 6,653 32 2,922 (5,419) (429) 32,113
– Non-controlling interests 22,085 510 1,725 228 93 (1) (4) 24,636


As at 30 June 2024
Reportable segment assets 10,708,104 60,592 362,583 55,796 337,469 50,702 (145,982) 11,429,264
Including:
Interests in associates (Note 22) 25,867 1,109 24,090 9,364 49,193 937 – 110,560
Interests in joint ventures (Note 23) 11,363 496 8,328 1,826 32,623 1,370 – 56,006
Reportable segment liabilities 9,526,866 39,527 185,539 26,385 138,453 236,763 (129,346) 10,024,187
Including:
Bank and other loans (Note 29) (note) 9,406 9,041 94,448 8,150 56,651 132,588 (56,135) 254,149
Debt instruments issued (Note 30) (note) 1,346,476 – 4,990 3,205 1,000 71,398 (2,354) 1,424,715


Revenue from external customers 138,277 24,145 130,603 24,870 16,077 14 – 333,986
Inter-segment revenue 1,220 106 137 59 703 93 (2,318) –
Reportable segment revenue 139,497 24,251 130,740 24,929 16,780 107 (2,318) 333,986
Disaggregation of revenue:
– Net interest income (Note 5(a)) 76,749 – – – – 90 (1,122) 75,717
– Net fee and commission income (Note 5(b)) 34,534 – – – – – (35) 34,499
– Sales of goods (Note 5(c)) 1,461 24,092 129,877 17,943 4,389 – (261) 177,501
– Services rendered to customers-construction contracts (Note 5(c)) – 99 – – 6,556 – (512) 6,143
– Services rendered to customers-others (Note 5(c)) – 60 863 6,986 5,835 11 (233) 13,522
– Other revenue (Note 5(d)) 26,753 – – – – 6 (155) 26,604
Share of profits/(losses) of associates, net of tax 751 2 820 (1) 1,299 41 – 2,912
Share of profits of joint ventures, net of tax 659 1 476 25 546 25 – 1,732
Finance income (Note 8) – 48 515 59 389 361 (633) 739
Finance costs (Note 8) – (239) (1,547) (295) (787) (4,296) 1,470 (5,694)
Depreciation and amortisation (Note 9) (4,787) (622) (3,715) (1,003) (994) (35) – (11,156)
Expected credit losses (33,993) (218) 60 (3) 941 – – (33,213)
Impairment losses (246) (288) (146) (49) – (575) – (1,304)
Profit/(loss) before taxation 60,944 1,099 7,741 1,075 3,578 (4,639) (535) 69,263
Income tax (Note 10) (9,716) (196) (1,146) (247) (484) 4 (7) (11,792)
Profit/(loss) for the period 51,228 903 6,595 828 3,094 (4,635) (542) 57,471
Attributable to:
– Ordinary shareholders of the Company 27,529 426 5,789 481 3,042 (4,633) (542) 32,092
– Non-controlling interests 23,699 477 806 347 52 (2) – 25,379


As at 31 December 2023
Reportable segment assets 10,609,132 60,415 363,781 55,704 338,424 46,281 (142,817) 11,330,920
Including:
Interests in associates (Note 22) 27,306 1,116 22,950 9,645 47,833 941 – 109,791
Interests in joint ventures (Note 23) 13,412 553 7,732 1,809 31,827 1,454 – 56,787
Reportable segment liabilities 9,503,628 40,137 187,807 25,452 140,810 222,535 (126,231) 9,994,138
Including:
Bank and other loans (Note 29) (note) 10,344 6,018 90,205 6,608 54,245 125,712 (58,000) 235,132
Debt instruments issued (Note 30) (note) 1,133,946 – 5,259 3,184 – 74,009 (2,818) 1,213,580
Note:
The amount is the principal excluding interest accrued.
(b) Geographical information

An analysis of the Group’s revenue and total assets by geographical area are as follows:
Revenue from external

customers
Six months ended 30 June Reportable segment assets
30 June 31 December
2024 2023 2024 2023
Chinese mainland 320,465 286,198 10,391,200 10,315,696
Hong Kong, Macau and Taiwan 27,682 21,838 644,081 638,695
Overseas 29,500 25,950 393,983 376,529
377,647 333,986 11,429,264 11,330,920

15 Cash and deposits

30 June 31 December
2024 2023
Cash 4,192 4,504
Bank deposits 96,129 114,860
Balances with central banks (note (i)):
– Statutory deposit reserve funds (note (ii)) 321,238 357,686
– Surplus deposit reserve funds (note (iii)) 57,256 52,473
– Fiscal deposits (note (iv)) 203 356
– Foreign exchange reserves (note (v)) 3,654 2,926
Deposits with banks and non-bank financial institutions 99,412 90,423
582,084 623,228
Accrued interest 1,455 1,966

583,539 625,194
Less: allowance for impairment losses on deposits with banks and
non-bank financial institutions (50) (59)
583,489 625,135
Notes:
(i) The balances with central banks represent deposits placed with central banks by CITIC Bank and CITIC Finance Company Limited (“CITIC
Finance”).
(ii) CITIC Bank and CITIC Finance place statutory deposit reserve funds with the People’s Bank of China and overseas central banks where they
have operations. The statutory deposit reserve funds are not available for use in their daily business.
As at 30 June 2024, the statutory deposit reserve funds placed by CITIC Bank with the People’s Bank of China was calculated at 6.5% (31
December 2023: 7%) of eligible RMB deposits for domestic branches of CITIC Bank and at 6.5% (31 December 2023: 7%) of eligible RMB
deposits from overseas financial institutions, respectively. In addition, CITIC Bank is required to deposit an amount equivalent to 4% (31
December 2023: 4%) of its foreign currency deposits from domestic branch customers as statutory deposit reserve funds as at 30 June 2024.
As at 30 June 2024, the statutory RMB deposit reserve rate applicable to Zhejiang Lin’an CITIC Rural Bank Corporation Limited in Chinese
mainland, a subsidiary of CITIC Bank, according to the corresponding regulations of the People’s Bank of China, was at 5% (31 December
2023: 5%).
The amounts of statutory deposit reserve funds placed with the central banks of overseas countries are determined by respective jurisdictions.
The statutory deposit reserve funds are interest bearing except for the foreign currency reserve funds deposits placed with the People’s Bank
of China.
As at 30 June 2024, the statutory deposit reserve funds placed by CITIC Finance with the People’s Bank of China was calculated at 5% (31
December 2023: 5%) of eligible RMB deposits from the customers of CITIC Finance. CITIC Finance is also required to deposit an amount
equivalent to 4% (31 December 2023: 6%) of its foreign currency deposits from the customers as statutory deposit reserve funds.
(iii) The surplus deposit reserve funds are maintained with the People’s Bank of China for the purposes of clearing.

15 Cash and deposits (continued)

Notes: (continued)
(iv) Fiscal deposits placed with the People’s Bank of China are not available for use in the Group’s daily operations, and are non-interest bearing
(unless otherwise stipulated by the local People’s Bank of China).
(v) The foreign exchange reserve is a deposit made by CITIC Bank with the People’s Bank of China in accordance with the relevant notice issued
by the People’s Bank of China. The reserve is required to be maintained on a monthly basis at 20% of the total contract amount of customers
driven forward transactions in the previous month. Such foreign exchange reserve is non-interest bearing and will be maintained for in 12
months according to the notice.
(vi) In addition to the statutory deposit reserve funds, fiscal deposits and foreign exchange reserve, RMB13,640 million (31 December 2023:
RMB17,357 million) included in cash and deposits as at 30 June 2024 were restricted in use, mainly including guaranteed pledged bank
deposits, guaranteed deposits and risk reserve.
16 Cash held on behalf of customers

CITIC Securities Company Limited (“CITIC Securities”), the Group’s subsidiary, maintains segregated deposit
accounts with banks and authorised institutions to hold cash on behalf of customers arising from its normal
course of business. The Group has recorded the related amounts as cash held on behalf of customers and
the corresponding liabilities as customer brokerage deposits (Note 26). In Chinese mainland, the use of cash
held on behalf of customers for security and the settlement of their transactions is restricted and governed by
relevant third-party deposit regulations issued by the China Securities Regulatory Commission. In Hong Kong,
the “Securities and Futures (Client Money) Rules” together with the related provisions of the Securities and
Futures Ordinance impose similar restrictions. In other countries and regions, cash held on behalf of customers
is supervised by relevant institutions.

17 Derivative financial instruments

The Group’s subsidiaries under the comprehensive financial services segment act as an intermediary to offer
derivative products including forwards, swaps and option transactions. These derivative positions are managed
through entering back-to-back deals with external parties to ensure the remaining exposures are within
acceptable risk levels. Meanwhile, derivatives are also used for proprietary trading purposes to manage its own
assets and liabilities and structural positions. Derivatives, except for those which are designated as hedging
instruments, are held for trading. Derivatives classified as held for trading are for trading and customer-initiated
transactions purpose, and those for risk management purposes but do not meet the criteria for hedge accounting.
Subsidiaries under non-comprehensive financial services segment of the Group enter into forward and swap
contracts to hedge their exposure to fluctuations in foreign exchange rates, commodity prices and interest rates.
The following tables and notes provide an analysis of the nominal amounts of derivatives and the corresponding
fair values as at the financial position date. The nominal amounts of the derivatives provide a basis for comparison
with fair values of derivatives recognised on the consolidated financial position but do not necessarily indicate
the amounts of future cash flows involved or the current fair values of the derivatives and, therefore, do not
indicate the Group’s exposure to credit or market risks.
30 June 2024 31 December 2023

Nominal Nominal
amount Assets Liabilities amount Assets Liabilities
Hedging instruments
Fair value hedge
– Interest rate derivatives 9,652 286 9 5,216 168 –
– Commodity derivatives 5,733 76 – – – –
– Currency derivatives 556 4 52 2,001 179 –
Cash flow hedge

– Interest rate derivatives 3,012 100 6 4,009 141 34
– Currency derivatives 162 – 10 112 3 13
– Other derivatives 81 81 – 46 46 –
Non-hedging instruments
– Interest rate derivatives 7,136,395 29,574 29,483 6,882,563 24,618 24,058
– Currency derivatives 4,990,091 45,031 36,141 3,422,469 31,967 29,095
– Equity derivatives 461,596 19,498 20,982 681,454 18,337 16,413
– Precious metals derivatives 147,992 1,861 4,565 79,567 621 1,279
– Credit derivatives 18,921 29 31 14,167 37 47
– Other derivatives 805,791 2,408 3,216 794,594 1,445 2,816
13,579,982 98,948 94,495 11,886,198 77,562 73,755

17 Derivative financial instruments (continued)

(a) Credit risk weighted amounts
The credit risk weighted amounts are solely in connection with the derivatives held by CITIC Bank, and have
been computed in accordance with “Regulation Governing Capital of Commercial Banks” promulgated by
the National Financial Regulatory Administration, and depends on the status of the counterparties and the
maturity characteristics of the instruments including those customer-driven back-to-back transactions. As
at 30 June 2024, the credit risk weighted amount for counterparty was RMB22,289 million (31 December
2023: RMB28,225 million).
18 Trade and other receivables

30 June 31 December
2024 2023
Account and bills receivables 92,695 92,408
Advanced payments and settlement accounts 52,311 25,743
Accounts due from brokers 31,327 24,488
Prepayments, deposits and other receivables 135,117 130,432
311,450 273,071
Less: allowance for impairment losses (18,380) (18,619)

293,070 254,452
As at 30 June 2024, the amount of the Group’s prepayments, deposits and other receivables expected to be
recovered or recognised as expenses after one year is RMB1,500 million (31 December 2023: RMB2,008 million).
The remaining trade and other receivables are expected to be recovered or recognised as expense within one
year.

19 Loans and advances to customers and other parties

(a) Loans and advances to customers and other parties analysed by nature
30 June 31 December
2024 2023
Loans and advances to customers and other parties at
amortised cost
Corporate loans:
– Loans 2,783,651 2,578,201
– Discounted bills 2,657 1,784
– Finance lease receivables 46,526 46,818
2,832,834 2,626,803
Personal loans:
– Residential mortgages 1,021,958 1,003,320
– Credit cards 504,705 521,260
– Business loans 486,790 459,113
– Personal consumption 322,522 309,256
– Finance lease receivables 4,124 1,591
2,340,099 2,294,540
5,172,933 4,921,343

5,193,900 4,941,531

Carrying amount of loans and advances to customers and other
parties at amortised cost 5,049,859 4,801,852
Loans and advances to customers and other parties at fair
value through Profit and loss (“FVPL”)
– Loans 9,559 5,558

Loans and advances to customers and other parties at FVOCI
– Loans 70,655 58,064

– Discounted bills 344,183 514,666
Carrying amount of loans and advances to customers and other
parties at FVOCI 414,838 572,730
Total carrying amount of loans and advances 5,474,256 5,380,140
Allowance for impairment losses on loans and advances to
customers and other parties at FVOCI (335) (656)

19 Loans and advances to customers and other parties (continued)

(b) Assessment method of allowance for impairment losses
As at 30 June 2024
Stage 1 Stage 2 Stage 3 Total
(note)
Loans and advances at amortised cost 4,993,951 105,047 73,935 5,172,933
Accrued interest 15,866 4,000 1,101 20,967
Less: allowance for impairment losses (66,589) (29,567) (47,885) (144,041)
Carrying amount of loans and advances at
amortised cost 4,943,228 79,480 27,151 5,049,859
FVOCI 414,556 252 30 414,838
Total carrying amount of loans and
advances for which allowance for
impairment losses is recognised 5,357,784 79,732 27,181 5,464,697
Allowance for impairment losses of loans
and advances at FVOCI (262) – (73) (335)
(note)
Loans and advances at amortised cost 4,753,741 96,222 71,380 4,921,343
Accrued interest 19,120 411 657 20,188
amortised cost 4,708,593 69,416 23,843 4,801,852
FVOCI 572,273 345 112 572,730
Total carrying amount of loans and
advances for which allowance for
Allowance for impairment losses of loans
and advances at FVOCI (586) – (70) (656)

19 Loans and advances to customers and other parties (continued)

(b) Assessment method of allowance for impairment losses (continued)
Note:
Loans and advances at stage 3 are credit-impaired, details are as follows:

Secured portion 38,111 34,988
Unsecured portion 36,955 37,161
Total loans and advances that are credit-impaired 75,066 72,149
Allowance for impairment losses (47,958) (48,264)
As at 30 June 2024, the maximum exposure covered by fair value of pledge and collateral held against these loans and advances amounted
to RMB36,886 million (31 December 2023: RMB34,094 million).
(c) Overdue loans by overdue period

As at 30 June 2024
Overdue Overdue
Overdue between between Overdue
within 3 months 1 year and over
3 months and 1 year 3 years 3 years Total
Unsecured loans 27,119 12,570 1,663 362 41,714
Guaranteed loans 2,826 3,325 4,163 640 10,954
Secured loans
– Loans secured by collateral 15,645 14,700 11,592 1,780 43,717
– Pledged loans 5,809 2,434 820 137 9,200
51,399 33,029 18,238 2,919 105,585
Overdue Overdue
Overdue between between Overdue
within 3 months 1 year and over
3 months and 1 year 3 years 3 years Total
Unsecured loans 20,105 11,922 2,091 246 34,364
Guaranteed loans 1,558 4,243 2,600 1,018 9,419
Secured loans
– Loans secured by collateral 15,564 12,520 10,618 1,053 39,755
– Pledged loans 3,790 1,084 2,387 137 7,398
41,017 29,769 17,696 2,454 90,936
Overdue loans represent loans of which the principal or interest are overdue one day or more.

20 Margin accounts
30 June 31 December
2024 2023
Margin accounts 115,380 118,137
Less: allowance for impairment losses (2,021) 609
Total 113,359 118,746
Margin accounts are funds that the Group lends to the customers for margin financing business.
As at 30 June 2024, the Group received collateral with fair value amounted to RMB394,666 million (31 December
2023: RMB444,292 million) in connection with its margin financing business.
21 Investments in financial assets

(a) Analysed by types
30 June 31 December
2024 2023
Financial assets at amortised cost
Debt securities 800,515 869,969
Investment management products 22,046 22,908
Trust investment plans 180,200 194,110
Certificates of deposit and certificates of interbank deposit – 1,064
Investments in creditor’s rights on assets 1,900 1,900
Others 2,097 2,087
1,006,758 1,092,038

1,019,906 1,104,661
Less: allowance for impairment losses on financial assets at

amortised cost (27,972) (28,622)
991,934 1,076,039
Financial assets at FVPL
Investment management products 7,889 12,706
Trust investment plans 8,992 11,432
Certificates of deposit and certificates of interbank deposit 66,158 99,972
Wealth management products 7,645 6,161
Investment funds 591,563 553,540
Equity investment 234,025 258,178
Others 38,389 37,879
1,329,560 1,292,115

21 Investments in financial assets (continued)

(a) Analysed by types (continued)
30 June 31 December
2024 2023
Debt investments at FVOCI (note (i))
Certificates of deposit and certificates of interbank deposit 20,568 25,872
927,191 960,565

934,990 967,803
Equity investments at FVOCI (note (i)) 77,108 20,410
3,333,592 3,356,367
Allowance for impairment losses on debt investments at FVOCI (3,235) (3,284)
Note:
(i) Financial assets measured at FVOCI
As at 30 June 2024
Equity instruments Debt instruments Total
Cost/amortised cost 76,009 920,600 996,609
Accumulative fair value change in other comprehensive income 1,099 6,591 7,690
Accrued interest – 7,799 7,799
Carrying amount 77,108 934,990 1,012,098
Allowance for impairment losses Not applicable (3,235) (3,235)
Equity instruments Debt instruments Total
Cost/amortised cost 20,630 960,959 981,589
Accumulative fair value change in other comprehensive income (220) (394) (614)
Accrued interest – 7,238 7,238
Carrying amount 20,410 967,803 988,213
Allowance for impairment losses Not applicable (3,284) (3,284)


(b) Analysed by counterparties
30 June 31 December
2024 2023
Issued by:
– Government 1,448,339 1,526,497

– Policy banks 74,506 75,992
– Banks and non-bank financial institutions 1,414,677 1,351,070
– Corporates 371,540 380,959
– Public entities 3,648 2,064
3,312,710 3,336,582

3,333,592 3,356,367
– Listed in Hong Kong 119,720 91,807
– Listed outside Hong Kong 2,749,896 2,778,478
– Unlisted 443,094 466,297
3,312,710 3,336,582

3,333,592 3,356,367
Bonds traded in China’s interbank bond market are “listed outside Hong Kong”.


