Temasek Holdings Pte said Wu Yibing will succeed Ding Wei as head for China as Singapore’s state-owned investment company builds its presence in the country.
Wu, 46, is currently chairman and chief executive officer of Goldstone Investment Co., the direct investment arm of Citic Securities Co., Temasek said in a statement on its website. He will assume his post on Oct. 1.
The appointment underscores Temasek’s interest in investing in China as the world’s second-biggest economy shows signs of rebounding from a two-quarter slowdown. Temasek has amassed stakes worth almost $20.4 billion in China Construction Bank Corp., Industrial & Commercial Bank of China Ltd. and Bank of China Ltd., according to data compiled by Bloomberg.
“China has come a long way over the last decades and now is an essential component for every globally oriented investor,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital. “Some years down the road it will vie with the U.S. for being the world’s leading stock market.”
Ding Wei, 53, who held the position since February 2011, will take on the role as advisory senior director for China as of October, Temasek said in the statement.
The Singapore investment firm bought 2 percent of AIA Group Ltd. and 1 percent of Ping An Insurance (Group) Co., two of Asia’s biggest insurers, during the 12 months through March 31, it said in July. Acquisitions in China included a follow-up investment in Alibaba Group Holding Ltd., China’s biggest e-commerce company, and Kunlun Energy Co., a gas transmission and midstream firm, Temasek said.
“Our view of the economy in China, at least over the next 15, 20 years, continues to be positive mainly because of the demography,” Chia Song Hwee, head of Temasek’s investment group, said at the presentation of the firm’s annual review in July. “You can’t deny the fact that with over 1 billion population, with GDP of over $8 trillion, it is a compelling proposition.”
Temasek in July said assets rose to a record S$215 billion ($169 billion) in the fiscal year ended March 31 as surging stock markets drove an almost sixfold increase in returns. Total shareholder return, which includes dividends, widened to 8.9 percent from 1.5 percent in the previous year.