Why buyout funds, not IPOs, may define China’s next capital market cycle: Zhang Yichen

Zhang Yichen, chairman of Citic Capital Holdings and Trustar Capital, argues that buyout funds may play a more significant role than IPOs in shaping China’s next capital market cycle. He leads companies including McDonald’s master franchise business in China and Hong Kong and Harbin Pharmaceutical Group, and serves on the board of Hong Kong Exchanges and Clearing (HKEX).