China-based internet company Baidu has appointed Wenjie ‘Jenny’ Wu as the first managing partner of its corporate venturing unit, Baidu Capital, China Money Network reported yesterday.
Baidu formed the unit last month and has provided it with $3bn in capital for dollar and yuan-denominated investments sized between $50m and $100m. Wu is the first of three managing partners it will recruit for the fund, with Baidu CEO Robin Li serving as chairman.
Wu was formerly chief financial officer and then chief strategy officer for Ctrip, the China-based online travel services platform that went public in 2003. During her time at the company she oversaw its investments in Tujia and Makemytrip.
Wu’s move from Ctrip to Baidu also seals a partnership between the firms. In addition to her other activities, Wu will head a dedicated travel-focused fund for Baidu Capital called HJ Capital, to which Ctrip has provided an undisclosed amount of funding, she told Tnooz.
“With Ctrip, the investments were all about how to add value to the Ctrip platform, about growing the business in China and globally,” she said. “The new fund is looking at investments that can generate returns on their own.”
HJ Capital will look to invest in both travel technology developers and service providers. Wu will retain a senior advisory role at Ctrip.
– Photo of Wenjie Wu courtesy of Kingsoft