Dong Wenbiao: Chinese Financial Executive

Dong Wenbiao was born in Henan province in 1957. Dong is a senior economist and earned a master’s degree in economics from Xiamen University in 1993.  He was a former teacher at Henan Financial Institute. Dong then served as the manager of the Zhengzhou branch at the Construction Bank of China. The branch was called a “miracle” in the Chinese banking system, as a result of his leadership.

Dong was Chairman and President of Haitong Securities Co. Ltd., and then joined China Minsheng Banking Corporation (CMBC) in 1996 as Vice President. He was widely praised in the Chinese media for his work and was recognized for his adherence to international commercial rules. Dong was an executive director and President of CMBC from 2000 to 2006. He led the bank through its listing as the first non-public financial institution and the first joint stock non-public bank.

He became the Chairman of the Board of Directors of CMBC in 2006. In August 2014, Dong made headlines in the financial press as he resigned from his post as Chairman of CMBC, one of China’s top private lenders and the country’s first majority privately owned bank. It was reported by Chinese media that he had set up a private investment company while holding his position at Minsheng.

After the resignation was announced it was also reported by media in August 2014 that he had launched China’s largest private investment fund. The private fund, China Minsheng Investment Co. Ltd has a registered capital of 50 billion yuan or $8.13 billion after raising funds from 59 domestic private enterprises.

Shareholders of the fund, which received State Council approval in April, are all large private firms and include Suning Commerce Group, one of China’s largest electronic appliance retailers, and Baota Petrochemical Group, a leading chemical manufacturer.  The fund will invest in photovoltaic power generation projects, steel and vessels, and will also engage in stock management and consultancy services.

There is no legal relationship between Minsheng Bank and the fund and it’s not clear why Minsheng Investment is using the Minsheng name. One thing is clear though Dong is a heavyweight in the Chinese financial world.