The Zhonghai Trust Co., Ltd. (CNOOC Trust) is a non-bank financial institute, which is jointly invested by China National Offshore Oil Company (CNOOC) and China International Trust and Investment Corporation (CITIC Group). CNOOC Trust has a registered capital of RMB 1.2 billion, of which CNOOC and CITIC contributed 95% and 5% respectively. The company changed its name from Zhonghai Trust & Investment Co., Ltd. upon the approval of China Banking Regulatory Commission in December 2007. It is one of the largest trust asset management companies in China. The company has acquired qualifications for establishing funds trust at different places, credit assets securitization, and has gained the status of qualified domestic institutional investor (QDII) and qualified block trade system investor, and acquired the membership of the national inter-bank funding market. It can provide flexible portfolio asset allocation in the securities market, inter-bank market, industry investment and in the overseas market, and has become a specialized financial institute in China with the widest range of asset utilization. In 2009, the CNOOC Trust achieved revenue of RMB659 million and a total profit of RMB561 million. As of the end of 2009, its trust asset balance was RMB137.1 billion, increasing 80% over the previous year. Its trust assets throughout the year amounted to over RMB300 billion. The company achieved a trust income of RMB5,496 million and created for investors a value of RMB3,688 million.