Temasek Holdings, the Singapore-based investment company, has appointed a new head of China, with effect from 1 October 2013.

Dr Wu Yibing succeeds Ding Wei, who will become the advisory senior director for China on the same date. Wu is currently the chairman and chief executive of Goldstone Investment, the direct investment arm of CITIC Securities. He is also the president of CITIC Private Equity Funds Management. In his new role, he will work closely with Chia Song Hwee, Temasek's co-head for China.

Ding, who has requested to work in an advisory capacity to have the flexibility to pursue other interests, will continue to help grow Temasek's network and capabilities in China. 

Temasek has 11 affiliates and offices in Asia and Latin America and holds a S$215 billion ($169 billion) portfolio as at 31 March 2013, with 71 per cent of its underlying assets in Asia (including Singapore) and 25 per cent in North America, Europe, Australia and New Zealand.