Beijing-based Chinese private equity firm Hony Capital has achieved a profitable full exit from Hong Kong-listed Chinese IT application developer, Chinasoft International Limited, according to a securities filing.
Hony Capital sold 335 million shares at HK$3.93 per share, a 10.07% discount to the closing price of HK$4.37 on April 22, for total proceeds of HK$1.32 billion (US$170 million).
The buyers of the 18% stake being sold include large insurance companies, mutual funds, and global asset management firms, according to the filing.
Dr. Chen Yuhong, chairman and CEO of the company, became the largest shareholder after the sale.
In 2011, Hony Capital acquired 150 million shares at HK$1.86 apiece, taking a 15.75% of Chinasoft International.