(c) Analysed by assessment method of allowance for impairment losses
As at 30 June 2024
Gross carrying amount of investments in
financial assets at amortised cost 949,426 9,889 47,443 1,006,758
Carrying amount of investments in financial
assets at amortised cost 958,779 9,126 24,029 991,934
Gross carrying amount of debt investments in
financial assets at FVOCI 925,429 321 1,441 927,191
Carrying amount of debt investments in
Total carrying amount of investments in
financial assets for which allowance for
Allowance for impairment losses on debt
investments in financial assets at FVOCI (2,068) (149) (1,018) (3,235)
Gross carrying amount of investments in
financial assets at amortised cost 1,036,744 6,081 49,213 1,092,038
Carrying amount of investments in financial
assets at amortised cost 1,045,421 5,164 25,454 1,076,039
Gross carrying amount of debt investments in
financial assets at FVOCI 958,971 664 930 960,565
Carrying amount of debt investments in
Total carrying amount of investments in
financial assets for which allowance for
Allowance for impairment losses on debt
investments in financial assets at FVOCI (2,221) (234) (829) (3,284)

22 Interests in associates
30 June 31 December
2024 2023
Carrying value 118,606 118,049
110,560 109,791
23 Interests in joint ventures

30 June 31 December
2024 2023
Carrying value 57,532 58,305
56,006 56,787
24 Deposits from banks and non-bank financial institutions

30 June 31 December
2024 2023
Banks 190,342 275,313
Non-bank financial institutions 619,306 614,494
809,648 889,807

811,766 893,565
Analysed by remaining maturity:
– On demand 498,490 478,396
– Within 3 months 192,383 273,634
– Between 3 months and 1 year 118,775 137,777
809,648 889,807

811,766 893,565

25 Financial liabilities at fair value through profit or loss

30 June 31 December
2024 2023
Not designated
Debt instruments 16,383 7,302
Stocks 11,636 10,050
Non-controlling interests in consolidated structured entities and
others 586 1,158
28,605 18,510
Financial liabilities designated as at fair value through profit or loss
Stocks 6 47
Beneficiary certificates and structured notes 74,455 64,280
Non-controlling interests in consolidated structured entities and
others 3,730 5,715
78,191 70,042
106,796 88,552
26 Customer brokerage deposits

30 June 31 December
2024 2023
Customer brokerage deposits 288,072 282,534
Customer brokerage deposits represent the amounts received from and repayable to customers arising from
the ordinary course of the Group’s securities brokerage activities.

27 Trade and other payables

30 June 31 December
2024 2023
Financial liabilities
Trade and bills payable 106,583 113,124
Settlement accounts 37,469 32,535
Client deposits payables 137,803 134,850
Dividend payables 23,732 1,411
Other payables 97,221 104,119
402,808 386,039
Non-financial liabilities
Advances 307 308
Other taxes payables 9,587 5,601
9,894 5,909
412,702 391,948
At the financial position date, the ageing analysis of the Group’s trade and bills payable based on the invoice
date is as follows:
30 June 31 December
2024 2023
Within 1 year 88,147 93,670
Between 1 and 2 years 5,611 4,997
Between 2 and 3 years 1,557 2,629
Over 3 years 11,268 11,828
106,583 113,124

28 Deposits from customers

(a) Types of deposits from customers
30 June 31 December
2024 2023
Demand deposits
– Corporate customers 2,060,738 2,149,823
– Personal customers 444,924 340,432
2,505,662 2,490,255
Time and call deposits
– Corporate customers 1,787,895 1,755,882
– Personal customers 1,121,774 1,125,384
2,909,669 2,881,266
Outward remittance and remittance payables 84,778 19,022
5,577,672 5,459,993
(b) Deposits from customers include pledged deposits for the following items:
30 June 31 December
2024 2023
Bank acceptances 352,873 407,634
Letters of credit 30,560 23,736
Guarantees 19,880 21,005
Others 37,757 38,651
441,070 491,026

29 Bank and other loans

(a) Types of loans
30 June 31 December
2024 2023
Bank loans
Unsecured loans 192,593 153,804

Loan pledged with assets (note (d)) 23,681 42,996
216,274 196,800
Other loans
Unsecured loans 36,815 36,091

Loan pledged with assets (note (d)) 1,060 2,241
37,875 38,332
254,149 235,132
Accrued interest 744 638

254,893 235,770
(b) Maturity of loans

30 June 31 December
2024 2023
Bank loans
– Within 1 year or on demand 92,391 54,033

– Between 1 and 2 years 61,764 60,670
– Over 5 years 24,071 32,323
216,274 196,800
Other loans
– Within 1 year or on demand 4,509 2,803

– Over 5 years 43 43
37,875 38,332
254,149 235,132

254,893 235,770

29 Bank and other loans (continued)

(c) Bank and other loans are denominated in the following currencies
30 June 31 December
2024 2023
RMB 114,138 88,766
HK$ 78,292 76,150
US$ 60,070 55,247
Other currencies 1,649 14,969
254,149 235,132

254,893 235,770
(d) As at 30 June 2024, the Group’s bank and other loans of RMB24,741 million (31 December 2023: RMB45,236
million) are pledged with cash and deposits, trade and other receivables, inventories, financial assets held
for trading, fixed assets, right-of-use assets and intangible assets with an aggregate carrying amount of
RMB85,901 million (31 December 2023: RMB88,451 million).
(e) The Group’s banking facilities are subject to the fulfilment of covenants relating to balance sheet ratios or
ownership of a minimum shareholding in certain entities of the Group, as are commonly found in lending
arrangements with financial institutions. If the Group were to breach the covenants, the drawn down
facilities would become payable on demand. The Group regularly monitors its compliance with these
covenants. Further details of the Group’s management of liquidity risk are set out in Note 34(b). As at 30
June 2024, none of the covenants relating to drawn down facilities have been breached (31 December
2023: Nil).

30 Debt instruments issued

30 June 31 December
2024 2023
Corporate bonds issued (note (a)) 226,449 233,290
Notes issued (note (b)) 129,451 151,813
Subordinated bonds issued (note (c)) 76,116 82,569
Certificates of deposit issued (note (d)) 1,017 1,418
Certificates of interbank deposit issued (note (e)) 964,044 705,273
Convertible corporate bonds (note (f)) 17,247 17,670
Beneficiary certificates (note (g)) 10,391 21,547
1,424,715 1,213,580

1,431,737 1,221,107
Analysed by remaining maturity:
– Within 1 year or on demand 1,099,157 828,068

– Over 5 years 133,839 127,233
1,424,715 1,213,580

1,431,737 1,221,107
The Group did not have any default of principal, interest or other breaches with respect to its debt instruments
issued for the six months ended 30 June 2024 (six months ended 30 June 2023: Nil).
Notes:
(a) Corporate bonds issued
30 June 31 December
2024 2023
The Company (note (i)) 42,090 43,401
CITIC Corporation Limited (“CITIC Corporation”) (note (ii)) 27,024 27,790
CITIC Securities (note (iii)) 152,980 158,415
CITIC Telecom International Holdings Limited (“CITIC Telecom International”) (note (iv)) 3,205 3,184
CITIC Urban Development & Operation Co., Ltd. (“CITIC Urban Development &
Operation”) (note (v)) 1,000 –
CITIC Pacific Limited’s (“CITIC Pacific”) subsidiaries (note(vi)) 150 500
226,449 233,290

30 Debt instruments issued (continued)

Notes: (continued)
(a) Corporate bonds issued (continued)
(i) Details of corporate bonds issued by the Company
As at 30 June 2024
Face value in
Denominated denominated Interest rate
currency currency Issue date Maturity date per annum
(million)
HK$ Notes 2 HK$ 420 2014-07-25 2024-07-25 4.35%
US$ Notes 7 US$ 280 2015-04-14 2035-04-14 4.60%
US$ Notes 8 US$ 150 2016-02-04 2041-02-04 4.88%
US$ Notes 9 US$ 350 2016-02-04 2036-02-04 4.75%
US$ Notes 10 US$ 90 2016-04-25 2036-04-25 4.65%
US$ Notes 11 US$ 210 2016-04-25 2046-04-25 4.85%
US$ Notes 13 US$ 750 2016-06-14 2026-06-14 3.70%
US$ Notes 14 US$ 200 2016-09-07 2031-09-07 3.98%
US$ Notes 15 US$ 250 2016-09-07 2046-09-07 4.49%
US$ Notes 16 US$ 750 2017-02-28 2027-02-28 3.88%
US$ Notes 19 US$ 500 2018-01-11 2028-01-11 4.00%
US$ Notes 20 US$ 75 2018-03-13 2038-03-13 4.85%
US$ Notes 21 US$ 200 2018-04-18 2048-04-18 5.07%
US$ Notes 22 US$ 300 2020-02-25 2025-02-25 2.45%
US$ Notes 23 US$ 700 2020-02-25 2030-02-25 2.85%
US$ Notes 24 US$ 700 2022-02-17 2027-02-17 2.88%
US$ Notes 25 US$ 300 2022-02-17 2032-02-17 3.50%
US$ Notes 26 US$ 100 2022-08-02 2027-02-17 2.88%


Notes: (continued)
(i) Details of corporate bonds issued by the Company (continued)
Face value in
(million)
US$ Notes 6.1 US$ 110 2014-07-18 2024-01-18 4.70%
HK$ Notes 2 HK$ 420 2014-07-25 2024-07-25 4.35%
US$ Notes 6.2 US$ 90 2014-10-29 2024-01-18 4.70%
US$ Notes 7 US$ 280 2015-04-14 2035-04-14 4.60%
US$ Notes 8 US$ 150 2016-02-04 2041-02-04 4.88%
US$ Notes 9 US$ 350 2016-02-04 2036-02-04 4.75%
US$ Notes 10 US$ 90 2016-04-25 2036-04-25 4.65%
US$ Notes 11 US$ 210 2016-04-25 2046-04-25 4.85%
US$ Notes 13 US$ 750 2016-06-14 2026-06-14 3.70%
US$ Notes 14 US$ 200 2016-09-07 2031-09-07 3.98%
US$ Notes 15 US$ 250 2016-09-07 2046-09-07 4.49%
US$ Notes 16 US$ 750 2017-02-28 2027-02-28 3.88%
US$ Notes 19 US$ 500 2018-01-11 2028-01-11 4.00%
US$ Notes 20 US$ 75 2018-03-13 2038-03-13 4.85%
US$ Notes 21 US$ 200 2018-04-18 2048-04-18 5.07%
US$ Notes 22 US$ 300 2020-02-25 2025-02-25 2.45%
US$ Notes 23 US$ 700 2020-02-25 2030-02-25 2.85%
US$ Notes 24 US$ 700 2022-02-17 2027-02-17 2.88%
US$ Notes 25 US$ 300 2022-02-17 2032-02-17 3.50%
US$ Notes 26 US$ 100 2022-08-02 2027-02-17 2.88%


Notes: (continued)
(ii) Details of corporate bonds issued by CITIC Corporation
As at 30 June 2024
Face value in
(million)
05 CITIC bond-2 RMB 4,000 2005-12-07 2025-12-06 4.60%
19 CITIC bond-3 RMB 2,000 2019-03-19 2029-03-19 4.59%
19 CITIC bond-4 RMB 2,000 2019-04-22 2029-04-22 4.71%
19 CITIC bond-5 RMB 1,800 2019-07-17 2034-07-17 4.60%
19 CITIC bond-6 RMB 700 2019-07-17 2029-07-17 4.46%
19 CITIC bond-7 RMB 500 2019-08-14 2029-08-14 4.38%
19 CITIC bond-8 RMB 2,000 2019-08-14 2039-08-14 4.58%
19 CITIC bond-9 RMB 1,000 2019-11-05 2039-11-05 4.65%
20 CITIC bond-2 RMB 2,000 2020-02-26 2030-02-26 3.88%
20 CITIC bond-3 RMB 1,000 2020-03-23 2030-03-23 4.00%
20 CITIC bond-4 RMB 600 2020-03-23 2040-03-23 4.30%
20 CITIC bond-5 RMB 1,000 2020-04-21 2030-04-21 3.87%
20 CITIC bond-6 RMB 1,500 2020-04-21 2040-04-21 4.16%
20 CITIC bond-8 RMB 1,900 2020-05-11 2040-05-11 4.20%
21 CITIC bond-1 RMB 1,000 2021-11-02 2026-11-02 3.49%
21 CITIC bond-2 RMB 2,000 2021-11-02 2031-11-02 3.79%
23 CITIC bond-1 RMB 1,200 2023-10-23 2028-10-23 3.16%
23 CITIC bond-2 RMB 800 2023-10-23 2043-10-23 3.35%
23 CITIC bond-3 RMB 2,000 2023-11-02 2028-11-02 3.19%


Notes: (continued)
(ii) Details of corporate bonds issued by CITIC Corporation (continued)
Face value in
(million)
05 CITIC bond-2 RMB 4,000 2005-12-07 2025-12-06 4.60%
19 CITIC bond-2 RMB 1,500 2019-02-25 2024-02-25 3.85%
19 CITIC bond-3 RMB 2,000 2019-03-19 2029-03-19 4.59%
19 CITIC bond-4 RMB 2,000 2019-04-22 2029-04-22 4.71%
19 CITIC bond-5 RMB 1,800 2019-07-17 2034-07-17 4.60%
19 CITIC bond-6 RMB 700 2019-07-17 2029-07-17 4.46%
19 CITIC bond-7 RMB 500 2019-08-14 2029-08-14 4.38%
19 CITIC bond-8 RMB 2,000 2019-08-14 2039-08-14 4.58%
19 CITIC bond-9 RMB 1,000 2019-11-05 2039-11-05 4.65%
20 CITIC bond-2 RMB 2,000 2020-02-26 2030-02-26 3.88%
20 CITIC bond-3 RMB 1,000 2020-03-23 2030-03-23 4.00%
20 CITIC bond-4 RMB 600 2020-03-23 2040-03-23 4.30%
20 CITIC bond-5 RMB 1,000 2020-04-21 2030-04-21 3.87%
20 CITIC bond-6 RMB 1,500 2020-04-21 2040-04-21 4.16%
20 CITIC bond-8 RMB 1,900 2020-05-11 2040-05-11 4.20%
21 CITIC bond-1 RMB 1,000 2021-11-02 2026-11-02 3.49%
21 CITIC bond-2 RMB 2,000 2021-11-02 2031-11-02 3.79%
23 CITIC bond-1 RMB 1,200 2023-10-23 2028-10-23 3.16%
23 CITIC bond-2 RMB 800 2023-10-23 2043-10-23 3.35%
23 CITIC bond-3 RMB 2,000 2023-11-02 2028-11-02 3.19%


