Value Creation
Price Realization

John Zhao

Chairman of Hony Capital


Mr. John Zhao is the Chairman of Hony Capital, an alternative investment management group focusing on opportunities in China. Since its founding in 2003, Hony Capital has gained leading market positions in private equity and real estate investments.

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

Gary Cho

CEO of Hony Capital


Mr. Cho is the CEO of Hony Capital, responsible for the operation and management of the company. Mr. Cho joined Hony Capital in 2004, and 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.

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.

  • 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.

  • Yanda 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 Cheng

    Managing Director
  • 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.

  • Tom Geng

    Managing Director
  • Andrew Han

    Managing Director
  • Vivian Huang

    Managing Director

    Vivian Huang joined Hony Capital in 2013. Currently, Vivian is Director and Chief Executive Officer of Hony Horizon Fund Management Company Limited. After joining Hony Capital, Vivian Huang has successfully served as Chief Financial Officer of Jiangsu Sunrise Industry Capital Management Company Limited and Chief Financial Officer, Chief Operation Officer, General Manager of Sales & Marketing Department and Deputy General Manager of Hony Horizon Fund Management Company Limited.

    Before joining Hony Capital, Vivian Huang served for Nanjing Golden Eagle International Group and Golden Eagle Enterprise Management (China) Company Limited as Chief Financial Officer and other positions.

    Vivian Huang has accumulated for over twenty years’ experience in the field of corporate finance, internal control and operation management.

    Vivian Huang graduated from Nanjing University Business School, and she gained Master of Business Administration Degree from University of Missouri, St.Louis.

  • 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.

  • Maggie Li

    Managing Director
  • Henry Liu

    Managing Director
  • Fergus Lam

    Managing Director
  • Changyu Sun

    Managing Director
  • Terry Tam

    Managing Director

    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.

  • Hill Wang

    Managing Director
  • Bruce Wang

    Managing Director

    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