Wen Jiabao's son appointed chairman of China Satellite
Winston Wen Yunsong, son of Chinese Premier Wen Jiabao and co-founder of New Horizon Capital, has been named chairman of state-owned China Satellite Communications Corp (SATCOM).
Wen, formerly China vice president of SATCOM, will take over from Lei Fanpei, according to a company statement.
Overseas-educated Wen originally moved into private equity, setting up New Horizon in 2005. In early 2010, the firm was said to be on course of a $1 billion third fund, having only set out to raise half that amount. It eventually closed the vehicle at $750 million, with Temasek and SBI Holdings reportedly among over 30 global investors.
Towards the end of 2010, New Horizon confirmed - in disclosures tied to its withdrawal from a pre-IPO investment in Hong Kong - that Wen had left the company a year earlier to work for China Aerospace Science & Technology Corp.
China SATCOM is one of the country's leading telecommunications operators. According to People's Daily, its revenue is expected to become the biggest satellite operator in Asia by 2015, with 15 satellites and revenues of RMB16 billion ($2.5 billion).
The offspring of various senior Chinese government leaders occupy influential positions in the business community. In financial services, Levin Zhu, son of former Premier Zhu Rongji, is arguably the most prominent, heading up domestic investment bank China International Capital Corp. (CICC).
In private equity specifically, Liu Lefei, son of Liu Yunshan, head of the Communist Party's propaganda unit, is currently chairman and CEO of CITIC Private Equity; Jeffrey Zeng, son of former planning chief Zeng Peiyan, is managing partner of Kaixin Investment and senior managing director at CITIC Capital; Alvin Jiang, grandson of former President Jiang Zemin, works for Boyu Capital; and Jeffrey Li, son of former Chinese People's Political Consultative Conference (CPPCC) head Li Ruihan, is CEO of GL Capital, which manages the GL China Opportunities Fund.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.