THE founder and chairman of New Hope Group, Liu Yonghao, will hand over the reins of his business to his daughter Liu Chang when he steps down as chairman of listed subsidiary New Hope Liuhe Co.

However, the elder Liu will remain on the board, whose other directors are expected to be "younger, more professional, more innovative and more energetic."

Running one of China's largest agri-businesses, 62-year-old Liu, together with his family, was ranked 18th on Forbes China Rich list last year. He is worth US$3.8 billion as of March, according to the magazine.

Liu Chang, 33, will co-head the board of New Hope Liuhe with Chen Chunhua who will also serve as the company's new chief executive. Liu Chang currently holds a 36 percent stake in New Hope Group and leads its non-listed Sichuan South Hope Industrial Co.

After receiving an MBA degree in the United States in 2002, she returned to China and joined the family business. She became the youngest face to feature on the Hurun China Female Rich list in 2006.