Blackstone is appointing its current head of China private equity Ed Huang as the head of Asia private wealth, while senior employees from Arm Holding’s China unit have stepped down to start a chip design venture, which is backed by the Shenzhen government.
Blackstone names Ed Huang as head of Asia private wealth
Blackstone is appointing its current head of China private equity, Ed Huang, as its head of Asia private wealth, reported Bloomberg News on Thursday.
Previously a managing director for China investments at Morgan Stanley Private Equity Asia, Huang joined Blackstone in 2012 and is the COO of Asia private equity, head of BCP Asia acquisitions, and leads Greater China and Korea for Blackstone’s private equity group.
He has led or been involved in Blackstone’s investments in Geo-Young, Shya Hsin Packaging, Global Sources, Pactera, Xinrong, and Simone.
Huang will take over the new role from Herbert Suen, who will stay in a senior role, while senior managing director Haide Hong will take over Huang’s role from Jan 1, 2024, according to Bloomberg.
The move is an attempt to tap into the wealthy clientele in the Asia-Pacific region. The firm has also stepped up hiring in the region, added the report.
Arm China’s key employees step down to start chip design venture
Senior key employees from Arm Holding’s China unit have stepped down to start a chip design venture backed by the Shenzhen government, reported Bloomberg News on Thursday.
Arm China’s government relations employee who is now the chief executive officer of the new firm, Borui Jingxin, head of R&D, and a regional head of sales are among the employees who quit, according to the report.
The new venture which will design chips for servers was established two-and-a-half years ago, and is currently seeking to get capital and hiring engineers, reported Bloomberg.
The company does not have a conflict of interest with Arm and is not aiming to compete with the British semiconductor company, added the report.