Notes: (continued)
(iii) Details of corporate bonds issued by CITIC Securities
As at 30 June 2024
Face value in
(million)
15 CITIC 02 RMB 2,500 2015-06-24 2025-06-25 5.10%
19 CS G2 RMB 1,000 2019-09-05 2024-09-10 3.78%
20 CS G2 RMB 2,000 2020-02-19 2025-02-21 3.31%
20 CS G4 RMB 2,000 2020-03-06 2025-03-10 3.20%
20 CS G7 RMB 1,000 2020-04-09 2025-04-14 3.10%
20 CS 20 RMB 800 2020-09-08 2030-09-11 4.20%
20 CS 24 RMB 900 2020-10-23 2030-10-28 4.27%
21 CS 03 RMB 3,200 2021-01-20 2031-01-25 4.10%
21 CS 05 RMB 3,000 2021-02-24 2031-03-01 4.10%
21 CS 06 RMB 2,500 2021-03-16 2031-03-19 4.10%
21 CS 07 RMB 1,400 2021-04-08 2031-04-13 4.04%
21 CS 08 RMB 1,000 2021-06-08 2026-06-11 3.70%
21 CS 09 RMB 2,500 2021-06-08 2031-06-11 4.03%
21 CS 10 RMB 1,500 2021-07-06 2026-07-09 3.62%
21 CS 11 RMB 1,500 2021-07-06 2031-07-09 3.92%
21 CS 12 RMB 3,000 2021-08-18 2024-08-23 3.01%
21 CS 13 RMB 1,000 2021-08-18 2026-08-23 3.34%
21 CS 14 RMB 4,500 2021-09-13 2024-09-16 3.08%
21 CS 16 RMB 2,200 2021-09-23 2024-09-27 3.09%
21 CS 17 RMB 1,800 2021-09-23 2026-09-28 3.47%
21 CS 18 RMB 2,500 2021-10-14 2024-10-19 3.25%
21 CS 19 RMB 2,000 2021-10-14 2026-10-19 3.59%
21 CS 20 RMB 3,000 2021-11-19 2024-11-24 3.07%
21 CS 21 RMB 3,000 2021-12-09 2024-12-14 2.97%
22 CS 01 RMB 500 2022-02-11 2027-01-29 3.20%
22 CS 02 RMB 1,000 2022-02-11 2032-02-06 3.69%
22 CS 03 RMB 1,000 2022-03-08 2025-03-11 3.03%
22 CS 04 RMB 500 2022-03-08 2027-03-11 3.40%
22 CS 05 RMB 3,000 2022-08-19 2025-08-24 2.50%
23 CS 10 RMB 2,000 2023-05-25 2026-05-30 2.89%
23 CS 11 RMB 500 2023-06-08 2025-06-13 2.64%
23 CS 12 RMB 2,500 2023-06-08 2026-06-13 2.80%
23 CS G1 RMB 3,000 2023-02-03 2025-02-08 2.95%
23 CS G2 RMB 1,500 2023-02-16 2025-02-21 2.89%
23 CS G3 RMB 3,000 2023-02-16 2026-02-21 3.06%
23 CS G4 RMB 2,000 2023-03-08 2025-03-13 3.01%
23 CS G5 RMB 2,000 2023-03-08 2028-03-13 3.32%
23 CS G6 RMB 2,000 2023-04-14 2025-04-19 2.87%
23 CS G7 RMB 2,500 2023-04-14 2028-04-19 3.17%
23 CS G9 RMB 3,500 2023-05-10 2026-05-15 2.90%
23 CS 13 RMB 2,000 2023-07-04 2025-07-07 2.64%
23 CS 14 RMB 500 2023-07-04 2026-07-07 2.75%
23 CS 15 RMB 2,500 2023-08-09 2025-08-14 2.54%
23 CS 16 RMB 2,000 2023-08-09 2026-08-14 2.72%
23 CS 17 RMB 1,000 2023-08-25 2025-08-30 2.53%
23 CS 18 RMB 2,000 2023-08-25 2026-08-30 2.70%


Notes: (continued)
(iii) Details of corporate bonds issued by CITIC Securities (continued)
As at 30 June 2024
Face value in
(million)
23 CS 20 RMB 2,500 2023-09-07 2026-09-12 2.93%
23 CS 21 RMB 1,800 2023-09-15 2026-09-20 2.86%
23 CS 22 RMB 2,200 2023-09-15 2028-09-20 3.10%
23 CS 23 RMB 1,300 2023-10-16 2025-10-19 2.80%
23 CS 24 RMB 2,700 2023-10-16 2026-10-19 2.90%
23 CS 25 RMB 2,500 2023-11-02 2025-11-07 2.78%
23 CS 26 RMB 3,500 2023-11-02 2028-11-07 3.10%
23 CS 28 RMB 2,500 2023-11-16 2026-11-21 2.87%
23 CS 29 RMB 1,000 2023-12-15 2025-12-20 2.80%
23 CS 30 RMB 4,000 2023-12-15 2026-12-20 2.90%
23 CS S9 RMB 5,000 2023-09-06 2024-09-11 2.45%
23 CS S10 RMB 4,000 2023-09-13 2024-09-18 2.52%
23 CS S12 RMB 6,000 2023-10-26 2024-10-31 2.72%
23 CS S13 RMB 3,000 2023-11-08 2024-11-13 2.70%
24 CS S1 RMB 3,000 2024-01-10 2025-01-15 2.53%
24 CS G1 RMB 1,500 2024-01-16 2026-01-19 2.68%
24 CS G2 RMB 2,300 2024-01-16 2027-01-19 2.74%
24 CS G3 RMB 3,000 2024-02-23 2034-02-17 2.75%
24 CS G4 RMB 4,000 2024-03-07 2034-03-12 2.69%
24 CS G5 RMB 3,600 2024-03-22 2027-03-27 2.54%
CITICSCSI16 US$ 7 2023-07-25 2024-07-24 5.40%
CITICSCSI31 US$ 21 2023-12-22 2024-12-20 5.62%
CITICSCSI33 US$ 5 2023-12-29 2024-12-27 0.00%
CITICSCSI34 US$ 8 2024-01-12 2025-01-10 5.00%
CITICSCSI38 US$ 11 2024-02-20 2025-02-19 5.00%
CITICSCSI41 US$ 10 2024-03-18 2024-09-19 0.00%
CITICSCSI43 US$ 5 2024-04-02 2024-07-02 5.28%
CITICSCSI44 US$ 15 2024-04-09 2024-07-09 4.25%
CITICSCSI46 RMB 36 2024-04-26 2024-07-26 3.90%
CITICSCSI47 US$ 5 2024-05-03 2024-11-01 5.49%
CITICSCSI48 HK$ 700 2024-05-14 2025-05-13 0.00%
CITICSCSI50 US$ 10 2024-05-29 2024-11-29 5.60%
CITICSCSI51 HK$ 300 2024-05-30 2025-05-29 0.00%
CITICSCSI53 US$ 5 2024-06-17 2024-12-17 5.54%
CITICSCSI54 RMB 44 2024-06-19 2024-09-19 2.71%
CITICSCSI55 US$ 11 2024-06-25 2024-09-25 5.53%
CITICSCSI56 US$ 16 2024-06-25 2024-12-24 5.52%
CITICSMTNECP62 US$ 20 2024-01-18 2024-07-18 0.00%
CITICSMTNECP63 RMB 684 2024-03-13 2025-03-12 0.00%


Notes: (continued)
(iii) Details of corporate bonds issued by CITIC Securities
Face value in
(million)
15 CITIC 02 RMB 2,500 2015-06-24 2025-06-25 5.10%
19 CS G2 RMB 1,000 2019-09-05 2024-09-10 3.78%
20 CS G2 RMB 2,000 2020-02-19 2025-02-21 3.31%
20 CS G4 RMB 2,000 2020-03-06 2025-03-10 3.20%
20 CS G7 RMB 1,000 2020-04-09 2025-04-14 3.10%
20 CS 20 RMB 800 2020-09-08 2030-09-11 4.20%
20 CS 24 RMB 900 2020-10-23 2030-10-28 4.27%
21 CS 02 RMB 4,600 2021-01-20 2024-01-25 3.56%
21 CS 03 RMB 3,200 2021-01-20 2031-01-25 4.10%
21 CS 04 RMB 1,500 2021-02-24 2024-03-01 3.60%
21 CS 05 RMB 3,000 2021-02-24 2031-03-01 4.10%
21 CS 06 RMB 2,500 2021-03-16 2031-03-19 4.10%
21 CS 07 RMB 1,400 2021-04-08 2031-04-13 4.04%
21 CS 08 RMB 1,000 2021-06-08 2026-06-11 3.70%
21 CS 09 RMB 2,500 2021-06-08 2031-06-11 4.03%
21 CS 10 RMB 1,500 2021-07-06 2026-07-09 3.62%
21 CS 11 RMB 1,500 2021-07-06 2031-07-09 3.92%
21 CS 12 RMB 3,000 2021-08-18 2024-08-23 3.01%
21 CS 13 RMB 1,000 2021-08-18 2026-08-23 3.34%
21 CS 14 RMB 4,500 2021-09-13 2024-09-16 3.08%
21 CS 16 RMB 2,200 2021-09-23 2024-09-27 3.09%
21 CS 17 RMB 1,800 2021-09-23 2026-09-28 3.47%
21 CS 18 RMB 2,500 2021-10-14 2024-10-19 3.25%
21 CS 19 RMB 2,000 2021-10-14 2026-10-19 3.59%
21 CS 20 RMB 3,000 2021-11-19 2024-11-24 3.07%
21 CS 21 RMB 3,000 2021-12-09 2024-12-14 2.97%
22 CS 01 RMB 500 2022-02-11 2027-01-29 3.20%
22 CS 02 RMB 1,000 2022-02-11 2032-02-06 3.69%
22 CS 03 RMB 1,000 2022-03-08 2025-03-11 3.03%
22 CS 04 RMB 500 2022-03-08 2027-03-11 3.40%
22 CS 05 RMB 3,000 2022-08-19 2025-08-24 2.50%
23 CS 10 RMB 2,000 2023-05-25 2026-05-30 2.89%
23 CS 11 RMB 500 2023-06-08 2025-06-13 2.64%
23 CS 12 RMB 2,500 2023-06-08 2026-06-13 2.80%
23 CS G1 RMB 3,000 2023-02-03 2025-02-08 2.95%
23 CS G2 RMB 1,500 2023-02-16 2025-02-21 2.89%
23 CS G3 RMB 3,000 2023-02-16 2026-02-21 3.06%
23 CS G4 RMB 2,000 2023-03-08 2025-03-13 3.01%
23 CS G5 RMB 2,000 2023-03-08 2028-03-13 3.32%
23 CS G6 RMB 2,000 2023-04-14 2025-04-19 2.87%
23 CS G7 RMB 2,500 2023-04-14 2028-04-19 3.17%
23 CS G8 RMB 3,500 2023-05-10 2024-05-15 2.53%
23 CS G9 RMB 3,500 2023-05-10 2026-05-15 2.90%


Notes: (continued)
(iii) Details of corporate bonds issued by CITIC Securities (continued)
Face value in
(million)
23 CS 13 RMB 2,000 2023-07-04 2025-07-07 2.64%
23 CS 14 RMB 500 2023-07-04 2026-07-07 2.75%
23 CS 15 RMB 2,500 2023-08-09 2025-08-14 2.54%
23 CS 16 RMB 2,000 2023-08-09 2026-08-14 2.72%
23 CS 17 RMB 1,000 2023-08-25 2025-08-30 2.53%
23 CS 18 RMB 2,000 2023-08-25 2026-08-30 2.70%
23 CS 20 RMB 2,500 2023-09-07 2026-09-12 2.93%
23 CS 21 RMB 1,800 2023-09-15 2026-09-20 2.86%
23 CS 22 RMB 2,200 2023-09-15 2028-09-20 3.10%
23 CS 23 RMB 1,300 2023-10-16 2025-10-19 2.80%
23 CS 24 RMB 2,700 2023-10-16 2026-10-19 2.90%
23 CS 25 RMB 2,500 2023-11-02 2025-11-07 2.78%
23 CS 26 RMB 3,500 2023-11-02 2028-11-07 3.10%
23 CS 28 RMB 2,500 2023-11-16 2026-11-21 2.87%
23 CS 29 RMB 1,000 2023-12-15 2025-12-20 2.80%
23 CS 30 RMB 4,000 2023-12-15 2026-12-20 2.90%
23 CS S7 RMB 3,000 2023-05-25 2024-05-24 2.47%
23 CS S8 RMB 4,000 2023-08-16 2024-02-21 2.12%
23 CS S9 RMB 5,000 2023-09-06 2024-09-11 2.45%
23 CS S10 RMB 4,000 2023-09-13 2024-09-18 2.52%
23 CS S11 RMB 4,000 2023-09-22 2024-06-27 2.53%
23 CS S12 RMB 6,000 2023-10-26 2024-10-31 2.72%
23 CS S13 RMB 3,000 2023-11-08 2024-11-13 2.70%
23 CS S14 RMB 4,000 2023-11-22 2024-05-29 2.64%
CITICSCSI16 US$ 7 2023-07-25 2024-07-24 5.40%
CITICSCSI17 US$ 44 2023-07-27 2024-01-29 0.00%
CITICSCSI20 US$ 10 2023-08-16 2024-02-16 0.00%
CITICSCSI24 US$ 6 2023-09-13 2024-03-13 0.00%
CITICSCSI25 US$ 15 2023-10-31 2024-01-31 0.00%
CITICSCSI26 US$ 5 2023-11-20 2024-02-20 0.00%
CITICSCSI27 RMB 20 2023-11-07 2024-02-07 0.00%
CITICSCSI28 US$ 6 2023-12-08 2024-06-07 0.00%
CITICSCSI29 US$ 6 2023-12-12 2024-03-12 0.00%
CITICSCSI30 US$ 5 2023-12-21 2024-03-21 5.75%
CITICSCSI31 US$ 21 2023-12-22 2024-12-20 5.62%
CITICSCSI32 US$ 5 2023-12-29 2024-06-28 0.00%
CITICSCSI33 US$ 5 2023-12-29 2024-12-27 0.00%
CITICSMTNECP59 US$ 20 2023-10-19 2024-01-24 0.00%
CITICSMTNECP60 US$ 100 2023-12-20 2024-03-13 0.00%


Notes: (continued)
(iv) Details of corporate bonds issued by CITIC Telecom International
As at 30 June 2024
Face value in
(million)
Guaranteed bonds US$ 450 2013-03-05 2025-03-05 6.10%
Face value in
(million)
Guaranteed bonds US$ 450 2013-03-05 2025-03-05 6.10%
(v) Details of corporate bonds issued by CITIC Urban Development & Operation
As at 30 June 2024
Face value in
(million)
24 Urban Development 01 RMB 1,000 2024-03-18 2027-03-18 3.45%
(vi) Details of corporate bonds issued by CITIC Pacific’s subsidiaries
As at 30 June 2024
Face value in
(million)
24 LG SCP001 RMB 164 2024-06-13 2024-08-02 1.95%
Face value in
(million)
22 NNISUC 01 RMB 200 2022-03-14 2025-03-14 5.20%
(Redeemed in
advance on 14
March 2024)
23 NNISUC SCP001 RMB 300 2023-08-28 2024-05-24 2.90%


Notes: (continued)
(b) Notes issued

CITIC Bank (note (i)) 116,523 138,311
CITIC Securities (note (ii)) 12,307 12,886
CITIC Trust Co., Ltd. (note (iii)) 621 616
129,451 151,813
(i) Details of notes issued by CITIC Bank
As at 30 June 2024
Face value in
(million)
Financial bonds US$ 350 2021-02-02 2026-02-02 1.25%
Financial bonds RMB 30,000 2022-04-28 2025-04-28 2.80%
Face value in
(million)


Notes: (continued)
(b) Notes issued (continued)
(ii) Details of notes issued by CITIC Securities
As at 30 June 2024
Face value in
(million)
CITIC SEC N2410 US$ 200 2019-10-17 2024-10-24 2.88%
CITIC SEC N2506 US$ 500 2020-05-27 2025-06-03 2.00%
CITIC SEC N2504 US$ 300 2022-04-21 2025-04-21 3.38%
CITIC SEC N2701 JPY 14,580 2024-01-25 2027-01-25 1.00%
CITICSIN2502 US$ 200 2023-02-14 2025-02-21 5.00%
CITICSIN2606 RMB 700 2023-06-14 2026-06-23 2.90%
CITICSIN2607 RMB 2,500 2023-07-13 2026-07-13 3.10%
Face value in
(million)
CITIC SEC N2410 US$ 200 2019-10-17 2024-10-24 2.88%
CITIC SEC N2506 US$ 500 2020-05-27 2025-06-03 2.00%
CITIC SEC N2504 US$ 300 2022-04-21 2025-04-21 3.38%
CITIC SEC N2405 US$ 175 2022-12-07 2024-05-14 5.15%
CITICISIN2502 US$ 200 2023-02-14 2025-02-21 5.00%
CITICISIN2606 RMB 700 2023-06-14 2026-06-23 2.90%
CITICISIN2607 RMB 2,500 2023-07-13 2026-07-13 3.10%


Notes: (continued)
(b) Notes issued (continued)
(iii) Details of notes issued by CITIC Trust Co., Ltd.
As at 30 June 2024
Face value in
Denominated denominated
currency currency Issue date Maturity date Interest rate per annum
(million)
Participation notes US$ 5 2018-01-22 2025-01-22 Non fixed interest rate
(note (i))
Participation notes US$ 1.54 2021-06-25 No fixed Non fixed interest rate
maturity date
Participation notes US$ 270 2022-03-30 2025-03-30 Fixed interest rate
(note (ii))
Face value in
Denominated denominated
currency currency Issue date Maturity date Interest rate per annum
(million)
Participation notes US$ 5 2018-01-22 2025-01-22 Non fixed interest rate
(note (i))
Participation notes US$ 1.54 2021-06-25 No fixed Non fixed interest rate
maturity date
Participation notes US$ 270 2022-03-30 2025-03-30 Fixed interest rate
(note (ii))
Notes:
(i) As at 30 June 2024, the portion held within the Group amounted to US$4.90 million (As at 31 December 2023: US$4.92 million).
(ii) As at 30 June 2024, the portion held within the Group amounted to US$95 million (As at 31 December 2023: US$95 million).


