Did you miss the biggest breaking news item in China’s investment circle yesterday? I am not talking about another big IPO or M&A deal. I’m talking about Wang Gongquan, an influential veteran private equity investor in Beijing.
Wang was a co-founder and senior partner of CDH Venture Partners, a leading investment firm headquartered in Beijing. Considered one of the early birds in China’s venture capital world, Wang was a general partner with U.S. technology investment heavyweight IDG before he established CDH Venture Partners in 2005.
In March, Qihoo 360 Technology, one of Wang’s investment portfolio companies, went public on the New York stock exchange. As one of the early investors in Qihoo, the maker of the second most popular web browser in China, behind Microsoft’s Internet Explorer, the successful IPO made Wang more famous in China. And of course, the billionaire is getting even richer.
Yesterday, he became a newsmaker in China again, but not for anything related to his investment matters. Wang wrote a brief post on his personal micro-blogging site, to officially announce that he had decided to quit all posts and escape the public eye to enjoy a private life with his significant other.
Given Wang’s high professional reputation and background, his decision quickly drew massive public comments from ordinary people to tycoons such as Pan Shiyi, the top boss of SOHO China and one of China’s leading property developers. By Wednesday Wang’s personal announcement became one of the most actively discussed topics with almost 1 million reposts of it and comments on Sina.com, China’s No.1 portal.