Former Baidu vice-president Wang Lu has joined the global growth equity firm General Atlantic as an operating partner while China’s Tian Hong Asset Management has named Hu Xiaoming as its chairman.
Ex-Baidu VP Wang Lu joins General Atlantic as operating partner
Former Baidu vice-president Wang Lu, who was in charge of public and government relations functions, has joined global growth equity firm General Atlantic as an operating partner to provide strategic counsel to the firm’s investment team and portfolio companies, according to a press statement.
Wang Lu, who joined Baidu in 2016, has operational expertise in the fields of internet, e-commerce, digital and technology in China. He served his last day at Baidu on September 30, 2019.
“General Atlantic has a long-term track record of partnering with entrepreneurs in China to build and scale their businesses locally and around the world,” said Lu. “I look forward to partnering with the firm’s network of CEOs, alongside GA’s investment team, to position our portfolio companies for continued success and growth.”
He sits on several boards including Chinese state-owned telecom operator China Unicom, online video streaming service iQiqi and digital bank business aiBank.
Prior to Baidu, he was president and chief executive officer at Walmart Global eCommerce in Asia, the company’s second-largest global e-commerce market. He led Walmart’s strategic investment in Chinese e-commerce giant JD.com, acquisition of e-commerce platform Yihaodian and subsequent integration of the two companies. He also previously held executive leadership positions at CBS Interactive and Ziff Davis in Asia.
“Lu brings two decades of expertise in a fast-paced industry and complex region,” said Bill Ford, chief executive officer of General Atlantic. “As China continues to drive global innovation and growth, we are thrilled to bring him on board to serve as a strategic partner to our portfolio companies.”
General Atlantic has invested $3.7 billion in China since it entered the country in 2000. The firm currently has 18 portfolio companies in China.
China’s Tian Hong Asset Management names chairman
Tian Hong Asset Management, a Chinese public offering fund management firm, has appointed Hu Xiaoming as its chairman, according to a statement released on its official website on Tuesday.
Hu has taken over the role of Jing Xiandong, the former chairman, since October 8, 2019. Before joining Tian Hong Asset Management, he served stints at China Construction Bank, China Everbright Bank, and Alibaba Group. At Alibaba Group, Hu served at affiliates including Alipay and Ant Financial. Hu is currently holding the position of president at Ant Financial.
Tianhong Asset Management, set up in 2004, is one of China’s mutual fund management companies. In 2013, it partnered with Alipay to launch Yu’ebao, entering the internet finance space.
Ant Financial holds 51 per cent stake in Tian Hong Asset Management.