Zili Shao (pictured), J.P. Morgan's vice chairman of Asia Pacific, has left the bank to start a new distressed debt investment firm to capitalize on an expected expansion of China's non-performing loans.
Shao, who spent ten years at J.P. Morgan previously as chairman and CEO of China, is teaming up with some strong state-owned partners to start the new fund, named Shanghai Jinpu Lingyue Investment Management, according to Chinese media reports citing insiders.
The new venture aims to raise several billion RMB for its first special opportunities fund, with State-owned conglomerate Sinochem Group and Shanghai International Group, as well as A-share listed First Capital Securities, as the fund's cornerstone investors.
The fund will invest in non-performing loans, special situations, buyout and turn-around opportunities, as the country'...
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