Citic Private Equity to help transform China SOEs

Wu Yibing, president of Citic Private Equity Management, explains the workings of the firm’s newly closed Rmb9 billion fund.

Citic Securities made the headlines last January when it poached Liu Lefei from China Life as chairman of its new private equity arm -- one of a handful of PE funds to have received the State Council's backing. One year on, Citic Private Equity is China's biggest onshore PE shop with Rmb9 billion ($1.3 billion) under management. The firm has bought Wind Info, an information provider hailed as China's answer to Bloomberg, and it has closed its Mianyang Private Equity fund.

Citic PE president Wu Yibing, ...