Value Creation
Price Realization

John Zhao

Chairman and CEO of Hony Capital


Mr. John Zhao is the Chairman and CEO of Hony Capital, a leading investment group in China. Mr. Zhao also serves as board member of Legend Holdings Corporation, Lenovo Group Limited, Best Food Holding Company Limited, Goldstream Investment Limited, Zoomlion Heavy Industry Science and Technology Co., Ltd, Shanghai Jinjiang International Hotels Development Co., Ltd, etc. Mr. Zhao is also Vice Chairman of Asset Management Association of China (AMAC) and Chairman of the private equity & buyout fund committee under AMAC, board member of the China Development Research Foundation (CDRF), governor of Our Hong Kong Foundation, and governing board member of China-United States Exchange Foundation.

Mr. Zhao joined Legend Holdings and founded Hony Capital in 2003. Under his leadership, Hony Capital currently manages over USD 12 billion of assets and has invested in around 100 companies domestically and abroad, including Hospital Corporation of China Limited, CSPC Pharmaceutical, China International Marine Containers (CIMC), Suning, ENN Ecological Holdings co., Ltd, STX(U.S.) , and COFCO Capital.

Mr. Zhao holds an MBA degree from the Kellogg School of Management at Northwestern University, dual Master’s degrees in Electronic Engineering and Physics from Northern Illinois University, and a Bachelor’s degree in Physics from Nanjing University.

Management Team (Arranged in alphabetical order by last name)

  • Xiaobin Bao

    Managing Director

    Mr. Bao joined Hony Capital in 2014 as Managing Director and is responsible for real estate investments.

    Mr. Bao has worked for more than 26 years in the field of real estate development and investment, and developed multiple complex buildings in China with accumulated gross floor area of over 12,000,000 square meters and investment of over RMB 100 billion.

    Prior to joining Hony Capital, Mr. Bao served as Director of Glory Co., Ltd,.

    Mr. Bao holds an MBA degree from Tsinghua University, and a B.S. degree from Tianjin University.

  • Gary Cho

    Managing Director

    Mr. Cho joined Hony Capital in 2004. He heads Legal Affairs & Compliance Department, Investor Management Department and Corporate Development. Mr. Cho plays a key role in the firm’s investment decisions and day-to-day operations from risk management and managerial perspective. He is also the General Manager of Hong Kong platform.

    Mr. Cho led and participated in a number of major investments as an investment professional in his early years at Hony, including CSPC, Simcere, Longhao and Solarfun.

    Prior to joining Hony Capital, Mr. Cho served as attorney of Jingtian & Gongcheng Law Firm.

    Mr. Cho holds an EMBA degree from China Europe International Business School, L.L.M. in International Law from the Erasmus University in Rotterdam, a M.S. degree from Peking University, and a B.S. degree from Tianjin Nankai University.

  • Cindy Chen

    Managing Director

    Ms. Chen joined Hony in 2003, and is responsible for investments in manufacturing and services, environmental protection and energy saving, new energy and other fields. With nearly 6 years of financial management experience and more than 15 years of investment experience, Ms. Chen is familiar with the restructuring of state-owned enterprises, the operating mechanism of large enterprises and the operation of capital markets.

    Prior to joining Hony Capital, Ms. Chen served as Financial Manager of Lenovo Group.

    Ms. Chen holds an EMBA degree from China Europe International Business School and a B.A. degree in Economics from the Beijing Petro-Chemical Institute.

  • Eric Chen

    Managing Director

    Mr. Chen joined Hony in 2003. He is The Standing Vice Manager of PE Administration Department, Member of Hony Real Estate Investment Committee, and Managing Director of Hony Capital.

    Mr. Chen has participated in more than 20 investment projects during his years at Hony. He has extensive experience in SOE restructuring and has in-depth knowledge in media, financial services, education and vocational training, consumer and other business service sectors. He serves as Vice Chairman of Century Ginwa Retail Holdings (0162.HK) and Non-Executive Director of Shanghai Municipal Investment (600649.SS), BOC International, Shanghai Rural Commercial Bank and Rongzhong Group. Mr. Chen is a member of the 11th Shanghai Youth Federation.

    Prior to joining Hony Capital, Mr. Chen was Senior Investment Manager of D’Long International Strategic Investment Company.

    Mr. Chen holds an EMBA degree from China Europe International Business School and a B.A. degree in Economics from Beijing Forestry University.

  • Kevin Yi Cheng

    Managing Director

    Mr. Cheng joined Hony Capital in 2006 as an analyst and became Managing Director in 2016.

    At Hony, Mr. Cheng has been focusing on broad consumer sector investment. He has profound insights on brands, retail and education in China. His trademark deals include PizzaExpress,, Better Sun Education. 

    Before joining Hony, Mr. Cheng was a management trainee at Citibank. 

    Mr. Cheng received his BA in Economics from Northwestern University (China) and was enrolled in the master’s in finance program of the China Center for Economic Research at Peking University in 2001 under the mentorship of Professor Yi Gang.

