Hony Capital’s John Zhao becomes CVCA chairman

Zhao said the recent economic and market changes have been an opportunity for private equity players to return to rationality, which is a good sign for the long-term development of the industry. Looking forward, the association will highlight the need for self-discipline, responsibility and professionalism.

CITIC Captial's Zhang added that the private equity and venture capital industry has developed rapidly during his four-year term as chairman and now faces numerous challenges. "When the going gets tough, the tough get going," Zhang said.

The handover ceremony was held at CVCA's annual general meeting (AGM) in Beijing on December 7. Around 200 senior professionals from member companies attended the event.

According to an online survey of attendees, more than 70% are optimistic about investment opportunities in China in 2013. However, fundraising and exits remain the biggest challenges. While the appetite for setting up US dollar-denominated funds is weak, 52% of respondents said they planned to set up renminbi vehicles in the coming year.

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• Topics
• Greater China
• People
• Appointments
• China
• Hony Capital
• CITIC Capital