ManpowerGroup teams up with CITIC PE to expand China business

The board of the joint venture will be drawn from both ManpowerGroup and CITIC PE; ManpowerGroup's Greater China President Danny Yuan will serve as CEO. Management will come from ManpowerGroup, and the company will operate under the ManpowerGroup brand and as a part of the parent company's global network.

In a release, ManpowerGroup said that the joint venture is meant to capitalize on expected growth in demand for HR services in greater China by combining CITIC PE's local China network with ManpowerGroup's global experience.

"The joint venture will create a localized strategy to tap into the significant opportunities in Greater China," said ManpowerGroup Asia-Pacific and Middle East President Ram Chandrashekar. "For clients, it means we can deliver an even broader range of specialist workforce solutions with combined assets and systems, and for candidates, we can provide greater opportunities."

CITIC PE closed its second US dollar fund in May at about $1.3 billion. The firm's recent transactions include the purchase of a majority stake in Hong Kong's Jin Cai Holding alongside Beijing Enterprises Water for HK$3.7 billion ($477 million); it also part exited 3SBio in the Chinese biotech firm's HK$5.51 billion IPO in June.

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• Topics
• Greater China
• Support services
• GPs
• China
• Citic Private Equity
• professional services
• GPs
• Joint Venture