Sing Wang, a partner at TPG Capital for almost 10 years, has left the private equity firm to join China Minsheng Financial Holding Corporation (formerly known as China Seven Star Holdings Limited) effective today, according to a statement issued by China Minsheng to its directors.
Wang served as co-chairman of TPG Greater China and head of TPG Growth North Asia, after which he became a senior advisor. He will remain as a senior advisor to TPG Growth and will look for opportunities where TPG and China Minsheng can work together in the future, focusing on internet and new technologies, said a source with knowledge of the matter.
In his new role, Wang will serve as China Minsheng’s new executive director and chief executive officer for three years, replacing Tianlin Liu who was appointed as interim CEO in December 2015. Liu will remain vice chairman and an executive director of the company.
Wang, who will be based in the company’s Hong Kong office, will also replace executive director Xiaoying Feng as the authorised representative of China Minsheng. He will work across the company’s current financial services platforms and expand them by sourcing opportunities with other well-known financial institutions in China and overseas.
Wang previously served as chief executive officer and executive director of Chinese-language media and internet conglomerate TOM Group Limited from mid-2000 to early 2006. He was a founding member of Goldman Sachs’ Asia private equity team and worked in various positions in the firm’s New York and Hong Kong offices, including as executive director and the head of China high technology in Hong Kong.
Prior to Goldman Sachs, Wang was a manager at HSBC Private Equity in Hong Kong and a strategic consultant with McKinsey & Co. in Chicago, USA. He founded Amerinvest Group of companies in 1991, which invests in real estate, forestry, natural resources and start-ups.
Wang has also served on the board of several Chinese companies including Ping An Insurance Group, China Resources Land Limited, China Renewable Energy Investment Limited and MIE Holdings Corporation.
China Minsheng Financial Holding, which has over $7.7 billion in capital, is a private investment group that offers a range of financial services including asset management, brokerage, private banking and internet technologies.