  • Tracy Cui

    Managing Director

    Ms. Cui joined Hony in 2008 and is responsible for investment in entertainment and sports, with extensive operation and management experience in this area, she has played a key role in setting up and developing Hony’s investment strategy in media and entertainment related industries. Meanwhile, Ms. Cui has led a number of deals in publishing, TV and film production, internet media, anime, games, theme parks, and other fields.

    Currently Ms. Cui serves as Director of STX Entertainment, Linmon Pictures and Qianqiusui, she was Director of HappiGo (300413.SS) and SMG Pictures.

    Prior to joining Hony Capital, Ms. Cui was Producer & Chief Editor of CCTV Financial Channel and was one of the founders of “Dialogue”.

    Ms. Cui holds an MBA degree from Columbia Business School, Master in Journalism from the Journalism School of Columbia University, and a B.A. degree in Journalism from Communication University of China.

  • Xihong Deng

    Managing Director

    Ms. Deng joined Hony in 2004 as Managing Director. She currently oversees Hony’s strategic investments and post-investment management. As the chairman of Hony Charity Foundation, she is also responsible for Hony’s social welfare activities. During her service at Hony, she led investments in Chaowei Power, Lenovo Mobile, Solarfun and Boloni, and oversaw investor relations as well as fundraising. 

    Prior to joining Hony Capital, Ms. Deng served as Vice President of J.P. Morgan.

    Ms. Deng holds an M.S. degree from Tsinghua University, M.S. from SUNY at Stony Brook, B.S. from Tsinghua University.

  • Minglei Guo

    Managing Director

    Ms. Guo joined Hony in 2008, She is Co-Founder of Hony Consulting and oversees IT Department in Hony.

    Ms. Guo has extensive experiences in multiple domains of operation management and has in-depth knowledge in business strategic planning, organization and management system design, supply chain management, product management, and IT management.

    Ms. Guo has led many business reengineering and operation improvement projects for Hony’s portfolio companies in various industries. Among these are supply chain and IT optimization for Coagent, performance system redesign for CMPG, IT blueprint and process reengineering for Ginwa, HappiGo and Longhao. Under her leadership, these value-add efforts brought to the portfolio companies significant benefits both in their management enhancement and financial performance.

    Prior to joining Hony Capital, Ms. Guo was Co-Founder and Managing Partner of Win-Win World International Management Consulting.

    Ms. Guo holds a B.S. degree from China University of Science and Technology.

  • Owen Guo

    Managing Director

    Mr. Guo joined Hony Capital in 2003. He currently holds the post of General Manager of Hony Horizon Fund, and he is responsible for the domestic Mutual Fund business in Hony . Since Mr.Guo joined Hony Capital. he has served successively as Investment Director and Managing Director. As the Head of Investment Portfolio, at that period of time, Mr. Guo led and participated in a number of major investments, and he accumulated years of working experience in the Capital Market from both domestic and overseas perspectives. Since 2014, as the senior of Capital Market, Mr .Guo was selected as one of the members in Fifth and Sixth Mergers and acquisitions audit division of China Securities Regulatory Commission.  

    Since 2015, Mr.Guo was responsible for the exploration of Hony Horizon Fund in Hony,Mr. Guo holds an EMBA degree from Cheung Kong Graduate School of Business, B.S. degree from Beijing University of Science and Technology.

  • Shumin Li

    Managing Director

    Mr. Li Shumin joined Hony Capital in 2017 as Managing Director in the Real Estate sector.

    Prior to Hony Capital, Mr. Li had worked for five years in the US subsidiary of Mizuho Securities of Japan as Managing Director in the asset securitization division. Previously he has also worked for one year at the Federal Bank of New York as a senior trader and analyst for asset-backed securities, three years at UBS Securities and one year at Lone Star Funds both as executive director in the ABS division, one year at Credit Suisse Securities as VP in the ABS division, four years at Fannie Mae as a senior financial engineer in the asset portfolio division and two years at FleetBoston Bank as a credit and risk analyst. 


    Mr. Li received his BA degree in International Economics from Peking University in July 1992, MA degree in Economics from Indiana University in 1996 and MA degree in Economics from Brown University in 1998.

  • Tun Lin

    Managing Director

    Dr. Lin Tun joined Hony Capital in 2013 and is now the CEO of Goldstream Capital Management Limited. Before that, Dr. Lin headed the Strategic Research and Business Development.

    Prior to joining Hony Capital, Dr. Lin served important roles as China International Capital Corporation, Executive Director and Macroeconomist; Asia Department Bank (Manila), Economist; University of Cambridge, Research Fellow;  World Bank (Washington D.C.), Economist; UN University-World Institute of Development Economics Research (Helsinki), Associate Researcher;  US National Milk Producers Federation (Virginia US), Economist; China State Development Bank, Project Officer.

    Dr. Lin holds a Ph.D in economics and M.Phil. in economics & finance from University of Cambridge. He also holds a Master’s Degree in Community Development and Applied Economics from  University of Vermont, a Bachelor’s Degree in International Trade and Economics from Renmin University of China.

