CITIC Group Corporation is one of the most diversified conglomerates in China. Through subsidiaries, it provides an array of financial services, including commercial banking, insurance, securities brokerage, and asset management. Other areas of operation include engineering contracting, property development, and machinery manufacturing. Holdings include stakes in CITIC International Financial Holdings, CITIC Securities, CITIC Pacific, and CITIC Resources Holdings. The group is a wholly state-owned company that underwent an organizational restructuring and shareholding reforms in 2011. At that time it also changed its name from CITIC Group to CITIC Group Corporation.