Revenue of SDIC rises 18%

The business performance of the State Development and Investment Corp (SDIC) reached a historic high in 2014 and its market-oriented strategic transformation would be faster in 2015, the company said.

The operating revenue of the State Development and Investment Corp in 2014 totaled 121 billion yuan ($19.48 billion), increasing 18 percent year-on-year, and its profit last year totaled 14.5 billion yuan, increasing 26 percent year-on-year.

SDIC Trust Co Ltd, an operating subsidiary of State Development and Investment Corp, last week brought in strategic investors to improve its core competency to become more market-oriented.

The investors, Taikang Life Insurance Co Ltd, Taikang Asset Management Co Ltd and Jiangsu Yueda Group Co Ltd, Taikang Life and Taikang AMC would hold a 35 percent share in SDIC Trust Co Ltd and Yueda Group would hold another 10 percent.

The company will change its name to SDIC Taikang Trust Co Ltd.

After the capital injection, the registered capital of the company would be 2.2 billion yuan from 1.2 billion yuan, and its net asset would be more than 4 billion yuan.

Wang Huisheng, chairman of State Development and Investment Corp, said SDIC would continue to positively bring in private funds and reform its business as a State-owned enterprise.

Wealth management would be a focus of the trust company in 2015 said Duan Guosheng, CEO of Taikang Asset Management Co Ltd. According to Duan, the company is also considering trust products and products for the pension market.