Notes: (continued)
(c) Subordinated bonds issued
The balance represents the subordinated debts issued by CITIC Bank, CITIC Bank International Limited (“CBI”), a subsidiary of CITIC Bank, and
CITIC Securities. The carrying amount of subordinated bonds issued is as follows:

Fixed rate notes maturing
– In February 2029 (i) – 3,543
– In December 2033 (ii) 3,625 3,543
Fixed rate bonds maturing
– In February 2024 (iii) – 3,000
– In November 2024 (iv) 1,000 998
– In July 2025 (v) 500 492
– In November 2026 (vi) 1,000 998
– In August 2030 (vii) 39,995 39,995
– In December 2033 (viii) 21,496 21,500
– In December 2038 (ix) 8,500 8,500
76,116 82,569
As at 30 June 2024
Face value in
(million)
(ii) Subordinated Notes US$ 500 2023-12-05 2033-12-05 6.00%
(v) 22 CS C1 RMB 500 2022-07-22 2025-07-22 3.00%
(iv) 23 CS C1 RMB 1,000 2023-11-09 2024-11-14 2.75%
(vi) 23 CS C2 RMB 1,000 2023-11-09 2026-11-14 3.10%
(vii) Subordinated Fixed Rate Bonds RMB 40,000 2020-08-14 2030-08-14 3.87%
(viii) Subordinated Fixed Rate Bonds RMB 21,500 2023-12-19 2033-12-19 3.19%
(ix) Subordinated Fixed Rate Bonds RMB 8,500 2023-12-19 2038-12-19 3.25%
Face value in
(million)
(i) Subordinated Notes US$ 500 2019-02-28 2029-02-28 4.63%
(Redeemed in
advance on 28
February 2024)
(ii) Subordinated Notes US$ 500 2023-12-05 2033-12-05 6.00%
(iii) 21 CS C1 RMB 3,000 2021-02-03 2024-02-08 3.97%
(v) 22 CS C1 RMB 500 2022-07-22 2025-07-22 3.00%
(iv) 23 CS C1 RMB 1,000 2023-11-09 2024-11-14 2.75%
(vi) 23 CS C2 RMB 1,000 2023-11-09 2026-11-14 3.10%
(vii) Subordinated Fixed Rate Bonds RMB 40,000 2020-08-14 2030-08-14 3.87%
(viii) Subordinated Fixed Rate Bonds RMB 21,500 2023-12-19 2033-12-19 3.19%
(ix) Subordinated Fixed Rate Bonds RMB 8,500 2023-12-19 2038-12-19 3.25%


Notes: (continued)
(d) Certificates of deposit issued
These certificates of deposit were issued by CBI with interest rate ranging from 5.63% to 5.70% per annum (31 December 2023: 5.85% – 5.90%
per annum).
(e) Certificates of interbank deposit issued
As at 30 June 2024, CITIC Bank issued certain certificates of interbank deposit with a total value of RMB964,044 million (31 December 2023:
RMB705,273 million). The yield ranges from 1.88% to 2.66% per annum (31 December 2023: 2.16% to 2.75% per annum). The original maturity
terms are between 1 month to 1 year (31 December 2023: between 1 months to 1 year).
(f) Convertible corporate bonds
As approved by the relevant regulatory authorities in China, CITIC Bank made a public offering of RMB40,000 million A-share convertible
corporate bonds (the “convertible bonds”) on 4 March 2019. CITIC Corporation, as its parent company, has subscribed RMB26,388 million,
65.97% of the total corporate bonds, which is the same percentage of the Group’s interest in CITIC Bank’s common shares, and it was transferred
to CITIC Financial Holdings Co., Ltd. (“CITIC Financial Holdings”) at nil consideration on 22 June 2022. As at 29 March 2024, the convertible
bonds held by CITIC Financial Holdings was converted to CITIC Bank’s A-share common stock. The convertible bonds of CITIC Bank have a
term of six years from 4 March 2019 to 3 March 2025, at coupon rates of 0.3% for the first year, 0.8% for the second year, 1.5% for the third
year, 2.3% for the fourth year, 3.2% for the fifth year and 4.0% for the sixth year. The conversion of these convertible bonds begins on the
first trading day (8 March 2019) after six months upon the completion date of the offering until the maturity date (from 11 September 2019
to 3 March 2025). As at 30 June 2024, convertible bonds (including accrued interest) were recorded as debt instruments issued of RMB12,407
million and non-controlling interests of RMB972 million, respectively.
As approved by the relevant regulatory authorities in China, CITIC Pacific Special Steel, the Group’s subsidiary, made a public offering of
RMB5,000 million A-share convertible corporate bonds (the “convertible bonds”) on 25 February 2022. The convertible bonds of CITIC Pacific
Special Steel have a term of 6 years from 25 February 2022 to 24 February 2028, at coupon rates of 0.2% for the first year, 0.4% for the second
year, 0.9% for the third year, 1.3% for the fourth year, 1.6% for the fifth year and 2.0% for the sixth year. The conversion of these convertible
bonds begins on the first trading day (3 March 2022) after six months upon the completion date of the offering until the maturity date (from 3
September 2022 to 24 February 2028). As at 30 June 2024, convertible bonds (including accrued interest) were recorded as debt instruments
issued of RMB4,840 million and non-controlling interests of RMB693 million, respectively.
(g) Beneficiary certificates
The beneficiary certificates are issued by CITIC Securities. As at 30 June 2024, the balance of the outstanding beneficiary certificates issued
by CITIC Securities with original maturity within one year (including accrued interest) amounted to RMB10,398 million (31 December 2023:
RMB21,425 million), with coupon rates ranging from 1.80% to 4.00% per annum (31 December 2023: 1.99% to 4.00%), and the balance of
the outstanding beneficiary certificates issued by CITIC Securities with original maturity greater than one year (including accrued interest)
amounted to RMB50 million (31 December 2023: RMB250 million), with coupon rates ranging from 2.05% to 2.80% per annum (31 December
2023: 2.50% to 2.80%).

31 Share capital and capital management

(a) Share capital
As at 30 June 2024, the number of ordinary shares in issue of the Company was 29,090,262,630 (31
December 2023: 29,090,262,630).
(b) Capital management

The Group’s primary objectives when managing capital are to safeguard the Group’s stability and growth,
so that it can continue to provide returns for shareholders.
The Group actively and regularly reviews and manages its capital structure, with reference to such financial
ratios like debt (total of debt instruments issued and bank and other loans) to total equity ratio, to maintain
a balance between the higher shareholders’ returns that might be possible with of borrowings obtained
and the advantages and security afforded by a sound capital position, and makes adjustments to the
capital structure in light of changes in economic conditions.
Certain subsidiaries under the comprehensive financial services segment are subject to capital adequacy
requirements imposed by the external regulators. There was no non-compliance of capital requirements
as at 30 June 2024 (31 December 2023: Nil).
32 Issue of other equity instruments by subsidiaries

For the six months ended 30 June 2024, CITIC Bank, a subsidiary of the Group, issued RMB30,000 million of
capital debentures without fixed terms (six months ended 30 June 2023: Nil).
For the six months ended 30 June 2024, CITIC Securities, a subsidiary of the Group, issued RMB7,000 million of
capital debentures without fixed terms (six months ended 30 June 2023: Nil).

33 Commitments and contingent liabilities

(a) Credit commitments
Credit commitments take the form of loan commitments, credit card commitments, financial guarantees,
letters of credit and acceptances.
Loan commitments and credit card commitments represent the undrawn amount of approved loans with
signed contracts and credit card limits. Financial guarantees and letters of credit represent guarantees
provided by the Group to guarantee the performance of customers to third parties. Bank acceptances
comprise undertakings by the Group to pay bills of exchange drawn on customers. The Group expects the
majority acceptances to be settled simultaneously with the reimbursement from the customers.
The contractual amounts of credit commitments by category as at the financial position date are set out
below. The amounts disclosed in respect of loan commitments and credit card commitments assume that
amounts are fully drawn down. The amounts of guarantees, letters of credit and acceptances represent
the maximum potential loss that would be recognised at the financial position date if counterparties failed
to perform as contracted.
30 June 31 December
2024 2023
Contractual amount
Loan commitments
With an original maturity of within 1 year 12,488 13,995
With an original maturity of 1 year or above 33,829 32,773
46,317 46,768
Credit card commitments 826,374 779,947

Acceptances 747,680 866,662
Letters of credit 280,159 256,241
Guarantees 258,134 237,037
2,158,664 2,186,655
(b) Credit commitments analysed by credit risk weighted amount

30 June 31 December
2024 2023
Credit risk weighted amount on credit commitments 651,580 602,231
Notes:
(i) The above credit risk weighted amount is solely in connection with the credit commitments held by CITIC Bank under the comprehensive
financial services segment of the Group.
(ii) The credit risk weighted amount refers to the amount as computed in accordance with the rules set out by the former China Banking
and Insurance Regulatory Commission and depends on the status of counterparties and the maturity characteristics. The risk weighting
used is ranging from 0% to 150%.

33 Commitments and contingent liabilities (continued)

(c) Redemption commitment for treasury bonds
As an underwriting agent of PRC treasury bonds, CITIC Bank has the responsibility to buy back those
bonds sold by it, should the holders decide to early redeem the bonds held. The redemption price for the
bonds at any time before their maturity dates is based on the nominal value plus any interest unpaid and
accrued up to the redemption date. Accrued interest payables to the treasury bond holders are calculated
in accordance with relevant rules of the Ministry of Finance (“MOF”) and the People’s Bank of China. The
redemption price may be different from the fair value of similar instruments traded at the redemption date.
The redemption obligations below represent the nominal value of treasury bonds underwritten and sold
by CITIC Bank, but not yet matured at the financial position date:
30 June 31 December
2024 2023
Redemption commitment for treasury bonds 2,656 2,735
The original maturities of the above treasury bonds range from 1 to 5 years. The Group believes that the
amount of treasury bonds accepted in advance before the maturity date is insignificant. The MOF will
not timely pay the treasury bonds which are accepted in advance, but will pay the principal and interest
according to the issuance agreement when the treasury bonds mature.
(d) Guarantees provided

In addition to guarantees that have been recognised as liabilities, the guarantees issued by the Group at
the financial position date are as follows:
30 June 31 December
2024 2023
Related parties (note) 8,019 7,344
Third parties 2,996 3,600
11,015 10,944
As at the financial position date, the counter guarantees issued to the Group by related parties and third
parties mentioned above are as follows:
30 June 31 December
2024 2023
Related parties (note) 1,710 1,114
Third parties – 155
1,710 1,269
Note:
As at 30 June 2024, the guarantees provided to related parties by the Group include guarantees provided to former subsidiaries of the Group
that were disposed to China Overseas Land & Investment Limited (“China Overseas”) in 2016, amounting to RMB1,000 million (31 December
2023: RMB1,000 million). China Overseas has provided counter guarantees to the Group.
The relationship and transaction with related parties are disclosed in Note 35.

33 Commitments and contingent liabilities (continued)

(e) Outstanding litigation and disputes
The Group is involved in a number of current and pending legal proceedings. The Group provided for
liabilities arising from those legal proceedings in which the outflow of economic benefit is probable and
can be reliably estimated in the consolidated statement of financial position. The Group believes that
these accruals are reasonable and adequate.
(i) There are a number of disputes with Mineralogy, and their details are disclosed in Note 3(a).
(ii) There are some issues in dispute with MCC, and their details are disclosed in Note 3(b).
(f) Capital commitments

As at the financial position date, the Group had the following capital commitments in these consolidated
financial statements:
30 June 31 December
2024 2023
Contracted for 14,316 15,201
34 Financial risk management and fair values

Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the business of the
Group. The Group has established policies and procedures to identify and analyse these risks, to set appropriate
risk limits and controls, and to constantly monitor the risks and limits by means of reliable and up-to-date
management information systems. The Group regularly updates and enhances its risk management policies and
systems to reflect changes in markets, products and best practice risk management processes. Internal auditors
also perform regular audits to ensure compliance with policies and procedures.
The Group’s exposure to these risks and the financial risk management policies and practices used by the Group
to manage these risks are described below.
(a) Credit risk

Credit risk management
Credit risk refers to the risk of loss caused by default of debtor or counterparty. Credit risk also occurs when
the Group makes unauthorised or inappropriate loans and advances to customers, financial commitments
or investments. The credit risk exposure of the Group mainly arises from the Group’s loans and advances to
customers, bonds, interbank business, receivables, lease receivables, other debt investments, off-balance
sheet items such as credit commitments financing businesses including margin financing and securities
lending, and also stock-pledged repo.

34 Financial risk management and fair values (continued)

(a) Credit risk (continued)
Credit risk management (continued)
The Group has standardised management on the entire credit business process including loan application,
and its investigation approval and granting of loan, and monitoring of non-performing loans. Through
strictly standardising the credit business process, strengthening the whole process management of pre-
loan investigation, credit rating and credit granting, examination and approval, loan review and post-loan
monitoring, improving the risk of slow-release of collateral, accelerating the liquidation and disposal of
non-performing loans, and promoting the upgrading and transformation of credit management system,
the credit risk management level of the Group has been comprehensively improved.
In addition to the credit risk to the Group caused by credit assets, for treasury business, the Group
manages the credit risk for treasury business through prudently selecting peers and other financial
institutions with comparable credit levels as counterparties, balancing credit risk with returns on investment,
comprehensively considering internal and external credit rating information, granting credit hierarchy,
and using credit management system to review and adjust credit commitments on a timely basis, etc. In
addition, the Group provides off-balance sheet commitment and guarantee business to customers, so it
is possible for the Group to make payment on behalf of the customer in case of customer’s default and
bear risks similar to the loan. Therefore, the Group applies similar risk control procedures and policies to
such business to reduce the credit risk.
The Group’s credit risk of securities financing transactions mainly arises from the provision of false information
provided by customers, failure to repay liabilities at required time limit, violation of contractual agreements
on size and structure of positions, violation of regulatory requirements on transactions and involvement
of legal disputes on assets provided as collateral. The Company primarily adopts the risk education, credit
collection, credit granting, daily marking-to-market, customer risk alert, mandatory liquidation, judicial
recourse and other methods to control those credit risks.
The Group is also confronted with credit risk resulting from receivables that arising from sales of goods and
rendering of services within the non-comprehensive financial services segments. The relevant subsidiaries
have established a credit policy under which individual credit evaluations are performed on all customers to
determine the credit limit and terms applicable to the customers. These evaluations focus on the customers’
financial position, the external ratings of the customers and their bank credit records where available.


Measurement of expected credit losses (“ECL”)
The Group adopts the ECL model on its debt instruments which are classified as financial assets measured at
amortised cost and at FVOCI, margin accounts, credit commitments and financial guarantees in accordance
with the provisions of HKFRS 9.
The Group mainly applies the HKFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for trade and other receivables and contract assets, regardless of
whether there is significant financing component or not. For other financial assets that are included in the
measurement of ECL, the Group evaluates whether the credit risks of related financial assets have increased
significantly since initial recognition, and uses the impairment model to measure their loss allowances
respectively to recognise ECL and their movements:
Stage 1: Financial instruments with no significant increase in credit risk since its initial recognition will be
classified as “stage 1” and the Group continuously monitors their credit risk. The loss allowances
of financial instruments in stage 1 are measured based on the ECL in the next 12 months, which
represents the proportion of the ECL in the lifetime due to possible default events in the next
12 months.
Stage 2: If there is a significant increase in credit risk since initial recognition, the Group transfers the related
financial instruments to stage 2, but it will not be considered as credit-impaired instruments.
The ECL of financial instruments in stage 2 is measured based on the lifetime ECL.
Stage 3: If a financial asset has shown signs of credit impairment from initial recognition, it will be moved
to Stage 3. The expected credit losses of financial assets in Stage 3 are measured based on the
lifetime ECL.
Purchased or originated credit-impaired financial assets refers to financial assets that are credit-impaired
at the initial recognition. Loss allowances on these assets are the lifetime ECL.
The Group estimates the ECL in accordance with HKFRS 9, and the key judgements and assumptions
adopted by the Group are as follows:
(1) Significant increase in credit risk

On each financial position date, the Group evaluates whether the credit risk of the relevant financial
instruments has increased significantly since the initial recognition. When one or more quantitative
or qualitative threshold, or upper limit are triggered, the credit risk of financial instruments would
be considered as increased significantly.
By setting quantitative and qualitative threshold, and upper limit, the Group determines whether the
credit risk of financial instruments has increased significantly since initial recognition. The judgement
mainly includes the number of overdue days, the absolute level and relative level of the change of
default probability, the change of credit risk classification and other conditions indicating significant
changes in credit risk.


Measurement of expected credit losses (“ECL”) (continued)
(2) Definition of default and credit-impaired assets
When credit impairment occurred, the Group defines that the financial asset is in default. In general,
a financial asset that is overdue for more than 90 days is considered to be in default.
When one or more events that adversely affect the expected future cash flow of a financial asset
occurs, the financial asset becomes a credit-impaired financial asset. Evidence of credit-impaired
financial assets includes the following observable information:
– The issuer or borrower/debtor is in significant financial difficulties;
– The borrower/debtor is in breach of financial covenant(s) such as default or overdue in repayment

of interests or principal etc.;
– The creditor gives the debtor concession that would not be offered otherwise, considering
economic or contractual factors relating to the debtor’s financial difficulties;
– It is becoming probably that the borrower/debtor will enter bankruptcy or other debt
restructuring;
– An active market for that financial asset has disappeared because of financial difficulties from
issuer or borrower/debtor;
– Financing financial assets are subject to mandatory liquidation measures and the collateral value
is no longer sufficient for financing amounts;
– Violation grade for bond issuers or bonds in the latest external rating;
– Financial assets are purchased or originated at a deep discount that reflects the incurred credit
losses.
The Group’s default definition has been consistently applied to the modelling of default probability, default
risk exposure and default loss rate in the Group’s expected credit loss calculation process.


