Temasek Holdings Pte, Singapore’s state-owned investment company, said Wu Yibing will succeed Ding Wei as head for China to build on the firm’s presence in the country.
Wu is currently chairman and chief executive officer of Goldstone Investment Co., the direct investment arm of Citic Securities Co. (600030), Temasek said in a statement on its website. He will assume his post on Oct. 1.
The city-state’s investment firm had 41 percent of its assets in Asia excluding Singapore, according to its latest annual review published in July. Temasek has amassed stakes worth almost $20.4 billion in China Construction Bank Corp. (939), Industrial & Commercial Bank of China Ltd. and Bank of China Ltd., according to data compiled by Bloomberg.
Ding will take on the role as advisory senior director for China as of October, Temasek said in the statement.
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