Ex-China Minsheng Bank executive launches $8b fund
Wenbiao Dong, former head of China Minsheng Banking, has launched a RMB50 billion ($8 billion) private investment fund.
The vehicle, which is managed by China Minsheng Investment, a new fund house set up by Gong, has received capital from 59 Chinese enterprises, the firm said during its inauguration ceremony in Shanghai.
The investors operate businesses in various industries, including equipment manufacturing, information technology, cleantech, and e-commerce. Chinese home appliance maker Suning Commerce Group and property developer Yida Groups are among the LPs.
Most of the capital will go towards private equity investments, with a particular focus on helping domestic firms consolidate in sectors such as power generation, steel and shipbuilding, The Wall Street Journal reported.
The fund will also seek to set up a property development firm and an investment bank in Hong Kong. Furthermore, it will commit capital overseas, starting with $1.5 billion to set up China Minsheng Europe Capital, a London-based investment subsidiary focusing on M&A.
Dong worked with Minsheng Bank, the largest non state-owned bank in China, for eight years.
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