Premier Wen’s Son Named Chairman of State-Owned China Satellite
Stock Chart for APT Satellite Holdings Ltd (1045)
Wen Yunsong, the son of Chinese Premier Wen Jiabao, was appointed chairman of state-owned China Satellite Communications Co., becoming the latest child of a leader to secure a top executive position.
The younger Wen, who co-founded private equity firm New Horizon Capital, was elected to the post by China Satellite’s board on Feb. 15, the company said in a statement on its website two days later. China Satellite is one of the country’s six telecommunications operators.
China Satellite’s revenue will reach 16 billion yuan ($2.5 billion) with 15 satellites in 2015, when it will become Asia’s biggest satellite operator, the official People’s Daily said on its website yesterday, quoting a company official it did not identify. The older Wen is set to step down from his Communist Party post later this year and the premiership next March as the country undergoes a once-a-decade leadership change.
Hu Haifeng, the son of Chinese President Hu Jintao, is the former president of Nuctech Co., which sells equipment such as radioactivity monitors and x-ray inspection systems. Li Xiaolin, the chairwoman of China Power International Development, is the daughter of former Premier Li Peng.
Levin Zhu, the son of former Chinese Premier Zhu Rongji, wrested control of China International Capital Corp. from Morgan Stanley in 2000 and has led the investment bank since. Liu Lefei, the son of Liu Yunshan, a Politburo member and head of the Communist Party’s Central Propaganda Department, is the chairman of state-owned Citic Private Equity Fund Management Co.
-- Nicholas Wadhams. Editors: Nicholas Wadhams, John Brinsley
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