That deal, they believe, provided evidence that Jiang Zemin’s grandson could gain access to a strictly controlled state sector and convert those assets into a highly profitable investment. Founded in 2010, Boyu Capital is poised to earn big paydays from two of the most notable initial public offerings to emerge from China in the last 18 months - e-commerce giant Alibaba Group Holding Ltd, and state-backed debt trader China Cinda Asset Management Co. No other China-focused firm with such a short history has found its way into both deals. He is a founding partner at Hong Kong-based Boyu Capital, now one of the hottest firms in China. The fund size however has not been finalised and could be up to $4 billion, two of the sources added. In 2000, China’s State Council approved a measure that handed control of all duty free businesses - except those in Shanghai - from local governments to state-owned China Duty Free. 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. The third tender went to Kiang’s newly formed Sunrise Duty Free, a foreign-owned company with no previous experience in the industry. Stay informed and up-to-date on your network with RelSci news and business alerting service. Hong Kong-based investment firm PAG on Monday said it has closed its third Asia-focused buyout fund at $6 billion. All Rights Reserved. Analysts estimate Alibaba is worth at least $140 billion today, which means Boyu’s investment as part of the CIC consortium has increased more than three and a half times in value in 18 months.

Alibaba was valued at around $38 billion then. 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. Two subsequent investments cemented Boyu’s reputation for having the influence to find its way into profitable, high-profile assets. Princeling privilege isn’t necessarily permanent in China, even for the grandson of a living former President. PRINCELING INFLUENCE .
In 2005, Sunrise won a 10-year concession at Beijing International Airport, outbidding China Duty Free and Orient King Power. Alvin Jiang and Boyu Capital, these investors say, rank high on those lists. Kiang was a senior executive at Newbridge, the former name of TPG Capital in Asia, one of the world’s biggest private equity firms, three people with direct knowledge told Reuters. In 1989, Jiang Zemin became Communist Party General Secretary; in 1990 Kiang established his base in Shanghai. Alvin Jiang and Boyu Capital declined to comment for this story. any kind between RelSci and Zhicheng Jiang. Nurture your network and further your business goals with smart intelligence on the people and companies that matter most to you.Browse in-depth profiles on 12 million influential people and organizations. Editing by Bill Tarrant.The logo of Boyu Capital is seen at the company's office in Hong Kong in this December 11, 2013 file photo. Founded in 2010, Boyu counts Alvin Jiang, who is the grandson of former China president Jiang Zemin and goes by Jiang Zhicheng in the Chinese-speaking world, among its partners. Reporting by Stephen Aldred and Irene Jay Liu. Jiang Zhicheng, also known by his Anglicized name of Alvin Jiang, was born in 1986 and is the grandson of Jiang Zemin. Nine months later, he left to launch Boyu. Alvin Jiang played a role negotiating both deals.


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