Hong Kong-based private equity firm RRJ Capital has invested around US$50 million for an undisclosed significant minority stake of Chinese credit card maker Jing King Technology Holdings Ltd., according to media reports.
The investment is not disclosed, and cannot been verified.
The company’s chairman and CEO Lennon Tan will continue to hold a controlling stake in Jing King.
Founded in 1984 in Hong Kong, Jing King manufactures credit cards for Visa, MasterCard, China’s UnionPay, among others. Its factories in China’s Guangdong province has made over one billion credit cards in total.
According to the Nilson Report in 2009, the company is the fifth largest card maker for IC card, ATM & Pin debt cards globally, according to its website.
RRJ Capital currently manages US$6 billion across two private equity funds focused on China and South-East Asia.
The firm is founded by Richard Ong, former founder and CEO of Hopu Fund. Before that, Ong spent 15 years with Goldman Sachs with the latest position as co-head of Asia Ex Japan investment banking.
The firm’s co-CEO is Charles Ong, formerly with Temasek Holdings holding positions including chief investment officer and chief strategy officer.