(3) Inputs for measurement of ECL
The ECL is measured on either a 12-month or lifetime basis depending on whether a significant
increase in credit risk has occurred or whether an asset is considered to be credit-impaired. Related
definitions are as follows:
– The probability of default (“PD”) represents the likelihood of a borrower/debtor defaulting on

its financial obligations, either over the next 12 months or over the remaining lifetime of the
obligation.
– Loss given default (“LGD”) represents the Group’s expectation of the extent of loss on a defaulted
exposure. LGD varies by type of counterparty, type and seniority of claim, and availability of
collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure
at the time of default and is calculated on a 12-month or lifetime basis.
– Exposure at default (“EAD”) is based on the amounts that the Group expects to be owed at the
time of default, over the next 12 months or over the remaining lifetime of the obligation.
The Group regularly monitors and reviews the assumptions related to the calculation of expected
credit losses, including the PD and the change in the value of collateral over time.
The Group classifies exposures with similar risk characteristics and estimates the PD, LGD, EAD by the
exposures respectively. During the six months ended 30 June 2024, based on data accumulation, the
Group optimised and updated relevant models and parameters. The Group has acquired sufficient
information to assure the reliability of the statistics. The Group makes allowances for its expected
credit losses based on on-going assessment of and follow-up on changes in its customers and their
financial assets on an individual basis.
(4) Forward-looking information

The assessment of significant increase in credit risk and the calculation of ECL both incorporate
forward-looking information. The Group has performed historical analysis and identified the key
economic variables impacting credit risk and ECL for each asset portfolio.
These economic variables have different impacts on the PD and LGD of different risk groups. Expert
judgement has also been applied in this process, forecasts of these economic variables are estimated
by the experts of the Group on a semi-annually basis, and the impact of these economic variables
on the PD and the LGD was determined by the results of expert judgement.
In addition to the base economic scenario, the Group determines the possible scenarios and their
weighting by a combination of statistical analysis and expert judgement. The Group measures ECL as
either a probability weighted 12 months ECL (stage 1) or a probability weighted lifetime ECL (stage
2 and stage 3). These probability-weighted ECL are determined by running each scenario through
the relevant ECL model and multiplying it by the appropriate scenario weighting.


(4) Forward-looking information (continued)
Macroeconomic scenario and weighting information
The Group has performed historical analysis and identified the key economic variables impacting credit
risk and ECL for each portfolio, which mainly include GDP, producer price index, the total retail sales
of consumer goods, consumer price index, broad money supply and per capita disposable income
of urban residents, etc. Based on comprehensive considerations of internal and external data, expert
forecasts, and the best estimate of future outcomes, the Group makes regular forecasts of the macro
indicators in three macro-economic scenarios, i.e., the positive, neutral and negative scenarios, to
determine the coefficients for forward-looking adjustments. Neutral is defined as the most likely
to happen in the future, as compared to other scenarios. Positive scenario and negative scenario
represent the likely scenario that is better off or worse off as compared to the neutral scenario.
(i) Maximum credit risk exposure

The maximum exposure to credit risk as at the financial position date without taking into consideration
of any collateral held or other credit enhancement is represented by the net balance of each type of
financial assets in the consolidated statement of financial position after deducting any impairment
allowance. A summary of the maximum credit risk exposure of financial instruments for which
allowance for impairment losses is recognised is as follows:
30 June 31 December
2024 2023
Deposits with central banks, banks and non-bank financial
institutions 579,297 620,631
Trade and other receivables 267,317 231,150
Loans and advances to customers and other parties 5,464,697 5,374,582
Refundable deposits 62,099 62,182
Margin accounts 113,359 118,746
– Amortised cost 991,934 1,076,039
– Debt investments at FVOCI 934,990 967,803
Cash held on behalf of customers 235,875 239,019
Contract assets 25,108 24,312
Other financial assets 7,196 5,986
9,085,073 9,123,175
Credit commitments and guarantees provided 2,169,679 2,197,389

Maximum credit risk exposure 11,254,752 11,320,564


(i) Maximum credit risk exposure (continued)
The maximum credit risk exposure for debt instruments at the financial position without taking into
consideration of any collateral held or other credit enhancement is represented by the balance of
each type of debt instruments in the consolidated statement of financial position. A summary of the
maximum credit risk exposure for which allowance for impairment losses is not recognised is as follows:
30 June 31 December
2024 2023
Derivative financial instruments 98,948 77,562
Loans and advances to customers and other parties at FVPL 9,559 5,558
– Financial assets at FVPL (debt instruments) 955,781 924,942
Maximum credit risk exposure 1,064,288 1,008,062
(ii) Expected credit losses

The following table explains the changes in the gross carrying amount for loans and advances to
customers and other parties using ECL model to assess allowance for impairment loss for the period:

Balance at 1 January 2024 5,345,134 96,978 72,149 5,514,261
Movements:
Net transfers out from stage 1 (92,629) – – (92,629)
Net transfers into stage 2 – 35,655 – 35,655
Net transfers into stage 3 – – 56,974 56,974
Net increase/(decrease) (note (i)) 166,073 (23,202) (21,553) 121,318

Write-offs – – (33,079) (33,079)
Others (note (ii)) 5,795 (132) 575 6,238
Balance at 30 June 2024 5,424,373 109,299 75,066 5,608,738


(ii) Expected credit losses (continued)
Movements:
Net increase/(decrease) (note (i)) 261,791 (4,060) (33,293) 224,438

Write-offs – – (31,936) (31,936)
Others (note (ii)) 21,501 (1,476) 561 20,586
Balance at 30 June 2023 5,220,503 91,998 76,935 5,389,436
The following table explains the changes in the gross carrying amount for investments in financial
assets using ECL model to assess allowance for impairment loss for the period:

Movements:
Net (decrease)/increase (note (i)) (120,949) 322 118 (120,509)

Write-offs – – (1,633) (1,633)
Others (note (ii)) 3,981 474 119 4,574
Balance at 30 June 2024 1,894,783 11,162 48,951 1,954,896


Movements:
Net (decrease)/increase (note (i)) (49,550) 58 (1,682) (51,174)

Write-offs (35,542) – – (35,542)
Others (note (ii)) 104 – 9 113
Balance at 30 June 2023 1,878,156 7,072 57,701 1,942,929
Notes:
(i) Net increase/(decrease) mainly includes changes in carrying amount due to newly purchased or originated credit-impaired
financial assets or de-recognition excluding write-offs.
(ii) Others includes net changes in accrued interest and effect of exchange differences during the period.
Movements of the loss allowances for loans and advances to customers and other parties using ECL
model to assess allowance for impairment loss for the period is as follows:

Balance at 1 January 2024 64,854 27,217 48,264 140,335
Movements (note (iii)):

Net increase/(decrease) (note (iv)) 7,248 (4,007) (14,174) (10,933)

Write-offs – – (33,079) (33,079)
Parameters change (note (v)) (98) (1,482) 22,973 21,393
Others (note (vi)) 77 738 6,014 6,829
Balance at 30 June 2024 66,851 29,567 47,958 144,376



Net increase/(decrease) (note (iv)) 5,015 (289) 2,250 6,976

Write-offs – – (31,969) (31,969)
Parameters change (note (v)) (1,107) 688 (1,764) (2,183)
Others (note (vi)) 98 (177) 7,684 7,605
Balance at 30 June 2023 63,614 25,517 48,426 137,557
Movements of the loss allowances for investments in financial assets using ECL model to assess
allowance for impairment loss for the period is as follows:


Net transfers out from stage 1 (120) – – (120)
Net transfers into stage 2 – 120 – 120
Net decrease (note (iv)) (585) (1) (32) (618)

Write-offs – – (1,633) (1,633)
Parameters change (note (v)) (44) 98 1,431 1,485
Others (note (vi)) 6 5 56 67
Balance at 30 June 2024 4,862 1,861 24,484 31,207



Net transfers out from stage 1 (180) – – (180)
Net transfers into stage 2 – 213 – 213
Net transfers into stage 3 – – 624 624
Net increase (note (iv)) 1,040 218 2,219 3,477

Write-offs – – (616) (616)
Parameters change (note (v)) – – 116 116
Others (note (vi)) 85 (191) (597) (703)
Balance at 30 June 2023 6,017 1,772 29,781 37,570
Notes:
(iii) Movements mainly include the impacts on ECL due to changes in stages.
(iv) Net increase/(decrease) mainly includes changes in allowance for impairment due to newly purchased or originated credit-
impaired financial assets or de-recognition excluding write-offs.
(v) Parameters change mainly includes the impacts on ECL due to unwinding of discount, regular update on modelling parameters
resulting from changes in PD or LGD excluding changes in stages.
(vi) Others include changes of impairment losses of accrued interest, recovery of loans written off and effect of exchange differences.


(iii) Loans and advances to customers and other parties analysed by industry sector:
Loans and Loans and
advances advances
Gross secured by Gross secured by
balance % collateral balance % collateral
Corporate loans
– Real estate 282,122 5% 189,631 264,352 5% 170,149
– Rental and business services 588,728 10% 157,482 532,395 10% 148,751
– Manufacturing 505,828 9% 190,101 477,610 9% 179,327
– Watering, environment and
public utility management 465,010 8% 103,233 432,724 8% 104,234
– Wholesale and retail 228,835 4% 103,847 215,348 4% 100,650
– Transportation, storage and
postal services 147,194 3% 63,400 139,241 3% 63,159
– Construction 127,328 2% 41,153 123,776 2% 45,390
– Production and supply of
electric power, gas and
water 113,303 2% 41,020 98,121 1% 39,809
– Others 452,043 8% 113,484 405,074 8% 108,597
2,910,391 51% 1,003,351 2,688,641 50% 960,066
Personal loans 2,340,099 42% 1,545,294 2,294,540 40% 1,510,757

Discounted bills 346,840 6% – 516,450 9% –
5,597,330 99% 2,548,645 5,499,631 99% 2,470,823
Accrued interest 20,967 1% – 20,188 1% –

5,618,297 100% 2,548,645 5,519,819 100% 2,470,823


(iv) Loans and advances to customers and other parties analysed by geographical sector:
Loans and Loans and
advances advances
Gross secured by Gross secured by
balance % collateral balance % collateral
Chinese mainland 5,379,126 95% 2,449,256 5,290,715 95% 2,374,969
Excluding Chinese mainland 218,204 4% 99,389 208,916 4% 95,854
5,597,330 99% 2,548,645 5,499,631 99% 2,470,823
Accrued interest 20,967 1% – 20,188 1% –

5,618,297 100% 2,548,645 5,519,819 100% 2,470,823
(v) Loans and advances to customers and other parties analysed by type of security:
30 June 31 December
2024 2023
Unsecured loans 1,657,500 1,543,908
Guaranteed loans 1,044,393 968,338
Secured loans
– Loans secured by collateral 2,131,397 2,057,745
– Pledged loans 417,200 413,190
5,250,490 4,983,181
Discounted bills 346,840 516,450

5,597,330 5,499,631

Gross loans and advances 5,618,297 5,519,819


(vi) Rescheduled loans and advances to customers and other parties
Rescheduled loans and advances are those loans and advances which have been restructured or
renegotiated because of deterioration in the financial position of the borrower/debtor, or of the
inability of the borrower/debtor to meet the original repayment schedule and for which the revised
repayment terms are a concession that the Group would not otherwise consider.

% of total % of total
loans and loans and
Gross balance advances Gross balance advances
Rescheduled loans and advances 22,379 0.40% 17,742 0.32%
– Rescheduled loans and
advances overdue more than
3 months 1,174 0.02% 3,412 0.06%
(vii) Offsetting
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated
statement of financial position when there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability
simultaneously.
As at 30 June 2024, the Group did not enter into significant enforceable master netting arrangements
with counterparties and therefore there were no significant offsetting of any financial assets and
financial liabilities in the consolidated statement of financial position (31 December 2023: Nil).
(b) Liquidity risk

Liquidity risk arises when there is mismatch between amounts and maturity dates of financial assets and
financial liabilities.
Each of the Group’s operating entity formulates liquidity risk management policies and procedures within
the Group’s overall liquidity risk management framework and takes into consideration of the business and
regulatory requirements applicable to individual entity.
The Group manages liquidity risk by holding liquid assets (including deposits, other short term funds and
securities) of appropriate quality and quantity to ensure that short term funding requirements are covered
within prudent limits. Adequate standby facilities are maintained to provide strategic liquidity to meet
unexpected and material demand for payments in the ordinary course of business.


(b) Liquidity risk (continued)
The following tables indicate the analysis by remaining maturities of the Group’s financial assets and
financial liabilities at the financial position date:
As at 30 June 2024
Repayable on Between 1 More than 5
demand Within 1 year and 5 years years Undated Total
(note (i)) (note (ii))
Total financial assets 668,973 3,667,200 2,919,133 2,200,322 1,144,583 10,600,211
Total financial liabilities (3,893,226) (4,313,996) (1,480,662) (164,891) (18,245) (9,871,020)
Financial asset-liability (gap)/
surplus (3,224,253) (646,796) 1,438,471 2,035,431 1,126,338 729,191
surplus (3,123,967) (538,605) 1,108,617 2,067,519 1,155,456 669,020


The table below presents the undiscounted cash flows of the Group’s financial assets and financial liabilities
by remaining maturities at the financial position date:
As at 30 June 2024
surplus (3,224,253) (536,185) 1,792,576 2,488,312 1,126,918 1,647,368
surplus (3,123,967) (461,558) 1,491,074 2,455,823 1,158,330 1,519,702
Note:
(i) For loans and advances to customers which are overdue within one month yet are not impaired, the balances are reported under
repayable on demand.
(ii) The undated maturity date amount include statutory deposit reserve funds and fiscal deposits maintained with the People’s Bank
of China, loans and advances to customers and other parties and investments in financial assets that have been credit impaired or
overdue for more than one month, equity investments and investment funds, etc.


Credit Commitments include bank acceptances, credit card commitments, letters of guarantee issued, loan
commitments and letters of credit issued. The tables below summarise the amounts of credit commitments
by remaining contractual maturity.
As at 30 June 2024
Between 1 More than 5
Within 1 year and 5 years years Total
Loan commitments 13,179 15,422 17,716 46,317
Guarantees 161,569 95,362 1,203 258,134
Letters of credit 279,319 840 – 280,159
Acceptances 747,680 – – 747,680
Credit card commitments 826,374 – – 826,374
Total 2,028,121 111,624 18,919 2,158,664
Between 1 and More than 5
Within 1 year 5 years years Total
Loan commitments 4,288 11,889 30,591 46,768
Guarantees 154,761 81,650 626 237,037
Letters of credit 255,368 873 – 256,241
Acceptances 866,662 – – 866,662
Credit card commitments 779,947 – – 779,947
Total 2,061,026 94,412 31,217 2,186,655


(c) Interest rate risk
Each of the Group’s operating entities has formulated its own interest risk management policies and
procedures covering identification, measurement, monitoring and control of risks. The Group manages
interest rate risk to control potential loss from interest rate risk at an acceptable level by taking into
account market conditions.
(i) Financial asset-liability gap

Interest rate risk arises from mismatch between repricing dates of financial assets and financial
liabilities, and is affected by market interest rate volatility.
As at 30 June 2024
Non-interest Between 1 More than 5
bearing Within 1 year and 5 years years Total
Total financial assets 1,104,452 7,050,493 1,635,156 810,110 10,600,211
Total financial liabilities (684,138) (7,660,635) (1,348,773) (177,474) (9,871,020)
Financial asset-liability surplus/(gap) 420,314 (610,142) 286,383 632,636 729,191
Non-interest Between 1 More than 5
bearing Within 1 year and 5 years years Total
Total financial assets 1,090,623 7,076,058 1,543,608 788,719 10,499,008
Total financial liabilities (659,532) (7,604,083) (1,421,357) (145,016) (9,829,988)
Financial asset-liability surplus/(gap) 431,091 (528,025) 122,251 643,703 669,020


(c) Interest rate risk (continued)
(ii) Effective interest rate
Effective Effective
interest rate RMB million interest rate RMB million
Assets
Cash and deposits 0.35% ~ 2.11% 583,489 0.35% ~ 2.07% 625,135

Placements with banks and non-
bank financial institutions 3.40% 298,629 3.18% 237,742
Financial assets held under resale
agreements 1.94% 125,450 1.61% 164,983
Loans and advances to customers
and other parties 4.35% 5,474,256 4.56% 5,380,140
Investments in financial assets 2.82% ~ 3.01% 3,333,592 2.73% ~ 3.16% 3,356,367
Others 1,613,848 1,566,553
11,429,264 11,330,920
Liabilities
Borrowing from central banks 2.50% 275,603 2.61% 273,226

Deposits from banks and non-bank
financial institutions 2.15% 811,766 2.12% 893,565
Placements from banks and non-
bank financial institutions 3.28% 126,087 3.00% 150,493
Financial assets sold under
repurchase agreements 2.13% 481,719 2.13% 744,571
Deposits from customers 1.98% 5,577,672 2.12% 5,459,993
Bank and other loans 0.20% ~ 10.00% 254,893 0.13% ~ 10.00% 235,770
Debt instruments issued 0.00% ~ 6.10% 1,431,737 0.88% ~ 6.10% 1,221,107
Others 1,064,710 1,015,413
10,024,187 9,994,138


(c) Interest rate risk (continued)
(iii) Sensitivity analysis
The Group uses sensitivity analysis to measure the potential effect of changes in interest rates on the
Group’s profit before taxation. As at 30 June 2024, it is estimated that a general increase or decrease
of 100 basis points in interest rates, with all other variables held constant, the Group’s profit before
taxation would decrease or increase by RMB9,015 million (31 December 2023: decrease or increase
by RMB6,967 million).
This sensitivity analysis is based on a static interest rate risk profile of the Group’s financial assets
and financial liabilities and certain simplified assumptions. The analysis only measures the impact of
changes in the interest rates within one year, showing how annualised interest income would have
been affected by repricing of the Group’s financial assets and financial liabilities within the one-year
period. The analysis is based on the following assumptions: (1) all assets and liabilities that reprice
or mature within three months and after three months but within one year reprice or mature at the
beginning of the respective periods; (2) there is a parallel shift in the yield curve and in interest rates;
and (3) there are no other changes to the portfolio, all positions will be retained and rolled over upon
maturity. The analysis does not take into account the effect of risk management measures taken by
management. Because of its hypothetical nature with the assumptions adopted, actual changes in
the Group’s profit before taxation resulting from increases or decreases in interest rates may differ
from the results of this sensitivity analysis.
(d) Currency risk

Currency risk arises from the changes in exchange rates on the Group’s foreign currency denominated
assets and liabilities. The Group measures its currency risk with foreign currency exposures, and manages
currency risk by entering into spot foreign exchange transactions, use of derivatives (mainly foreign
forwards and swaps), and matching its foreign currency denominated assets with corresponding liabilities
in the same currency.
The revenue from the Group’s Sino Iron Project is denominated in US$, which is the functional currency
for this entity. A substantial portion of its development and operating expenditure are denominated in
Australian Dollars. The Group entered into plain vanilla forward contracts to manage the foreign currency
risks.
The Group funded the Sino Iron Project and the acquisition of bulk cargo vessels by borrowing US$ loans
to match the future cash outflows of these assets. The Group’s investments in the Sino Iron Project and
bulk cargo vessels (whose functional currency is US$) have been designated as an accounting hedge
against other US$ loans.


