From Caijing.com.cn:

The Shanghai city government plans to create a financial holding group that could become a model for transforming the local government-led investment firms that now manage state-owned assets.

The emerging group was initially named Shanghai New International and will be built on the structure of the commercial Shanghai Pudong Development Bank , which is jointly owned by the city and U.S.-based Citigroup , by integrating state-owned assets. A source told Caijing that a team leading the new holding group will be headed by Ji Xiaohui, chairman of Pudong, and Wan Jianhua, CEO of China United Bank LLC. [Full Text]