TPG’s Wang joins China Minsheng Financial

The private equity executive and former Goldman banker becomes CEO and plans to expand the firm by seizing new economy opportunities.

TPG’s Wang Sing has joined China Minsheng Financial Holding as chief executive officer and plans to expand the financial services company by seizing fintech opportunities.

The move took effect February 17. Wang will replace Liu Tianlin as CEO, according to a filing with the Hong Kong stock exchange.

Wang plans to grow the firm, previously known as China Seven Star, across its divisions - including asset management, brokerage and money lending - by sourcing opportunities with other well-known financial institutions in China and overseas.

Wang, who was born and grew up in China, has worked at global financial institutions such as Goldman Sachs and HSBC and plans to bring international best practice to China Minsheng Financial. For instance he sees scope for bringing branding skills and the high level of customer service given at international private banks back to a Chinese financial institution. 

Last year privately run China Minsheng Investment acquired 70.64% of the company. Other investors include Union Sky with 4.97% and D.E. Shaw at 8.1%. The deal closed in December and injected HK$5 billion ($642 million) into the company.

"I see being hands on and delivering shareholder value once more as a great opportunity," said Wang during an interview with FinanceAsia on his first day on the job. "It's been a bit of a dream to use the international know-how I've gathered over the years to come back to serve a Chinese company with international ambitions." 

Despite growing concerns about the health of China's financial system, from ballooning bad debts to volatile stock markets, Wang is optimistic about joining a Chinese firm at this juncture. He sees tremendous long-term growth potential for Chinese financial institutions and he is betting on the Chinese people's enthusiasm for making money. 

He notes China's burgeoning middle class are keen to build nest eggs and invest internationally to offset the insecurity they feel and lack of other outlets for social development. 

"The unmet demand is enormous," he said. "Chinese middle class consumers for the first time are demanding better access to everything from private banking to technology-enabled brokerage services with better returns." 

Returning to roots

Wang, 52, was most recently a senior advisor to TPG’s growth capital fund. From 2006 to 2015, Wang was a partner at TPG. During this period, Wang served as a co-chairman of TPG Greater China and the head of TPG Growth North Asia. 

Prior to joining TPG, Wang was the chief executive officer and executive director of TOM Group, a Chinese-language media and internet conglomerate in Greater China, from mid-2000 to early 2006.

From mid-1993, he spent seven years at Goldman Sachs in both New York and Hong Kong in various positions including executive director and the head of China high technology in Hong Kong.

He was a founding member of Goldman Sachs’ Asia private equity team.

Before Goldman Sachs, Wang was a manager at HSBC Private Equity in Hong Kong and a strategic consultant with McKinsey & Co. in Chicago.

In 1991, he founded Amerinvest Group, a group of personal investment companies that focus primarily on real estate, forestry, natural resources and start-up high-tech companies.

Wang is a Standing Committee member of the 11th Yunnan Provincial Committee of the Chinese People’s Political Consultative Conference and chairman of the Industry Policy Committee of the China Venture Capital and Private Equity Association.

Wang graduated from Yunnan University, China, with a bachelor of science degree in chemistry. He holds a master of science degree in forestry and its relation to land use, a bachelor of arts degree in philosophy, politics and economics and an Oxford master of arts, all from the University of Oxford.

Liu has confirmed that he has no disagreement with the board and there are no other matters in relation to his resignation as a chief executive officer which need to be brought to the attention of the shareholders of the company, according to the filing.

Liu will remain vice-chairman and an executive director of the company.

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