Xiamen ITG Holding Group Co., Ltd.

Xiamen ITG Group is a state-owned Chinese commodities-trading and supply-chain services group based in Xiamen, Fujian, listed on the Shanghai Stock Exchange (600755.SH). It trades metals, energy, agricultural products and chemicals, runs logistics and warehousing, and develops real estate and health businesses alongside its core trading operations. FY2024 revenue was CN¥381.17 billion. Strengths: ITG is one of China's largest state-linked trading houses and has built a supply-chain finance and logistics platform that lets it earn fees and spreads rather than pure price speculation. Its scale gives it the ability to source and hedge across many grades of metal and energy at low cost, and Fujian's trading-hub position supports export and transit business. Weaknesses: commodity trading runs on razor-thin margins, so earnings are sensitive to credit losses, warehouse fraud and price gaps — risks that have hit Chinese trading houses repeatedly. The business is also capital-hungry and highly levered, while real-estate exposure adds sector-specific risk. Trading revenue is large but adds little to brand value, which limits pricing power.