The corporate structure of the CITIC Group Corporation is organized as a sprawling state-owned enterprise under the direct leadership and administration of the central government of the People's Republic of China. At the apex of the organizational hierarchy sits the parent state corporation, which holds a controlling majority stake in its primary publicly listed flagship subsidiary, CITIC Limited, traded on the Hong Kong Stock Exchange. Beneath this primary tier, CITIC Limited operates numerous specialized business divisions and major subsidiary groups spanning commercial banking through China CITIC Bank, trust investments, heavy manufacturing, real estate development, telecommunications, and international raw material resource extraction like Citic Pacific Mining.