That hasn’t stopped the belief from spreading that Alvin Jiang is tapping his family connections.
Born in China, Kiang claims Shanghai roots, but was raised in the United States. Disclaimer: The views, opinions, forecasts, and statements made by our hosts and guests are the personal views of those respective individuals and may or may not be either endorsed or accepted by China Money Network Limited or the companies with which these individuals are employed.
Find RelSci relationships, employment history, board memberships, donations, awards, and more.Explore notable alumni from top universities and organizations. The ownership of the remaining 60 per cent of Sunrise has not been made public.
Alvin Jiang and Jiang Mianheng have used a Kiang residence address in Arizona for small personal business transactions. Apart from Sunrise, Kiang’s mainland business remains unknown. The consortium of investors that were allowed to make a pre-IPO investment in Cinda included China’s social security fund NSSF, UBS AG, CITIC Capital, Standard Chartered Bank - and two private equity funds, the powerhouse Carlyle Group and Boyu Capital. Ma, the former CFO at Lenovo Group, left a senior role at TPG to help set up Boyu. Three international companies were selected to operate at Pudong airport, including two established duty free firms: World Duty Free, owned at the time by the British Airport Authority, and Orient King Power, a subsidiary of Hong Kong’s King Power Group. In 2010, at the age of 24, Jiang Zhicheng established his own private equity firm, Boyu Capital, after leaving his job at Goldman Sachs, where he had been employed for less than a year. Kiang and Jiang noted their common surname, which though spelled differently in English, is the same character in Chinese, said the source who is Alvin’s friend and business acquaintance. Expand your fundraising pool and make warm introductions to potential new business connections.Harness the power of your relationships with RelSci Pro, the powerful platform for identifying relationship-driven business opportunities and connections that can propel your career forward.
Today, business at Sunrise is booming. REUTERS/Tyrone Siu/File Photo They provide growth & transformational capital and also participate in restructuring of state-owned enterprises. Published reports at the time quoted World Duty Free as calling it a “strategic withdrawal” because passenger traffic had not reached forecast levels. The Sunrise investment is expected to earn a substantial exit payout for Jiang, his Boyu colleagues and investors in the firm’s first $1 billion fund, people in the private equity industry say. Boyu Capital, a China-focused private equity firm co-founded by the grandson of former Chinese president Jiang Zemin, could come to the market to raise a dollar fund of as much as USD 2bn next year, a source close to the situation said. The extraordinary fall of former Chongqing governor Bo Xilai in 2012 reinforced that notion for many private equity investors. Alvin Jiang is affiliated with Boyu Capital Advisory Co. Ltd. Stay informed and up-to-date on your network with RelSci news and business alerting service. Founded in 2010, Boyu counts former TPG Capital senior executive Mary Ma and Alvin Jiang, also known by his Chinese name Jiang Zhicheng, the grandson of former Chinese president Jiang …
He is a founding partner at Hong Kong-based Boyu Capital, now one of the hottest firms in China. A discerning eye might notice the resemblance to his grandfather: former Chinese president and Communist Party leader Jiang Zemin. At the time of Boyu’s investment, Sunrise ranked 15th among the top 25 travel retailers in the world, with annual revenue of around $670 million, according to the Moodie Report, which tracks the duty free industry. Within China’s private equity realm, 15 firms identified by Reuters were either founded by a princeling, or have employed princelings in senior roles. By early 2013, Boyu had marked the Sunrise business on its books at a value of around $800 million, two of the sources with direct knowledge of the valuation said. Boyu has attracted high-profile investors such as Asia’s richest man, Li Ka-shing, and Singapore’s sovereign wealth fund, Temasek Holdings Private Limited. It is known for a 2012 investment in e-commerce giant Alibaba Group Holding Ltd (In the past few years, Boyu has also been actively investing in China’s booming tech start-ups, including ride-hailing champion Didi Chuxing, on-demand services provider Meituan Dianping (Boyu’s last U.S. dollar PE fund, which raised about $2.1 billion in 2016, saw a 37.5 percent gross internal rate of return (IRR) as of the end of June, according to one of the sources. Why Fred Kiang would sell 40 per cent of a thriving company at what appears to be a discount remains the central puzzle surrounding the Sunrise deal. sponsored by Zhicheng Jiang.
In mid-2011, Boyu agreed to pay around $80 million for a 40 percent stake in Sunrise Duty Free, according to three sources with direct knowledge of the deal, valuing Sunrise at $200 million.
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