SINGAPORE--Singapore's state investment firm Temasek Holdings
(Private) Ltd. Friday named Wu Yibing, the chief of a unit of CITIC
Securities Co., as its head of China operations.
Mr. Wu, currently the chief executive of Goldstone Investment
Co. Ltd., will start on Oct. 1 to succeed Ding Wei, who will become
advisory senior director for China with Temasek. Goldstone
Investment is the direct investment arm of CITIC Securities.
Mr. Wu, 46, is also the President of CITIC Private Equity Funds
Management. He has a wide range of investment experience in the
financial, energy, consumer and technology sectors, Temasek said in
a statement.
Temasek has maintained that China remains one of its key
investment destinations, accounting for 23% of its portfolio as of
March 31 and the second-biggest after Singapore. Temasek said in
June that its portfolio grew to a record 215 billion Singapore
dollars (US$169 billion) in the company's fiscal year ended March,
up 8.6% from the preceding year.
Temasek has raised its exposure to the Chinese financial
industry in the last fiscal year by buying up shares in Industrial
and Commercial Bank of China Ltd. (1398.HK), and now owns 8.07% of
the lender. China Construction Bank Corp. (0939.HK)--one of the
country's "big four" lenders--is already Temasek's second-largest
investment, at 8% of its portfolio.
Write to P.R. Venkat at venkat.pr@dowjones.com
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