Jiang Zemin's grandson sets up private equity fund

Jiang Zhicheng, foreground, in Chengdu in 2010
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Jiang Zhicheng, grandson of the former Chinese president Jiang Zemin, set up a private equity fund － the Boyu Investment Advisory Co — with Louis Cheung, the former general manager of insurance giant China Ping An Group, and other financial moguls in Hong Kong. The star combination of the joint venture has attracted a great deal of attention within the industry. Jiang is the first director, according to company information, reports Aboluowang, an overseas news site concentrating on China affairs.

Jiang Zhicheng, born in 1986, is the son of the vice dean of the Chinese Academy of Sciences, Jiang Mianheng, Jiang Zemin's eldest son. It was reported that Jiang Zhicheng had little hair on his head as a child and was given the nickname "Feather Head." Photos of him as a child contrasted with pictures of his illustrious grandfather have become a popular internet meme of late.

Jiang Zhicheng was admitted to Shanghai Jiaotong University before later studying economics at Harvard. After graduation, he worked at the direct investment arm of Goldman Sachs.

Hong Kong business magnate Li Ka-shing has also got involved with the fund through the Li Ka Shing Foundation, which has been confirmed by a spokesman, according to the local Apple Daily.

Boyu registered capital of 1 million shares with a face value of HK$1 (US$0.13) per share. The company intends to acquire US$1 billion in the market.

Wu Ji, director of the Space Center of the Chinese Academy of Sciences, said that when Jiang Zhicheng was in elementary school, he was very fond of astronomy. As his grandfather could not answer the questions asked by his young grandson, the president invited an old fellow of the National Astronomical Observatory to his home to field his questions in person.

Another story was told by the late Russian president Boris Yeltsin, who once recalled that during a meeting with the Chinese president, his grandson suddenly called to ask a math question. Jiang promptly broke off his conversation with the Russian leader and answered his grandson's question in detail, thus revealing himself to be a true loving grandpa — as well as a wily politician.