SovereignWealthFunds.comCNIC Corporation Limited
CNIC Corporation Limited: what it invests in
Geography Global
CNIC Corporation Limited: how big it is, and on what basis
In US dollars: about USD 11.111B. Reported in US dollars.
CNIC Corporation Limited: what it publishes
Published 0 · Partly 3 · Not published 7
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. CNIC Corporation is a Chinese state-owned overseas investor based in Hong Kong, with offices in Beijing and Sanya. Set up in May 2012 with USD 11.1 billion of capital, it backs energy, resources, manufacturing and infrastructure abroad, with over 80 percent of its investments in about 30 Belt and Road countries. Projects include Peru's Chaglla hydro plant and a 25 percent stake in China Three Gorges' overseas assets. S1 S4 S5 S6
Key points
- Initial capital of USD 11.111 billion in 2012; no assets figure is published. S1
- Focus industries: energy and resources, high-end manufacturing, production capacity cooperation and international engineering contracting. S4
- Also targets commodity trade, supply chain resilience, low-carbon energy and infrastructure. S4
- Over 80 percent of investments sit in about 30 Belt and Road countries, supporting more than 100,000 jobs and training places. S4
- Often co-invests with Chinese state groups such as China Three Gorges and General Technology Group. S5
- Uses a filing, appraisal and committee approval process for each deal. S3
Interesting facts
Mandate and goals
CNIC invests worldwide on market, commercial and professional terms, supporting links between China and partner countries, with a focus on Belt and Road corridors and ESG principles. S1 S4
How it invests
| Industries | Energy: oil and gas, Renewables and climate, Mining and metals, Industrials and manufacturing, Infrastructure and utilities, Agriculture and food security S4 S5 |
|---|---|
| Asset classes | Infrastructure, Private equity, Strategic state holdings S5 |
| Stages | Infrastructure, Growth S5 |
| Geography | Global. Global, mostly Belt and Road countries S4 |
| Direct / through funds / co-invest | Yes / No / Yes S5 |
| Ticket size | No ticket size is published. S1 |
| External managers | Not disclosed S1 |
| Co-investment programme | Co-invests project by project S5 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2021 | China Three Gorges overseas portfolio (CTG International). Bought 25 percent of the portfolio with the China-Latin America Industrial Cooperation Investment Fund. S6 | Co-investment | Renewables and climate | Infrastructure | R$ 10.4B (about USD 1.9B) reported | 25% |
| 2018 | Chaglla hydroelectric plant. 456 MW plant, Peru's third largest hydro station; co-invested with China Three Gorges. S5 | Co-investment | Renewables and climate | Infrastructure | Not published | |
| 2018 | Chambishi Southeast copper mine. First digital mine built by a Chinese company in Africa; won a 2022 industry technology prize. S5 | Direct investment | Mining and metals | Growth | Not published | |
| 2019 | Kaposvar solar plant. 100 MW plant powering about 60,000 homes; with General Technology Group. S5 | Co-investment | Renewables and climate | Infrastructure | Not published | |
| Not published | Central Asia gas pipeline. 1,833 km A, B and C lines carrying 55 billion cubic metres a year. S5 | Direct investment | Energy: oil and gas | Infrastructure | Not published | |
| Not published | South Asia hydropower station. First hydropower investment of the China Pakistan Economic Corridor. S5 | Direct investment | Renewables and climate | Infrastructure | Not published | |
| Not published | Forestry project. 43,000 hectares; about 900,000 cubic metres of wood a year. S5 | Direct investment | Agriculture and food security | Growth | Not published |
Case studies
Stake in China Three Gorges overseas assets S6
- What: With the China-Latin America Industrial Cooperation Investment Fund, agreed to buy 25 percent of CTG International's overseas portfolio.
- When: August 2021
- Size: R$ 10.4B reported
- Why: Gain a minority share in a large overseas clean power portfolio alongside a state operator.
- Outcome: Gives CNIC a minority share in clean power assets abroad.
Chaglla, Peru S5
- What: Co-invested with China Three Gorges in a 456 MW hydro plant generating about 2,100 GWh a year.
- When: 2018
- Size: Not published
- Why: Long-life clean energy asset in a Belt and Road partner country.
- Outcome: Supplies about 7 percent of Peru's power and improves downstream water quality.
Investment process
An investment committee under the board sets strategy and reviews portfolio results. Deal teams file a proposal, run due diligence with middle and front office, and present valuation, forecasts and risk analysis to an appraisal meeting; an investment decision-making committee, authorised by the board, gives final approval. S3
| Committee | Role |
|---|---|
| Investment Committee | Strategy, plans and portfolio performance S3 |
| Investment Decision-Making Committee | Approves projects S3 |
- Project filing meeting approves a proposal. S3
- Due diligence, structuring, valuation and risk review. S3
- Appraisal meeting, then committee approval. S3
How to approach: No outside proposal route is published; general contact is info@cnic.com. S1
Size and returns
- Headline size: USD 11.1B capital (Committed or authorised capital) S1
- In US dollars: about USD 11.111B. Reported in US dollars.
- Returns: the fund does not publish a return figure.
Leadership
The fund does not publish named leaders.
Governance and transparency
- Legal basis: Hong Kong incorporated company S1 S2
- Oversight: Board of directors and its investment committee S3
- Publishes ESG and risk management pages. S1
Transparency score: 1.5 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
CNIC invests alongside Chinese state groups project by project and publishes no co-investment programme for private investors. S5
Common questions
What is CNIC?
A Chinese state-owned overseas investor based in Hong Kong, set up in 2012 with USD 11.1 billion. S1
Where does it invest?
Mostly in about 30 Belt and Road countries, in energy, resources, manufacturing and infrastructure. S4
What is its best known deal?
A 25 percent stake in China Three Gorges' overseas portfolio, agreed in 2021. S6
Related profiles
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- Japan Investment Corporation (JIC) Japan · JPY 2.60T
- China-Africa Development Fund (CADFund) China · USD 10B fund scale
- Hong Kong Investment Corporation (HKIC) Hong Kong SAR, China · HK$62B
- Indonesia Investment Authority Indonesia · Rp111.0tn
All sovereign wealth funds in Asia · All strategic development funds · All funds in Hong Kong SAR, China
Sources
- S1CNIC Corporation, home page
- S2Webb-site, CNIC Corporation Limited company record
- S3CNIC Corporation, Investment Decision-Making Mechanism
- S4CNIC Corporation, Businesses We Invest In
- S5CNIC Corporation, Investment Projects
- S6The Latin American Lawyer, Machado Meyer advises CNIC on agreement with China Three Gorges
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