Abu Dhabi’s Biggest Fund Hires Ex-JD Executive in China - Bloomberg
Abu Dhabi’s biggest wealth fund hired the finance chief of a JD.com Inc. unit to help oversee its investments in China, at a time the United Arab Emirates is increasing its bets on emerging markets.
Former Jingdong Industrials Inc. Chief Financial Officer Hugo Hu has joined Abu Dhabi Investment Authority as China chief in its private equities unit, a spokesperson with the fund said in response to a query from Bloomberg News. A JD.com representative declined to comment.
Hu joined the JD Group, a leading Chinese e-commerce platform, in 2021 first as head of the strategic investment unit before he assumed duties as Jingdong Industrials’ CFO in December 2022. Before JD, he worked for Warburg Pincus for about a decade.
Companies and funds in the UAE, of which Abu Dhabi is a part, have been forging close links with China and India, bolstering their investments and trade ties by inking agreements worth billions of dollars. The Gulf country recently joined the BRICS grouping of major emerging markets, which includes both those Asian nations.
Mubadala Investment Co., one of Abu Dhabi’s three main wealth funds, said at the beginning of 2024 that it was seeking to double its exposure to Asia as it was underweight in China.
ADIA has assets of about $1 trillion, according to Global SWF, and is chaired by UAE royal Sheikh Tahnoon bin Zayed Al Nahyan. Sheikh Tahnoon oversees a sprawling empire that includes artificial intelligence firm G42.
G42’s $10 billion tech fund 42X had hired Hugo Hu’s predecessor at JD Group, Jason Hu, to lead its Shanghai office, Bloomberg News has previously reported — though the firm has since said it’s paring back its presence in China amid scrutiny from US officials. It is unclear whether the two Hus are related.
Meanwhile, Hugo Hu’s departure from Jingdong Industrials came as JD.com Inc.’s subsidiary is seeking to list in Hong Kong.
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