Standard Chartered PE-Backed Sunfonda Completes $70M HK IPO

Xi’an, Shaanxi province-based luxury car dealership operator Sunfonda Group Holdings has raised HK$542 million (US$69.9 million) in a Hong Kong IPO last week, according to information listed on the website of the Hong Kong Exchanges and Clearing Ltd.

The company, which postponed its IPO plan because of tough market conditions, was able to sell around 150 million new shares at HK$3.61 per share, slightly lower than its initial range of HK$3.65 to HK$4.55 per share.

In 2011, Standard Chartered Private Equity (SCPE) invested US$34.4 million in Sunfonda for a 20% stake.

China Taiping Insurance Group was a cornerstone investor in the IPO, who invested US$10 million for a 3.5% stake in the company. The stake is is subject to a six-month lock-up period.

Founded in 2000, Sunfonda sells luxury auto brands such as Porsche and Mercedes-Benz at around 25 dealership outlets in Northwestern regions of China.

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