  • Fergus Lam

    Managing Director

    Mr. Lam joined Hony Capital in 2015 responsible for the business operations of Goldstream Capital Management Limited.

    Prior to joining Hony Capital, Mr. Lam served at Keywise Capital Management (HK) Limited as Managing Director, CCO and COO; at Chi Capital Securities Limited as Director of Business Operations and COO; at Goldman Sachs, Hong Kong and New York as Executive Director, Head of Asia Equities Technology;at Digital Equipment Corp, as Principal Software Engineer; and at Dowty Electronic as Principal Software Engineer.

    He holds a First Class Honors Bachelor Degree in Computing Science from Imperial College, University of London and a Master Degree in Computing Science from Birkbeck College, University of London.

  • Changyu Sun

    Managing Director

    Mr. Sun joined Hony Capital in 2011. He focuses on investments in service industry with a specific focus on financial services, environment protection services, hospitality and logistics services. Mr. Sun has a deep insight into the State Owned Enterprises, with abundant experiences in the management of financial services. He played an important role in both investment and post-investment management of Hony’s portfolio in this area.

    Prior to joining Hony Capital, Mr. Sun served as China Life, Department of Investment, Senior Manager; Hainan Branch of China Construction Bank (CCB), Department of Information Technology, Assistant General Manager; Lingshui Sub-branch of Hainan Branch of CCB, Vice President.

    Mr. Sun holds a PhD in Industry Economics and MBA, both from Zhongnan University of Economics and Law. Hee also holds a B.S. degree from Tsinghua University.

  • Terry Tam

    Managing Director 、 Chief Financial Officer

    Terry joined Hony Capital in 2016 as Managing Director and Chief Financial Officer.  He is responsible for all aspects of financial affairs.
    Terry had more than 20 years of experience in providing accounting and tax consulting services for multinational corporations and private equity institutions.  He worked with local and overseas private equity institutions in designing fund structure and tax planning for fundraising.
    Prior to joining Hony Capital, Terry was a Tax Partner at PwC.
    Terry received a B.S. in Tax Accounting from Golden Gate University.

  • Linda Wang

    Managing Director

    Ms. Wang joined Hony in 2003 and currently serves as managing director that is responsible for the design and management of Hony Partners Group.

    Ms. Wang has over 25 years of financial management experience and more than 20 years of fund management experience. In the 16 years since joining Hony, she has served as director, Executive Director, Managing director and has also served as the company's chief financial officer.

    Prior to joining Hony Capital, Ms. Wang served as Finance Director of AOL-Legend joint venture, deputy general manager of the Finance Department of Lenovo Group (HK:0992) and other positions.

    Ms. Wang holds a Joint MBA from the Kellogg School of Management, Northwestern University and the Hong Kong University of Science and Technology, and a B.A. degree in Finance from Renmin University of China.

  • Bruce Wang

    CEO of Best Food Holding, Managing Director of Hony Capital

    Mr. Wang joined Hony in 2003, he has been consistently focusing on investment in consumer & retail sector during the past 10 year, with a particular emphasis on sub-sectors of retail, Fast-Moving Consumer Goods (FMCG), catering and fast food franchise.  
    He is responsible for establishing the investment management platform in the catering sector—Best Food Holding Company Limited.

    Prior to joining Hony Capital, Mr. Wang served as Project Manager of Lenovo Group. 

    Mr. Wang holds an Tsinghua-MIT University Joint MBA degree, and a B.A. degree in Shanghai Jiao Tong University, Youth Talented Program. 

  • Mason Xu

    Managing Director

    Mr. Xu joined Hony Capital in 2003. He heads of Chairman’s Office.

    Mr. Xu has brought to Hony insights of region focus in China and in-depth knowledge of SOE. He plays an important and active role in deal sourcing, public relations and region coverage in China.

    Prior to joining Hony Capital, Mr. Xu served as Product Manager of Lenovo Group.

    Mr. Xu holds a M.S. degree and a B.S. degree from Southeast University.

  • James Xue

    Managing Director

    Mr. Xue joined Hony Capital in 2018, and is responsible for Investor Relations.

    Prior to joining Hony Capital, Mr. Xue had worked for 10 years as Managing Director of the Equities Department of China International Capital Corporation. Previously he also worked in Huatai United Securities and BMO Financial Group.

    Mr. Xue holds an MBA degree in Finance and Financial Engineering from Schulich School of Business, York University, a B.S. degree in Electrical Engineering from Anhui University of Technology.

  • Bing Yuan

    Managing Director, Chief Operating Officer

    Mr. Yuan joined Hony in 2009. He is currently responsible for Hony’s private equity investment, secondary market investment and overall company operations.

    Mr. Yuan’s major investment projects include Bytedance, PizzaExpress, Giant Interactive, Haichang Ocean Parks, Hydoo International Holding, Agora Hospitality, and Bisensors.

    Prior to joining Hony Capital, Mr. Yuan was a Managing Director of Morgan Stanley Asia.

    Mr. Yuan holds a M.A. and J.D. degree from Yale University, and a B.A. degree from Nanjing University.