UK-based private equity investment firm 3i has formed an advisory board in China as it looks to bolster its presence in the region.

The firm has appointed three new members to its China Advisory Board including Frank Ning, chairman of Fortune 500 business COFCO, Bing Xiang, founding dean of Cheung Kong Graduate School of Business and Michael Wu, CEO and director of Tradelink Electronic Commerce.

According to a statement, members of the advisory board will ‘work closely’ with 3i to help identify new investment opportunities in Chinese sectors including consumer, business services and industrials.

Additionally, the board will provide strategic counsel, market access and assist 3i-backed business within China.

Paul Su, managing director, partner and head of 3i China, comments, ‘The invaluable experience and insight from this elite group of advisers, alongside 3i’s own global network, accelerates our plans to support China’s most promising entrepreneurs and high growth enterprises to build successful businesses on a global scale.’

The new appointments are effective immediately, with the first meeting having taken place on 23 February in Beijing. Chief executive of 3i, Michael Queen, and managing partner of developing markets, Guy Zarzavatdjian, attended.

Having initially entered the country in 2001, the private equity firm’s increased presence in China follows on from ‘successful investments’ in the region involving businesses such as Little Sheep, PCD Stores and Focus Media.