would jointly take a US$10.4 billion stake in China's CITIC Limited, forming a trilateral alliance with Itochu and CP each holding 10 percent of CITIC's stock, one of the largest foreign investments in a Chinese state-owned company. On 9 March 2020, CP Group submitted the winning bid to purchase Thai retailer, Tesco Lotus, for about US$10.6 billion. The purchase needed the approval of the Office of Trade Competition Commission (OTCC) as it could constitute a monopoly, given that CP already owns 7-Eleven convenience stores and the Makro cash-and-carry business. The sale became approved in Malaysia in November 2020 and in Thailand in December 2020, with rebranding of the acquired stores beginning in February 2021, replacing the Tesco corporate branding with that of Lotus's. In February 2021, CP Group was recognized as one of the World's Most Ethical Companies 2021" award from Ethisphere Institute, a global institution for evaluating ethical business standards. In September 2021, CP Group raised $150 million from existing investors, raising the valuation of its Ascend Money subsidiary to $1.5 billion. Subsidiaries Charoen Pokphand Foods Known as Charoen Pokphand Foods Plc., (CPF). It was established in 1978 with operations in animal feed production, livestock breeding, further processing and trade. Currently, CPF invests overseas in nine countries, has subsidiaries in 17 countries and exports to over 40 countries. Furthermore, CPF is today the leading producer of feed and one of the largest producers of poultry in the world. Charoen Pokphand Foods is listed in the Stock Exchange of Thailand under the code: CPF. CP Foods has a revenue of approximately US$14 billion (2012), with a market capitalization of over US$8 billion (2012) CP ALL CP ALL Public Company Limited is the flagship company of the Charoen Pokphand Group's marketing and distribution business. It is the Thai licensee of 7-Eleven since 1989 and operates 12,000 convenience stores under that trademark in Thailand. This is the third largest number of stores after the United States and Japan. 7-Eleven CP All Plc. is the sole operator of 7-Eleven convenience stores in Thailand. The CP Group acquired the rights to distribute the convenience store in 1987. The first 7-Eleven outlet was opened in 1989 on Patpong Road in Bangkok. , the company had a total of 11,700 stores nationwide employing 170,000 workers. Of the total, 4,245 stores are in Bangkok and vicinity (44 percent) and 5,297 stores are in provincial areas (56 percent).