(d) Currency risk (continued)
The exposure to currency risk arising from the financial assets and financial liabilities at the financial
position dates is as follows (expressed in equivalent amount of RMB million):
As at 30 June 2024
RMB HK$ US$ Others Total
Total financial assets 9,685,116 242,641 578,287 94,167 10,600,211
Total financial liabilities (8,874,196) (322,060) (601,413) (73,351) (9,871,020)
Financial asset-liability surplus/(gap) 810,920 (79,419) (23,126) 20,816 729,191
RMB HK$ US$ Others Total
Total financial assets 9,629,011 271,879 521,594 76,524 10,499,008
Total financial liabilities (8,878,778) (281,967) (611,230) (58,013) (9,829,988)
Financial asset-liability surplus/(gap) 750,233 (10,088) (89,636) 18,511 669,020
The Group uses sensitivity analysis to measure the potential effect of changes in foreign currency exchange
rates on the Group’s total comprehensive income.
Assuming all other risk variables remained constant, 100 basis points strengthening or weakening of RMB
against HK$, US$ and other currencies as at 30 June 2024 would decrease or increase the Group’s total
comprehensive income by RMB399 million (31 December 2023: decrease or increase by RMB1,492 million).
This sensitivity analysis is based on a static foreign exchange exposure profile of financial assets and financial
liabilities and certain simplified assumptions. The analysis is based on the following assumptions: (i) the
foreign exchange sensitivity is the total comprehensive income changes recognised as a result of 100 basis
points fluctuation in the absolute value of the closing (middle) of each foreign currency against RMB; (ii)
the exchange rates against RMB for all foreign currencies change in the same direction simultaneously
and do not take into account the correlation effect of changes in different foreign currencies; and (iii) the
foreign exchange exposures calculated include both spot foreign exchange exposures, forward foreign
exchange exposures and options, and all positions will be retained and rolled over upon maturity. The
analysis does not take into account the effect of risk management measures taken by management.
Because of its hypothetical nature with the assumptions adopted, actual changes in the total Group’s
comprehensive income resulting from increases or decreases in foreign exchange rates may differ from
the results of this sensitivity analysis.


(e) Fair values
(i) Financial instruments carried at fair value
The following table presents the carrying amounts of financial instruments measured at fair value as
at the financial position date across the three levels of the fair value hierarchy defined in HKFRS 13,
Fair value measurement, with the fair value of each financial instrument categorised in its entirety
based on the lowest level of input that is significant to that fair value measurement. The levels are
defined as follows:
– Level 1: fair values measured using quoted market for similar active markets for identical financial
instruments;
– Level 2: fair values measured using quoted prices in active market for similar financial instruments,
or using valuation techniques in which all significant inputs are directly or indirectly based on
observable market data;
– Level 3: fair values measured using valuation techniques in which any significant input is not
based on observable market data.
The fair value of the Group’s financial assets and financial liabilities are determined as follows:
– If traded in active markets, fair values of financial assets and financial liabilities with standard
terms and conditions are determined with reference to quoted market bid prices and ask prices,
respectively;
– If not traded in active markets, fair values of financial assets and financial liabilities are determined
in accordance with generally accepted pricing models or discounted cash flow analysis using
prices from observable current market transactions for similar instruments. If there were no
available observable current market transactions prices for similar instruments, quoted prices
from counterparty is used for the valuation, and management performs analysis on these
prices. Discounted cash flow analysis using the applicable yield curve for the duration of the
instruments is used for derivatives other than options, and option pricing models are used for
option derivatives.


(e) Fair values (continued)
(i) Financial instruments carried at fair value (continued)
As at 30 June 2024
Level 1 Level 2 Level 3 Total
Assets
Bills receivables at FVOCI – 13,241 – 13,241

Loans and advances to
customers and other parties at
FVOCI – 414,838 – 414,838
FVPL – – 9,559 9,559
Derivative financial assets 1,626 88,454 8,868 98,948
Investments in financial assets 546,797 1,677,777 117,084 2,341,658
548,423 2,194,310 135,511 2,878,244
Liabilities
Financial liabilities at FVPL (12,953) (74,480) (19,363) (106,796)

Derivative financial liabilities (665) (88,349) (5,481) (94,495)
(13,618) (162,829) (24,844) (201,291)
Level 1 Level 2 Level 3 Total
Assets
Bills receivables at FVOCI – 12,804 – 12,804

FVOCI – 572,730 – 572,730
FVPL – – 5,558 5,558
Derivative financial assets 1,464 69,761 6,337 77,562
Investments in financial assets 555,487 1,560,215 164,626 2,280,328
556,951 2,215,510 176,521 2,948,982
Liabilities
Financial liabilities at FVPL (11,616) (56,308) (20,628) (88,552)

Derivative financial liabilities (1,003) (67,524) (5,228) (73,755)
(12,619) (123,832) (25,856) (162,307)


(i) Financial instruments carried at fair value (continued)
For the six months ended 30 June 2024, there were no significant transfers between instruments
in different levels (six months ended 30 June 2023: Nil) and no significant changes in valuation
techniques for determining the fair values of the instruments (six months ended 30 June 2023: Nil).
The following table shows a reconciliation from the beginning balances to the ending balances for
fair value measurements in Level 3 of the fair value hierarchy:

Assets Liabilities
Loans and
advances to Financial
customers liabilities at
and other Derivative Investments fair value Derivative
parties at financial in financial through financial
FVPL assets assets Total profit or loss liabilities Total
At 1 January 2024 5,558 6,337 164,626 176,521 (20,628) (5,228) (25,856)
Total gain: 25 3,409 1,427 4,861 3,185 2,824 6,009
– in profit or loss 25 3,409 1,570 5,004 3,185 2,824 6,009
– in other comprehensive
loss – – (143) (143) – – –
Net settlements 3,976 (878) (48,969) (45,871) (1,920) (3,077) (4,997)
At 30 June 2024 9,559 8,868 117,084 135,511 (19,363) (5,481) (24,844)

Assets Liabilities
Loans and
advances to Financial
customers liabilities at
and other Derivative Investments fair value Derivative
parties at financial in financial through financial
FVPL assets assets Total profit or loss liabilities Total
At 1 January 2023 3,881 6,541 139,023 149,445 (31,475) (4,414) (35,889)
Total gain/(loss): – 2,219 (1,282) 937 1,214 (5,329) (4,115)
– in profit or loss – 2,219 (1,197) 1,022 1,214 (5,329) (4,115)
– in other comprehensive
loss – – (85) (85) – – –
Net settlements 1,502 (1,663) (488) (649) 2,607 2,641 5,248
At 30 June 2023 5,383 7,097 137,253 149,733 (27,654) (7,102) (34,756)


(ii) Fair value of other financial instruments carried at other than fair value
The carrying amounts and fair values of the Group’s financial assets and financial liabilities, other
than those with carrying amounts that reasonably approximate to their fair values, are as follows:
As at 30 June 2024
Carrying
amount Fair value Level 1 Level 2 Level 3
Financial assets

– Financial assets at amortised
cost 991,934 1,009,566 2,334 799,755 207,477

– Corporate bonds issued 229,887 240,462 236,313 4,149 –
– Notes issued 130,796 124,994 – 120,678 4,316
– Subordinated bonds issued 78,056 80,405 3,769 76,636 –
– Certificates of deposit issued
(non-trading) 1,022 1,022 – – 1,022
– Certificates of interbank
deposit issued 964,116 967,800 – 967,800 –
– Convertible corporate bonds
issued 17,412 19,662 – – 19,662
– Beneficiary certificates 10,448 10,448 – – 10,448
1,431,737 1,444,793 240,082 1,169,263 35,448


(ii) Fair value of other financial instruments (carried at other than fair value) (continued)
Carrying
amount Fair value Level 1 Level 2 Level 3
Financial assets

cost 1,076,039 1,082,341 8,885 854,990 218,466

– Corporate bonds issued 236,477 237,942 206,139 31,803 –
– Notes issued 154,307 154,833 4,671 150,162 –
– Subordinated bonds issued 83,397 84,351 7,255 77,096 –
– Certificates of deposit issued
(non-trading) 1,430 1,430 – – 1,430
– Certificates of interbank
deposit issued 705,317 694,130 – 694,130 –
– Convertible corporate bonds
issued 18,504 22,315 – – 22,315
– Beneficiary certificates 21,675 21,675 – – 21,675
1,221,107 1,216,676 218,065 953,191 45,420


(iii) Methods and assumptions in estimating fair values
As at the financial position date, the Group adopted the following major methods and assumptions
in estimating the fair value of financial instruments.
Investments in financial assets and financial liabilities

Fair value is based on quoted market prices as at the financial position date for trading financial
assets and financial liabilities (excluding derivatives), financial assets held for investment if there is
an active market. If an active market does not exist for financial assets held for investment, the fair
value is determined using valuation techniques.
Derivatives
The fair values of foreign currency and interest rate contracts are either based on their listed market
prices or by discount cash flow model at the measurement date.
Financial guarantees
The fair values of financial guarantees are determined by reference to fees charged in an arm’s length
transaction for similar services, when such information is obtainable, or is otherwise estimated by
reference to interest rate differentials, by comparing the actual rates charged by lenders when the
guarantee is made available with the estimated rates that the lenders would have charged, had the
guarantees not been available, where reliable estimates of such information can be made.
35 Material related parties

(a) Relationship of related parties
(i) In addition to subsidiaries, related parties include parent company, ultimate controlling shareholder’s
fellow entities, associates and joint ventures of the Group.
(ii) CITIC Group, the parent and ultimate controlling shareholder of the Group, is a state-owned company
established in Beijing in 1979.

35 Material related parties (continued)

(b) Related party transactions
(i) Transaction with related parties
Ultimate
controlling Associates
Parent shareholder’s and joint
company fellow entities ventures Total
Sales of goods – 77 769 846
Purchase of goods – 420 10,224 10,644
Interest income (note (2)) 39 55 1,303 1,397
Interest expenses 28 980 338 1,346
Fee and commission income 1 2 35 38
Fee and commission expenses – 14 1 15
Income from other services 1 101 2,772 2,874
Expenses for other services – 31 66 97
Interest income from deposits
and receivables – – 355 355
Other operating expenses – 751 859 1,610

Ultimate
controlling
shareholder’s Associates and
Parent company fellow entities joint ventures Total
Sales of goods – 75 935 1,010
Purchase of goods – 588 10,223 10,811
Interest income (note (2)) – 58 1,377 1,435
Interest expenses 55 902 286 1,243
Fee and commission income 38 – 8 46
Fee and commission expenses – – 6 6
Income from other services 18 70 3,182 3,270
Expenses for other services – 44 6 50
Interest income from deposits
and receivables – – 221 221
Other operating expenses – 26 876 902
Notes:
(1) These above transactions with related parties were conducted under the normal commercial terms.
(2) Interest rates of loans and advances to the related parties were determined at rates negotiated among the Group and the
corresponding related parties on a case by case basis.
(3) During the relevant periods, CITIC Bank, a subsidiary of the Group, entered into transactions with related parties in the ordinary
course of its banking businesses including lending, assets transfer (i.e. issuance of asset-backed securities in the form of public
placement), wealth management, investment, deposit, settlement and clearing, off-balance sheet transactions, and purchase,
sale and leases of property. These banking transactions were conducted under normal commercial terms and conditions and
priced at the relevant market rates prevailing at the time of each transaction.


(b) Related party transactions (continued)
(ii) Outstanding balances with related parties
As at 30 June 2024
Ultimate
controlling Associates
Parent shareholder’s and joint
company fellow entities ventures Total
Trade and other receivables 62 1,082 10,032 11,176
customers and other parties
(note (2)) – 4,686 13,037 17,723
Cash and deposits – – 24,950 24,950
Derivative financial instruments – – 258 258
bank financial institutions – – 56,851 56,851
– Financial assets at FVPL – – 4,359 4,359
– Debt instruments at FVOCI 948 – 659 1,607
– Equity investments at FVOCI – – 450 450
cost 985 – 557 1,542
Contract assets – 1 2,312 2,313
agreements – 1,389 551 1,940
Other assets – 33 10,454 10,487
Trade and other payables 482 6,387 6,284 13,153
Deposits from customers 14,009 8,141 13,414 35,564
Deposits from bank and non-
Contract liabilities 127 93 1,362 1,582
Lease liabilities – 187 57 244
Derivative financial instruments – – 321 321
Bank and other loans 1,227 31,722 – 32,949
Other liabilities – 10,678 24 10,702
Off-balance sheet items

Guarantees provided (note (3)) – – 8,019 8,019


(b) Related party transactions (continued)
(ii) Outstanding balances with related parties (continued)
Ultimate
controlling
Parent shareholder’s Associates and
company fellow entities joint ventures Total
Trade and other receivables 64 1,017 10,863 11,944
customers and other parties
(note (2)) – 5,285 11,443 16,728
Cash and deposits – – 31,170 31,170
Derivative financial assets – – 169 169
– Financial assets at FVPL – – 4,900 4,900
– Debt instruments at FVOCI 1,023 – 1,366 2,389
– Equity investments at FVOCI – – 460 460
cost 985 – – 985
Contract assets – 5 918 923
agreements – 1,182 – 1,182
Other assets – 2 9,868 9,870
Trade and other payables 481 11,410 5,953 17,844
Deposits from customers 19,139 9,761 19,585 48,485
Deposits from bank and non-
Contract liabilities 135 10 1,474 1,619
Lease liabilities – 191 20 211
Derivative financial liabilities – – 204 204
Bank and other loans 254 33,136 – 33,390
Other liabilities – 6 37 43
Off-balance sheet items

Guarantees provided (note (3)) – – 7,344 7,344
Notes:
(1) The above transactions with related party transactions were conducted under the normal commercial terms.
(2) Interest rates of loans and advances to the related parties were determined at rates negotiated between the Group and the
corresponding related parties on a case by case basis.
(3) The guarantees provided by the Group to the related parties were based on the terms agreed between the Group and the
related parties on a case by case basis.


(c) Transactions with other state-owned entities in the PRC
In addition to these related party transactions disclosed in Note 35 (b), transactions with other state-owned
entities include but are not limited to the following:
– sales and purchases of goods and provision of services;
– purchase, sale and leases of property and other assets;
– lending and deposit taking;
– taking and placing of interbank balances;
– derivative transactions;
– entrusted lending and other custody services;
– insurance and securities agency, and other intermediary services;
– sale, purchase, underwriting and redemption of bonds issued by other state-owned entities; and
– rendering and receiving of utilities and other services.

