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Fundraising, Private Equity

Former China Merchants Bank CEO Ma Weihua Launches Private Equity Fund

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Ma Weihua during a speech at Tsinghua University in 2011

Ma Weihua, formerly president and CEO of China Merchants Bank Co., Ltd., has launched a private equity fund in Shenzhen’s Qianhai district, according to public records.

Shenzhen Huaqing Qianhai Investment Management Co., Ltd., established in September 2015 with RMB10 million (US$1.4 million) in registered capital, appeared on the listing of private equity managers published by the Asset Management Association of China (AMAC) three days ago.

Ma, 67, is the legal representative of the firm. Shenzhen Goldtrust Water, a water supply and waste water management company, holds a 31% stake of the firm, while Ma holds 10%. The remaining interests are taken up by other individuals.

The launch of the fund indicates that one of the most respected commercial bank executive in China is ready to re-entered the deal world in a more direct manner, perhaps hoping to capitalize on the booming private investment market in China.

Shenzhen Huaqing will make equity and venture capital investments, and currently has six staff. It appears that the firm has not raised any investment funds so far.

As of the end of January, there are 18,048 registered private equity managers on the AMAC list. These firms have registered a total of 47,523 private equity funds with actual committed capital of RMB8.4 trillion (US$1.2 trillion), according to AMAC data.

Ma left the helm of China Merchants Bank in 2013 because of his senior age, but he never really retired. In 2014, he was appointed as chairman of the National Fund for Technology Transfer and Commercialization, a government guidance fund to help transform technology research into commercial success.

In January 2016, Ma appeared among a group of well-known Chinese investors as limited partners to the Shenzhen Qianhai Fund-of-funds, which had RMB21.5 billion (US$3.3 billion) in total capital commitments earmarked to back Chinese venture capital funds and to make direct investments in deals.

Other individuals of that fund included Neil Shen, managing partner of Sequoia Capital China, and Xiong Xiaoge, founding partner of IDG Greater China.

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