CITIC PE's Yibing Wu confirmed as chairman of Goldstone

His appointment at Goldstone comes after CITIC Securities received approval from the China Securities Regulatory Commission (CSRC) to set up a private equity fund and raise third-party capital. In June, when the brokerage announced its maiden buyout fund, Goldstone CEO Shuguang Qi said the corpus would exceed RMB5.2 billion ($824 million).

Wu, a veteran of Legend Holdings, Lenovo Group and McKinsey & Company, helped raise CITIC PE's debut US dollar-denominated fund, which closed in May 2011 on $990 million. Industry participants have privately questioned how Wu can fulfil roles in two similar operations.

Neither CITIC PE nor Wu was willing to comment on his current status at CITIC PE.

The news follows another important management change in CITIC PE. Last June, Lefei Liu had resigned as chairman of CITIC PE, although he remains as CEO of the company. Liu - whose father, Yunshan Liu, was recently elevated to China's politburo standing committee, the country's most powerful political body - was instrumental in the creation of CITIC PE in 2008.

Dongming Wang, chairman of CITIC Securities, replaced Liu at the private equity unit.

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• Topics
• Greater China
• People
• Appointments
• Citic Private Equity
• Goldstone Investment