(23 May 2005 – China) Credit Suisse First Boston is tapping the expertise of former finance chief of Chinese state-owned oil producer CNOOC, Mark Qiu, to head up a private equity venture in China.Qiu has been named managing partner of the new venture, called China Renaissance Capital Investment.
He said the booming Chinese economy would create hundreds of large, local industrial companies over the next 15 to 20 years to meet the demands of increasingly affluent consumers in China and overseas.
China is opening up for increased foreign involvement in IPOs and sales to strategic buyers and CSFB like many other international financial services firms is looking for partners for private equity ventures.