Value Partners, a Hong Kong-based asset manager, has named a new head of China business, AsianInvestor can reveal.

Based in Shanghai, investment director Yu Xiaobo took on the additional role overseeing the onshore mainland business early last month. This covers the firm’s two wholly foreign-owned entities (WFOEs), and its qualified domestic limited partnership (QDLP) and mutual recognition of funds businesses.

Value Partners’ management team in Hong Kong had previously overseen the China business. Albert Teoh resigned in the second half of June from his role as Hong Kong-based managing director of China business, in which he had overseen business development, as reported.

Yu's appointment continues a series of management changes that began earlier this year under new chief executive Au King Lun, who joined in December. 

Meanwhile, Value Partners is also seeking a licence for onshore private fund management under its new Shanghai-based investment management WFOE, for which it received approval in March. This is the firm’s second China WFOE, the first being an advisory unit set up in 2011.

Yu joined Value Partners in 2009 as a senior analyst for the research office in Shanghai, was promoted to fund manager in 2014 and to investment director in October 2016.

He retains his responsibilities for research and investment management covering Greater China.