Kinzon Capital, the venture capital firm solely sponsored by conglomerate Fosun, has removed three of its upper managers, who have raised money for their own fund, China Money Network reported on Tuesday.
The executives in question are chairman Wang Jun, president Bao Zhoujia and co-president Liang Junzhang. Kinzon has not explained its decision to fire the three rather than waiting for their resignation.
Pan Donghui, vice-president of Fosun and president of Fosun TMT & Entertainment Group, has been appointed chairman and president of Kinzon Capital.
Founded in 2013, Kinzon Capital currently has assets of RMB2bn ($306m) under management across two US dollar-denominated funds and one Chinese yuan fund. Kinzon focuses on both early and growth-stage companies in China and the US.
Kinzon’s recent investments include on-demand insurance platform Sure, which raised $2.4m in seed funding last week, edtech provider Huivo, which secured $23m in a series B round last month, and chemicals marketplace Molbase, which obtained an undisclosed sum in March 2016.
The personnel changes reportedly come ahead of Kinzon’s expected launch of a venture capital fund aimed at startups in Southeast Asia.