36 Interests in structured entities

(a) Structured entities in which the Group holds an interest
The Group holds an interest in some structured entities through investments in debt securities issued
by these structured entities. Such structured entities include wealth management products, investment
management products, trust plans, asset-backed securities and investment funds and the Group does not
consolidate these structured entities.
The following table sets out an analysis of the carrying amounts of interests held by the Group as at the
financial position date in the structured entities, as well as an analysis of the line items in the consolidated
statement of financial position in which the relevant assets are recognised:
As at 30 June 2024
Financial
assets at Debt
amortised Financial investments Maximum loss
Gross amount cost assets at FVPL at FVOCI Total exposure
Wealth management products – 7,645 – 7,645 7,645
Investment management products 22,046 7,889 – 29,935 29,935
Trust investment plans 180,200 8,992 – 189,192 189,192
Asset-backed securities 75,799 704 32,372 108,875 108,875
Investment funds – 591,563 – 591,563 591,563
Total 278,045 616,793 32,372 927,210 927,210
Financial
assets at Debt
amortised Financial investments Maximum loss
Gross amount cost assets at FVPL at FVOCI Total exposure
Wealth management products – 6,161 – 6,161 6,161
Investment management products 22,908 12,706 – 35,614 35,614
Trust investment plans 194,110 11,432 – 205,542 205,542
Asset-backed securities 123,158 912 19,666 143,736 143,736
Investment funds – 553,540 – 553,540 553,540
Total 340,176 584,751 19,666 944,593 944,593

36 Interests in structured entities (continued)

(b) Structured entities sponsored by the Group which the Group does not consolidate
but holds an interest
The investments issued by unconsolidated structured entities sponsored by the Group are primarily
wealth management products, trust plans, investment funds and investment management. The nature
and purpose of these structured entities are for the Group to generate fees from managing assets on
behalf of investors. These structured entities are financed through the issuance of products to investors.
The interests in unconsolidated structured entities held by the Group mainly includes fees charged by
providing management services.
Wealth management products, trust plans, investment funds and investment management
products
As at 30 June 2024, the aggregate amount of assets held by the unconsolidated wealth management
products, trust plans, investment funds and investment management products which are sponsored by
the Group was RMB7,699,175 million (31 December 2023: RMB6,859,588 million).
During the six months ended 30 June 2024, the amount of fee and commission income and net interest
income recognised from the above-mentioned structured entities sponsored by the Group was RMB7,303
million (six months ended 30 June 2023: RMB8,539 million) and RMB163 million (six months ended 30
June 2023: RMB25 million).
In order to achieve a smooth transition and steady development of the wealth management business,
during the six months ended 30 June 2024, in accordance with the requirements of the “Guiding Opinions
on Regulating the Asset Management Business of Financial Institutions”, the Group continues to promote
net-value-based reporting of its asset management products and dispose of existing portfolios.

36 Interests in structured entities (continued)

(c) Transfers of financial assets
The Group entered into transactions which involved securitisation transactions and transfers of non-
performing financial assets.
These transactions were entered into in the normal course of business by which recognised financial
assets were transferred to third parties or structured entities. Transfers of assets may give rise to full or
partial de-recognition of the financial assets concerned. On the other hand, where transferred assets do
not qualify for de-recognition as the Group has retained substantially all the risks and rewards of these
assets, the Group continues to recognise the transferred assets.
Details of securitisation transactions and non-performing financial assets transfer transactions conducted
by the Group for the six months ended 30 June 2024 totalled RMB10,300 million (six months ended 30
June 2023: RMB18,987 million) are set forth below.
Securitisation transactions
During the six months ended 30 June 2024, the original book value of financial assets transferred by the
Group through asset securitisation transactions was RMB9,113 million (six months ended 30 June 2023:
RMB7,548 million), which qualified for full de-recognition.
Transfer of loans and other financial assets

During the six months ended 30 June 2024, the Group transferred loans and other financial assets by other
means with the original book value of RMB1,187 million (six months ended 30 June 2023: RMB11,439
million), including RMB1,187 million (six months ended 30 June 2023: RMB7,991 million) of non-performing
loans, nil (six months ended 30 June 2023: RMB2,810 million) of non-performing structured investments
and nil (six months ended 30 June 2023: RMB638 million) of other financial assets. The Group carried out
assessment based on the transfer of risks and rewards of ownership and concluded that these transferred
assets qualified for full de-recognition.

37 Major transactions with non-controlling interests

(a) Acquisition of additional interest in an indirectly hold subsidiary
During the six months ended 30 June 2024, CITIC Financial Holding acquired 0.60% of the issued shares
of CITIC Securities for a purchase consideration of RMB1,293 million. The Group recognised a decrease in
non-controlling interests of RMB1,527 million, and an increase in the equity attributable to shareholders
of the Company of RMB234 million. The effect of changes in the ownership interest of CITIC Securities
on the equity attributable to shareholders of the Company during the six months ended 30 June 2024 is
summarised as follows:
Six months ended

30 June 2024
Carrying amount of non-controlling interests acquired 1,527
Consideration paid to non-controlling interests (1,293)
Purchase gains recognised within equity 234
(b) Acquisition of additional interest in an indirectly hold subsidiary

During the six months ended 30 June 2024, Hubei Xinyegang Steel Co., Ltd. acquired 3.66% of the issued
shares of Nanjing Iron and Steel Co., Ltd. (“Nanjing Iron and Steel”) for a purchase consideration of RMB832
million. The Group recognised a decrease in non-controlling interests of RMB1,036 million, and an increase
in the equity attributable to shareholders of the Company of RMB204 million. The effect of changes in the
ownership interest of Nanjing Iron and Steel on the equity attributable to shareholders of the Company
during the six months ended 30 June 2024 is summarised as follows:
Six months ended

30 June 2024
Carrying amount of non-controlling interests acquired 1,036
Consideration paid to non-controlling interests (832)
Purchase gains recognised within equity 204
38 Post balance sheet events

The Group does not have any significant events after the financial position date that need to be disclosed.
39 Comparative figures
Restatements have been made on comparative amounts to ensure the comparability with current period’s
financial statements.

Report on Review of Interim Financial Information
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

TO THE BOARD OF DIRECTORS OF CITIC LIMITED
(incorporated in Hong Kong with limited liability)
Introduction
We have reviewed the interim financial information set out on pages 33 to 135, which comprises the consolidated
statement of financial position of CITIC Limited (the “Company”) and its subsidiaries (collectively the “Group”) as of 30
June 2024 and the consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated cash flow statement for the six-month period then ended, and
explanatory notes. The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited require
the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof
and Hong Kong Accounting Standard 34, Interim Financial Reporting, issued by the Hong Kong Institute of Certified
Public Accountants. The directors of the Company are responsible for the preparation and presentation of the interim
financial information in accordance with Hong Kong Accounting Standard 34.
Our responsibility is to form a conclusion, based on our review, on the interim financial information and to report our
conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose.
We do not assume responsibility towards or accept liability to any other person for the contents of this report.
Scope of Review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim
Financial Information Performed by the Independent Auditor of the Entity, issued by the Hong Kong Institute of
Certified Public Accountants. A review of interim financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing
and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information
of the Group is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34, Interim
Financial Reporting.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building

10 Chater Road
Central, Hong Kong
30 August 2024

Interim Dividend and Closure of Register of Members

The board of directors of CITIC Limited has resolved to declare an interim dividend (“2024 Interim Dividend”) of
RMB0.19 per share (equivalent to HK$0.2079455 per share at the exchange rate of RMB1.0: HK$1.09445, being
the average benchmark exchange rate of RMB to HK$ as published by the People’s Bank of China during the five
business days immediately before 30 August 2024) for the year ending 31 December 2024 (2023 interim dividend:
RMB0.18 per share, equivalent to HK$0.1964844 per share), payable on Friday, 15 November 2024 to shareholders
whose names appear on CITIC Limited’s register of members on Monday, 30 September 2024. The register of
members of CITIC Limited will be closed from Wednesday, 25 September 2024 to Monday, 30 September 2024,
both days inclusive, during which period no transfer of shares will be effected. To qualify for the 2024 Interim
Dividend, all transfer documents accompanied by the relevant share certificates must be lodged with CITIC
Limited’s Share Registrar, Tricor Tengis Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong, for
registration not later than 4:30 p.m. on Tuesday, 24 September 2024.
The 2024 Interim Dividend will be payable in cash to each shareholder in HK Dollars (“HK$”) unless an election is
made to receive the same in Renminbi (“RMB”).
Shareholders will be given the option to elect to receive all (but not part) of the 2024 Interim Dividend in RMB,
such dividend will be paid at RMB0.19 per share. To make such election, shareholders should complete the
Dividend Currency Election Form, which is expected to be despatched to shareholders in early October 2024 as
soon as practicable after the record date of Monday, 30 September 2024 to determine shareholders’ entitlement
to the 2024 Interim Dividend, and return it to CITIC Limited’s Share Registrar, Tricor Tengis Limited, at 17/F, Far East
Finance Centre, 16 Harcourt Road, Hong Kong not later than 4:30 p.m. on Friday, 18 October 2024.
Shareholders who are minded to elect to receive all (but not part) of their dividends in RMB by cheques should
note that (i) they should ensure that they have an appropriate bank account to which the RMB cheques for
dividend can be presented for payment; and (ii) there is no assurance that RMB cheques can be cleared without
material handling charges or delay in Hong Kong or that RMB cheques will be honoured for payment upon
presentation outside Hong Kong. The cheques are expected to be posted to the relevant shareholders by ordinary
post on Friday, 15 November 2024 at the shareholders’ own risk.
If no election is made by a shareholder or no duly completed Dividend Currency Election Form in respect of that
shareholder is received by CITIC Limited’s Share Registrar, Tricor Tengis Limited, by 4:30 p.m. on Friday, 18 October
2024, such shareholder will automatically receive the 2024 Interim Dividend in HK$. All dividend payments in HK$
will be made in the usual way on Friday, 15 November 2024.
If shareholders wish to receive the 2024 Interim Dividend in HK$ in the usual way, no additional action is required.
Shareholders should seek professional advice with their own tax advisers regarding the possible tax implications
of the dividend payment.

Share Option Plan Adopted by Subsidiaries of CITIC Limited

CITIC Telecom International Holdings Limited (“CITIC Telecom”)
CITIC Telecom adopted a share option plan (“CITIC Telecom Share Option Plan”) on 17 May 2007, which was valid
and effective till 16 May 2017. As approved at the annual general meeting of CITIC Telecom held on 25 April 2014,
the mandate limit is refreshed so that taking into account the overriding limit of the CITIC Telecom Share Option
Plan, the total number of shares of CITIC Telecom (“CITIC Telecom Shares”) which may be issued upon the exercise
of all options to be granted under the CITIC Telecom Share Option Plan, together with all outstanding options
granted and yet to be exercised as at 25 April 2014, shall not exceed 333,505,276 CITIC Telecom Shares, being 10%
of the number of CITIC Telecom Shares in issue as at the date of approval of the refreshment of the mandate limit.
Particulars of the outstanding share options granted under the CITIC Telecom Share Option Plan and their
movements during the six months ended 30 June 2024 are as follows:
Number of Exercise price

Date of grant share options per share Exercise period
HK$
24.03.2017 45,339,500 2.45 24.03.2019 – 23.03.2024
The grantees were directors, officers or employees of CITIC Telecom. None of these options were granted to the
directors, chief executives or substantial shareholders of CITIC Limited.
The above share options have expired at the close of business on 23 March 2024. The above outstanding options
granted and accepted under the CITIC Telecom Share Option Plan can be exercised in whole or in part within 5
years from the date of commencement of the exercise period. No options were granted nor cancelled during the
six months ended 30 June 2024.
As at 1 January 2024, options for 3,799,500 CITIC Telecom Shares were outstanding under the CITIC Telecom Share
Option Plan. During the six months ended 30 June 2024, options for 856,000 CITIC Telecom Shares were exercised,
options for 2,943,500 CITIC Telecom Shares have lapsed but no option has been cancelled. As at 30 June 2024, no
CITIC Telecom Shares under the CITIC Telecom Share Option Plan were exercisable.

A summary of the movements of the share options during the six months ended 30 June 2024 is as follows:
Employees of CITIC Limited/CITIC Telecom under continuous contracts (as defined in the
Employment Ordinance)
Number of share options

Exercised Lapsed
during the six during the six
months ended months ended
Balance as at 30.06.2024 30.06.2024 Balance as at
Date of grant Exercise period 01.01.2024 (Note 1) (Note 2) 30.06.2024
24.03.2017 24.03.2019 – 23.03.2024 3,799,500 856,000 2,943,500 –
Notes:
1. The weighted average closing price of CITIC Telecom Shares immediately before the dates on which the options were exercised was HK$2.86.
2. These are in respect of options i) granted to some employees under continuous contracts who have subsequently resigned; or ii) lapsed upon the
expiry of the relevant share options.
CITIC Resources Holdings Limited (“CITIC Resources”)

The share option scheme adopted by CITIC Resources on 30 June 2004 (the “Old Scheme”) for a term of 10 years
expired on 29 June 2014. The share options granted under the Old Scheme have lapsed.
To enable CITIC Resources to continue to grant share options as an incentive or reward to eligible persons, a new
share option scheme was adopted by CITIC Resources on 27 June 2014 (the “New Scheme”). The total number of
shares of CITIC Resources which may be issued upon the exercise of all options granted under the New Scheme
and any other share schemes of CITIC Resources remains the same, i.e. not exceeding 786,852,714 shares of CITIC
Resources (representing 10% of the total number of shares of CITIC Resources in issue as at the date of adoption
of the New Scheme). During the six months ended 30 June 2024, no share options were granted under the New
Scheme.
Disclosure of Interests
Directors’ Interests in Shares
As at 30 June 2024, the interests and short positions of the directors of CITIC Limited in the shares, underlying
shares and debentures of CITIC Limited or any of its associated corporations (within the meaning of Part XV of the
Securities and Futures Ordinance (“SFO”)) which were notified to CITIC Limited and The Stock Exchange of Hong
Kong Limited (the “Hong Kong Stock Exchange”) pursuant to Divisions 7 and 8 of Part XV of the SFO (including
interests and short positions which they were taken or deemed to have under such provisions of the SFO), or
which were recorded in the register required to be kept by CITIC Limited pursuant to section 352 of the SFO, or
which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the
“Model Code“) as set out in Appendix C3 to the Rules Governing the Listing of Securities on the Hong Kong Stock
Exchange (the “Listing Rules”) as adopted by CITIC Limited, to be notified to CITIC Limited and the Hong Kong
Stock Exchange, were as follows:

Long positions in shares

(a) CITIC Limited
Number of ordinary
shares held
Personal interests Approximate
(held as beneficial percentage of
Name of Directors owner) shareholding
Xi Guohua 130,000 0.0004%
Zhang Wenwu 112,000 0.0004%
Liu Zhengjun 29,000 0.0000%
Wang Guoquan 39,000 0.0001%
(b) Associated Corporation of CITIC Limited
Number of Approximate
shares held percentage of
Family interests shareholding
Name of Director Name of associated corporation (interest of spouse) (A Shares)
Yue Xuekun CITIC Securities Company Limited 181,435 0.0015%
A Shares
Saved as disclosed above, as at 30 June 2024, none of the directors of CITIC Limited were, under Divisions 7
and 8 of Part XV of the SFO, taken to be interested or deemed to have any other interests or short positions
in the shares, underlying shares and debentures of CITIC Limited and its associated corporations (within
the meaning of Part XV of the SFO) that were required to be entered in the register kept by CITIC Limited
pursuant to section 352 of the SFO, or that were required to be notified to CITIC Limited and the Hong Kong
Stock Exchange pursuant to the Model Code.

