Wenjie “Jenny” Wu, founding and managing partner of Baidu Capital, a corporate venturing subsidiary of China-based internet group Baidu, joined agribusiness conglomerate New Hope Group in November 2018.
China-headquartered New Hope has appointed Wu chief investment officer (CIO). It is involved in multiple industries including food, real estate and chemicals, and its business spans dozens of countries and regions in China and abroad.
Wu told Global Corporate Venturing: “As group CIO, the business I want to manage has the largest scale, domain and complexity yet. It covers a broader scope and more opportunities, so a higher comprehensive ability of my leadership is also being expected.”
During her two-year stint at the $3bn Baidu Capital from 2016, Wu built an independent private equity management system and team from scratch and its investments included seven unicorns – private, VC-funded companies with a valuation greater than $1bn.
The unit’s portfolio companies included China-based smart electric car developer Nio, which floated on the New York Stock Exchange in September 2018.
Prior to founding Baidu Capital, Wu spent five years at online travel services provider Ctrip, first as chief financial officer and then as chief strategy officer. As a member of its core management team, she helped Ctrip move into the mobile internet era overseeing work across eight of the group’s departments including finance and legal.
Regarding her goals at New Hope, Wu told GCV: “First, it is necessary to define the strategic investment team’s functions to complement the strategic planning and become the brain and think tank for the group’s development, so that the deals can help the broader organisation achieve its strategic goals, rather than simply obtaining financial returns.
“Second, to set up a comprehensive investment management system, such as digitisation, risk control system creation and synergy mechanism for the group’s multiple units, backed by an efficient investment team.
“Third, to leverage the group’s brand and resources, exploring a variety of financing methods, stretching the investment ceiling by cooperating with other industry giants and local governments to set up funds.
“Fourth, to establish a new business track through dynamic investment strategies, actively promoting digital and intelligent transformation in the 5G era, while strengthening the capabilities of the existing ones.”
– Photo of Wenjie Jenny Wu courtesy of Kingsoft.
