Former TPG Partner Wang Sing Joins China Minsheng Financial As CEO

Wang Sing, a former partner at global private equity giant TPG, has been appointed as an executive director and chief executive officer of Hong Kong-listed China Minsheng Financial Holdings Corporation Ltd., effective today, according to a disclosure document.

China Minsheng Financial, formerly know as China Seven Star Holdings Ltd., says Liu Tianlin will step down from the position of CEO.

At the same time, Wang Sing will replace Feng Xiaoying as the authorized representative of the company.

China Minsheng Financial Holding Corp. is 71% owned by China Minsheng Investment Corp., Ltd., a private investment holding and business conglomerate founded by a group of Chinese entrepreneurs headed by Dong Wenbiao, former president of China Minsheng Banking Corp., Ltd.

D.E. Shaw also holds a 8.1% stake in China Minsheng Financial after a deal in which China Minsheng Investment, D.E. Shaw and other investors bought the Hong Kong firm for HK$5 billion (US$642 million) last December.

Wang, 52, will remain a senior adviser to TPG Growth.

"Taking on this CEO role brings me back to what really stimulates me – delivering hands-on operational value, building strong teams, and leading the next era of growth to this exciting company," Wang says in a statement.

From 2006 to 2015, Wang was a partner at TPG, which has over US$70 billion of assets under management globally.

Wang served as co-chairman of TPG Greater China and head of TPG Growth North Asia.

Before joining TPG, Wang was CEO and executive director of TOM Group Ltd. from 2000 to early 2006.

He previously spent seven years at Goldman Sachs in both New York and Hong Kong in various positions including serving as executive director and head of China High Technology in Hong Kong.

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

Wang is to sign a work contract with China Minsheng Financial for three years, and will work across the company’s financial service platforms with plans to expand them in China and overseas.

China Minsheng Financial operates brokerage, investment management and financial lending businesses.

For the year ended December 31, 2014, the company recorded consolidated turnover of HK68 million (US$8.73 million) with gross profit of HK$848,000 (US$108,830).

It recorded a consolidated loss attributable to owners of around HK$30 million (US$3.85 million), up from HK$1.8 million (US$230,000) the year before, according to its 2014 annual report.

The company’s shares jumped over 7% in early morning trading in Hong Kong.

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Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.