Interests of Substantial Shareholders

As at 30 June 2024, substantial shareholders of CITIC Limited (other than directors of CITIC Limited) who had
interests or short positions in the shares or underlying shares of CITIC Limited which would fall to be disclosed
to CITIC Limited under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the
register required to be kept by CITIC Limited under section 336 of the SFO, or which were notified to CITIC Limited
and the Hong Kong Stock Exchange, were as follows:
Approximate
Number of percentage to
ordinary the total number
Name Nature of interest/capacity shares held of issued shares
CITIC Group Corporation Interests in a controlled corporation 21,270,800,597 73.12%
(“CITIC Group”) (Note 1) and interests in a section 317 (Long position) (Long position)
concert party agreement
CITIC Glory Limited Beneficial owner 7,446,906,755 25.60%

(“CITIC Glory”) (Note 2) (Long position) (Long position)
CITIC Polaris Limited Beneficial owner and interests 21,270,800,597 73.12%

(“CITIC Polaris”) (Note 3) in a section 317 concert party (Long position) (Long position)
agreement
Chia Tai Bright Investment Beneficial owner and interests 21,270,800,597 73.12%
Company Limited in a section 317 concert party (Long position) (Long position)
(“CT Bright”) (Note 4) agreement 5,818,053,363 20.00%
(Short position) (Short position)
CT Brilliant Investment Interests in a controlled corporation 21,270,800,597 73.12%

Holdings Limited and interests in a section 317 (Long position) (Long position)
(“CT Brilliant”) (Note 5) concert party agreement 5,818,053,363 20.00%
Charoen Pokphand Group Interests in a controlled corporation 21,270,800,597 73.12%

Company Limited and interests in a section 317 (Long position) (Long position)
(“CPG”) (Note 6) concert party agreement 5,818,053,363 20.00%
ITOCHU Corporation Interests in a controlled corporation 21,270,800,597 73.12%

(“ITOCHU”) (Note 7) and interests in a section 317 (Long position) (Long position)
concert party agreement 5,818,053,363 20.00%
China CITIC Financial Asset Beneficial owner 1,457,422,158 5.01%

Management Co., Ltd. (Long position) (Long position)
(“CITIC FAMC”) (Note 8)

Notes:
(1) CITIC Group is deemed to be interested in 21,270,800,597 shares: (i) by attribution of the interests of its two wholly-owned subsidiaries, CITIC
Polaris (8,005,840,479 shares) and CITIC Glory (7,446,906,755 shares); and (ii) because CITIC Group is a party to the Share Purchase Agreement and
the Preferred Shares Subscription Agreement which, reading together, constitute an agreement to which section 317(1) of the SFO applies, and
accordingly CITIC Group has aggregated its interests in the shares with the interests of the other parties to the Share Purchase Agreement and the
Preferred Shares Subscription Agreement.
(2) CITIC Glory is beneficially interested in 7,446,906,755 shares of CITIC Limited.
(3) CITIC Polaris is deemed to be interested in 21,270,800,597 shares: (i) by including 8,005,840,479 shares it holds as beneficial owner; and (ii) because
CITIC Polaris is a party to the Share Purchase Agreement which, reading together with the Preferred Shares Subscription Agreement, constitute an
agreement to which section 317(1) of the SFO applies, and accordingly CITIC Polaris has aggregated its interests in the shares with the interests of the
other parties to the Share Purchase Agreement and the Preferred Shares Subscription Agreement.
(4) CT Bright is deemed to be interested in 21,270,800,597 shares: (i) by including 5,818,053,363 shares it holds as beneficial owner; and (ii) because
CT Bright is a party to the Share Purchase Agreement and the Preferred Shares Subscription Agreement which, reading together, constitute an
agreement to which section 317(1) of the SFO applies, and accordingly CT Bright has aggregated its interests in the shares with the interests of the
other parties to the Share Purchase Agreement and the Preferred Shares Subscription Agreement. CT Bright has a short position of 5,818,053,363
shares because it is under an obligation to deliver a maximum of 5,818,053,363 shares to CITIC Polaris if CITIC Polaris’ right of first refusal under the
Share Purchase Agreement is exercised in full.
(5) CT Brilliant is deemed to be interested in 21,270,800,597 shares and to have a short position of 5,818,053,363 shares as a shareholder of CT Bright
directly holding 50% equity interest in CT Bright.
(6) CPG is deemed to be interested in 21,270,800,597 shares and to have a short position of 5,818,053,363 shares as a shareholder of CT Bright indirectly
holding 50% equity interest in CT Bright through CT Brilliant, its wholly-owned subsidiary.
(7) ITOCHU is deemed to be interested in 21,270,800,597 shares and to have a short position of 5,818,053,363 shares as a shareholder of CT Bright directly
holding 50% equity interest in CT Bright.
(8) CITIC FAMC is beneficially interested in 1,457,422,158 shares of CITIC Limited.
Purchase, Sale or Redemption of Listed Securities

On 18 January 2024 (maturity date), CITIC Limited fully redeemed the USD200 million 4.7% notes under the
Medium Term Note Programme upon maturity. These notes were issued in two tranches, namely, (i) USD110
million issued on 18 July 2014 and (ii) USD90 million issued on 29 October 2014. The notes issued as mentioned
above were listed on the Hong Kong Stock Exchange.
Save as disclosed above, neither CITIC Limited nor any of its subsidiary companies has purchased, sold or
redeemed any of CITIC Limited’s listed securities during the six months ended 30 June 2024.

Corporate Governance
CITIC Limited is committed to maintaining high standards of corporate governance. The board of directors believes
that good corporate governance practices are important to promote investor confidence and protect the interests
of our shareholders. Looking ahead, we will keep our governance practices under continual review to ensure
their consistent application and will continue to improve our practices having regard to the latest developments.
Details of CITIC Limited’s corporate governance practices can be found in CITIC Limited’s Annual Report 2023 and
on CITIC Limited’s website at www.citic.com.
Board Composition and Changes

On 29 January 2024, Mr Xi Guohua was appointed as chairman of the board, chairman of nomination committee,
chairman of strategic committee and chairman of executive committee of CITIC Limited and ceased to be vice
chairman and president of CITIC Limited.
On 28 March 2024, Mr Zhang Wenwu was appointed as executive director, vice chairman and president, a member
of the nomination committee, a member of strategic committee and vice chairman of executive committee of
CITIC Limited. The number of independent non-executive directors falls below at least one-third of the board as
required under Rule 3.10A of the Listing Rules.
On 29 August 2024, Mr Chen Yuyu was appointed as independent non-executive director and a member of the
strategic committee of CITIC Limited.
As disclosed in the announcement of CITIC Limited dated 28 June 2024, the board has been identifying an
appropriate person to fill the vacancy of independent non-executive director since 28 March 2024, and has
shortlisted a candidate. However, additional time was required for CITIC Limited to complete the selection and
nomination procedures and for the candidate to accept the appointment of the independent non-executive
director. CITIC Limited has applied to the Hong Kong Stock Exchange for, and the Hong Kong Stock Exchange
has granted to CITIC Limited, a waiver from strict compliance with Rules 3.10A and 3.11 of the Listing Rules to
extend the time in respect of compliance with Rules 3.10A and 3.11 of the Listing Rules up to 28 September 2024.
Following the appointment of Mr Chen Yuyu as an independent non-executive director of CITIC Limited on
29 August 2024, the board has a total of 17 members, comprising 4 executive directors, 7 non-executive directors
and 6 independent non-executive directors. Accordingly, CITIC Limited has complied with the requirement of
having at least one-third of the board members as independent non-executive directors under Rule 3.10A of the
Listing Rules.

Board Committees
Currently the board has the following committees to discharge its functions:
• Audit and Risk Management Committee oversees the relationship with the external auditor, and reviews
CITIC Limited’s financial reporting, annual audit and half-year report. The committee acts on behalf of
the board in providing oversight of CITIC Limited’s financial reporting system, risk management and
internal control systems, and environmental, social, and governance practices, reviews and monitors the
effectiveness of the internal audit function, and reviews CITIC Limited’s policies and practices on corporate
governance. The committee consists of three independent non-executive directors, Mr Francis Siu Wai
Keung (who serves as the chairman of the committee), Dr Xu Jinwu and Mr Anthony Francis Neoh, and two
non-executive directors, Mr Zhang Lin and Mr Yang Xiaoping.
• Nomination Committee reviews the structure, size, composition and diversity of the board at least annually
and makes recommendations on any proposed changes to the board; identifies and nominates qualified
candidates to become board members and/or fills casual vacancies for the approval of the board; assesses
the independence of independent non-executive directors; makes recommendations to the board on the
appointment or re-appointment of directors and succession planning for directors; and reviews the board
diversity policy and the director nomination policy on an annual basis, and makes recommendation on any
required changes to the board. The committee is chaired by Mr Xi Guohua, the chairman of the board and
other members include an executive director, Mr Zhang Wenwu (being vice chairman and president of CITIC
Limited), a non-executive director, Ms Yu Yang, and four independent non-executive directors, Mr Francis Siu
Wai Keung, Dr Xu Jinwu, Mr Anthony Francis Neoh and Mr Gregory Lynn Curl.
• Remuneration Committee determines the remuneration packages of individual executive directors and
senior management including salaries, bonuses, benefits in kind, pension rights and compensation
payments (including any compensation payable for loss or termination of office or appointment). The
committee consists of three independent non-executive directors, Mr Anthony Francis Neoh (who serves as
the chairman of the committee), Mr Francis Siu Wai Keung, Dr Xu Jinwu, and a non-executive director,
Mr Zhang Lin.
• Strategic Committee accommodates the strategic development of CITIC Limited and enhances its core
competitiveness, makes and implements the development plan of CITIC Limited, improves the
investment-related decision making procedures and procures well-advised and efficient decision making.
The committee is chaired by Mr Xi Guohua, the chairman of the board and other members include an
executive director, Mr Zhang Wenwu (being the vice chairman and president of CITIC Limited), three
non-executive directors, Ms Yu Yang, Ms Li Yi and Mr Yang Xiaoping, and three independent non-executive
directors, Mr Anthony Francis Neoh, Mr Toshikazu Tagawa and Mr Chen Yuyu. Mr Li Rucheng (being a former
non-executive director of CITIC Limited) serves as the consultant to the committee.

Management Committees
• Executive Committee is the highest authority of the management of CITIC Limited accountable to the
board. The functions and powers of the executive committee are:
– to formulate CITIC Limited’s material strategic plans;
– to formulate CITIC Limited’s annual material investment and financing plans (including reviewing
material investment plans, feasibility studies, proposed disposals/divestments, mergers and
acquisitions and other significant transactions of CITIC Limited);
– to review CITIC Limited’s annual business plan and finance plans;
– to review monthly reports of CITIC Limited, and to submit to the board before each month-end the
monthly report for the previous month;
– to manage and monitor CITIC Limited’s core activities;
– to appoint and remove mid-level and above key personnel (other than personnel above the rank of
assistant to general manager, and those appointed and removed by the board);
– to approve internal rules on day-to-day operations of CITIC Limited;
– to review and approve proposals to establish and adjust CITIC Limited’s management and
organisational structure; and
– to discharge other powers and functions conferred on it by the board.
The first three items and other matters within the authority of the board should be submitted for approval
by the board, and thereafter implemented by the executive committee. The committee is chaired by
Mr Xi Guohua, the chairman of the board, and other members are Mr Zhang Wenwu (being executive
director, vice chairman and president of CITIC Limited, and serves as vice chairman of the committee),
Mr Liu Zhengjun (being executive director and vice president of CITIC Limited), Mr Wang Guoquan (being
executive director and vice president of CITIC Limited), Mr Cui Jun, Mr Fang Heying (being vice president of
CITIC Limited) and Ms Zeng Qi (being vice president of CITIC Limited).

• Strategy and Investment Management Committee has been established as a sub-committee under the
executive committee to enhance strategy management, to prevent investment risks and to promote high
quality development. The principal responsibilities of the strategy and investment management committee
are to
– improve and perfect the investment management system, responsible for the establishment and
implementation of investment authorization management system;
– based on the approved subsidiary development strategy, main business list, and negative list of
investment by the CITIC group, review the investment and matters reported by the subsidiary, and
provide decision-making recommendations to the CITIC group’s general office, party committee, and
board of directors;
– review other major matters.
The committee is led by the chairman of the committee, Mr Liang Huijiang (being Chief Investment Officer
of CITIC Limited), and other members of the committee include responsible persons of the strategic
development department, financial control department, legal and compliance functions and treasury
department and expert members.
• Asset and Liability Management Committee (the “ALCO”) has been established as a sub-committee under
the executive committee to be in charge of monitoring and controlling the financial risks of CITIC Limited.
The principal responsibilities of the ALCO are to
– monitor and control the asset and liability financial position of CITIC Limited on a regular basis;
– monitor and control the asset and liability structure, counterparties, currencies, interest rates,
commodities, and commitments and contingent liabilities of CITIC Limited;
– review financing plans and manage the cash flow of CITIC Limited on the basis of the annual budget;
and
– establish hedging policies and approve the use of new financial instruments for hedging.
The acting chairman of the committee is Mr Cao Guoqiang, and other members of the ALCO include
responsible persons of the financial control department, treasury department, strategic development
department, the office of the board of directors and legal and compliance functions.
Compliance with Corporate Governance Code

CITIC Limited has applied the principles and complied during six months ended 30 June 2024 with all applicable
code provisions of the Corporate Governance Code (the “CG Code”) contained in Appendix C1 to the Listing
Rules, other than code provision C.2.1 with respect to the separate roles of the chairman and the president, as
the position of president was vacant. Effective from 28 March 2024, Mr Zhang Wenwu is the president of CITIC
Limited. Since then, the chairman and the president of CITIC Limited have separate defined responsibilities, details
of which can be found in the Corporate Governance Report contained in CITIC Limited’s Annual Report 2023, and
CITIC Limited is in full compliance with the code provisions of the CG Code.

Review of Half-Year Report

The audit and risk management committee of the board reviewed the Half-Year Report in conjunction with the
management and CITIC Limited’s external auditor and recommended its adoption by the board.
The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 “Interim
Financial Reporting”. It has been reviewed by CITIC Limited’s independent auditor, KPMG, in accordance with
Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the
Independent Auditor of the Entity”.
Compliance with the Model Code for Securities Transactions by Directors

CITIC Limited has adopted the Model Code for Securities Transactions by Directors of Listed Issuers contained in
Appendix C3 to the Listing Rules as the code for dealing in securities of CITIC Limited by the directors (the “Model
Code”). Having made specific enquiry by CITIC Limited, all directors have confirmed that they complied with the
required standard set out in the Model Code throughout the six months ended 30 June 2024.
Update on Directors’ Information

The following disclosure is made pursuant to Rule 13.51B(1) of the Listing Rules.
Change in other directorship

Independent Non-executive Directors
Mr Gregory Lynn Curl has been appointed as Advisory Senior Director of Temasek Advisors Pte Ltd, effective 1
April 2024. He was Vice Chairman – Asia of Temasek International Pte Ltd from 1 January 2023 to 31 March 2024.
Mr Toshikazu Tagawa resigned as a member of the Audit & Supervisory Board of Sumitomo Mitsui DS Asset
Management Co., Ltd., effective 26 June 2024.

Corporate Information
Registered Office Beijing Office

32nd Floor, CITIC Tower CITIC Tower, No. 10 Guanghualu
1 Tim Mei Avenue Chaoyang District
Central, Hong Kong Beijing 100020, China
Telephone: +852 2820 2111
Fax: +852 2877 2771
Website
www.citic.com contains a description of CITIC Limited’s business, copies of half-year and annual reports to
shareholders, announcements, press releases and other information.
Stock Codes
The Stock Exchange of Hong Kong Limited: 00267
Bloomberg: 267:HK
Reuters: 0267.HK
American Depositary Receipts: CTPCY
CUSIP Reference No: 17304K102
Share Registrar
Shareholders should contact CITIC Limited’s Share Registrar, Tricor Tengis Limited, 17/F, Far East Finance Centre,
16 Harcourt Road, Hong Kong at +852 2980 1333, or by fax at +852 2810 8185, on matters such as transfer of
shares, change of name or address, or loss of share certificates.
Investor Relations
Investors, shareholders and research analysts may contact CITIC Limited by telephone at +852 2820 2205, or by fax
at +852 2522 5259 or by email at ir@citic.com.
Financial Calendar
Closure of Register: 25 September 2024 to 30 September 2024 (both days inclusive)
Interim Dividend payable: 15 November 2024

The Half-Year Report is printed in English and Chinese and is also available on CITIC Limited’s website at
www.citic.com under the ‘Investor Relations’ section.
Shareholders may choose to receive the Half-Year Report in printed form in either English or Chinese or both or
in electronic form. Shareholders having difficulty in gaining access to the Half-Year Report will promptly be sent a
printed copy free of charge upon request to CITIC Limited’s Share Registrar.
Non-registered shareholders who wish to receive a printed copy of the Half-Year Report are requested to write to
CITIC Limited’s Share Registrar.
Shareholders and non-registered shareholders may at any time change their choice of the language or means
of receipt of the Half-Year Report in writing to CITIC Limited’s Share Registrar. Details please refer to “Corporate
Communication Requests” under the ‘Investor Relations’ section in CITIC Limited’s website at www.citic.com.

CITIC LIMITED
CITIC LIMITED
Stock code: 00267

CITIC Limited
Registered Office
32nd Floor, CITIC Tower,
1 Tim Mei Avenue,
Central, Hong Kong
Tel +852 2820 2111

Fax +852 2877 2771
www.citic.com

CITIC Limited

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CITIC LIMITED

Half-Year Report 2024

Tel +852 2820 2111

CITIC Metal (601061.SH) (89.77%)

148 Corporate Information

CITIC Limited Half-Year Report 2024 1

Half Year ended 30 June Increase/

Revenue from Profit attributable to

Note: compared with balances as at 31 December 2023.

2 CITIC Limited Half-Year Report 2024

Business assets RMB billion

Financial services 10,609 10,708

31 December 2023 30 June 2024

Assets of non-financial businesses RMB billion

Advanced intelligent manufacturing

31 December 2023 30 June 2024

Profit attributable to ordinary shareholders RMB million

2020 2021 2022 2023 First half of First half of

CITIC Limited Half-Year Report 2024 3

4 CITIC Limited Half-Year Report 2024

Further demonstrating resilient development with the implementation

CITIC Limited Half-Year Report 2024 5

Managing corporate development and security for high-quality growth

6 CITIC Limited Half-Year Report 2024

Launching the “Financial Core” and “Industrial Starlink” initiatives to deepen

CITIC Limited Half-Year Report 2024 7

Earnings per share and dividends

8 CITIC Limited Half-Year Report 2024

Earnings per share RMB

Dividend per share

First half of 2023 First half of 2024

CITIC Limited Half-Year Report 2024 9

Advanced Intelligent Manufacturing

10 CITIC Limited Half-Year Report 2024

CITIC Limited Half-Year Report 2024 11

12 CITIC Limited Half-Year Report 2024

CITIC Limited Half-Year Report 2024 13

14 CITIC Limited Half-Year Report 2024

Group Financial Results

Expected credit losses and other impairment losses

Net financial charges

CITIC Limited Half-Year Report 2024 15

Group Cash Flows

Comprehensive financial services 4,118 1,532 2,586 169%

16 CITIC Limited Half-Year Report 2024

Group Financial Position

Loans and advances to customers and

CITIC Limited Half-Year Report 2024 17

18 CITIC Limited Half-Year Report 2024

Loans and advances to customers and other parties

CITIC Limited Half-Year Report 2024 19

Investments in financial assets

(a) Analysed by types

(b) Analysed by measurement attribution

20 CITIC Limited Half-Year Report 2024

Deposits from customers

Bank and other loans

CITIC Limited Half-Year Report 2024 21

Debt instruments issued