China Fosun Kinzon VC loses top management team

Fosun said in an internal memo that Wang, co-presidents and managing directors Jack Liang and Brad Bao have been removed their positions in Fosun Kinzon. Subsequent to that, Fosun appointed Donghui Pan, vice president of Fosun International, as chairman and president of Fosun Kinzon. The group has also appointed new directors in the human resource, legal and finance departments.

Fosun Kinzon was established in 2013 as part of a wider effort to transform Fosun into a global investment firm, investing in China and the US. It now has offices in Beijing, Shanghai, Shenzhen and Silicon Valley, managing over $320 million across two US dollar funds and one renminbi fund, in which Fosun Group is the sole LP.

The US operation was led by Bao, who previously opened Tencent Holding's office in the US. Prior to joining Fosun Kinzon, Wang and Liang co-founded JCC Investment, an asset management firm affiliated with a Chinese commodities firm. Both also previously worked in CDH Venture.

According to sources familiar with the situation, Fosun Group wanted Fosun Kinzon's senior management to be more integrated with other subsidiaries, having been impressed by the VC unit's strong performance. However, the team wanted to retain its current autonomy, and when the two parties were unable to agree a compromise, Wang, Liang and Bao decided to spin out.

Local media reported that three additional investment professionals and directors from the HR, finance and legal departments have also resigned from Fosun Kinzon.

The VC firm previously invested in Chinese healthcare mobile app Easyhin, online education platform Huivo and restored car auction platform Bochewang. In the US it has backed beauty service booking app StyleSeat and social networking site Connect.

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• Topics
• Greater China
• Venture
• People
• China
• Fosun Group
• Venture
• Appointments