Temasek Holdings appoints new China head

Temasek Holdings has appointed Wu Yibing as the new head for its China operations to succeed Ding Wei, the Singapore sovereign wealth fund announced on Friday. Wu is a well-known name among China's private equity players. He is currently chairman and chief executive officer of Goldstone Investment Co. Ltd, the direct investment arm of China's CITIC Securities, and concurrently the president of CITIC Private Equity Funds Management. Wu began his career with McKinsey and used to work with Lenovo Group, where he led the acquisition and integration of the acquired PC business of IBM. He was later appointed by Lenovo parent Legend Holdings, as executive vice president responsible for the overall business operations and overseeing its direct investment business. Wu's appointment has effect from Oct. 1 this year. Temasek said Wu worked with Chia Song Hwee, Temasek's co-head for China, to build on Temasek's presence in China. It said Wu has "a wide range of investment experience and expertise in the financial, energy, consumer and technology sectors." Wu holds a PhD in biochemistry from Harvard University and a BSc. in molecular biology from the University of Science and Technology of China. Temasek Holdings said Ding has "requested to work in an advisory capacity so that he has the flexibility to pursue his other interests," and that he would continue to help further strengthen Temasek's network and relationships in China and offer perspectives on the country's macro environment. Ding joined Temasek Holdings in February 2011 from China International Capital Corporation Limited. Temasek Holdings owned a portfolio of 215 billion Singapore dollars (173 billion U.S. dollars) as of March 31, 2013, with an underlying exposure of 23 percent in China.