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KKR-backed Rundong eyes $300m Hong Kong IPO

10 Feb 2014

car-headlightsq_lrgPrivate equity-backed Chinese car dealership Rundong Automobile Group is looking to raise $300m via an IPO in Hong Kong.

Rundong, which is backed by private equity major KKR, plans to list on the Hong Kong exchange in the first half of this year, according to Reuters. Bank of America Merrill Lynch and Morgan Stanley have been hired to manage the share sale.

The company operates more than 50 dealerships, selling brands such as BMW and Land Rover, said the report. KKR first invested in Rundong in 2010.

Other private equity-backed companies that are preparing for an IPO in Hong Kong include Shuanghui International, which has reportedly hired six banks for the share sale.

The Chinese group, which owns food, logistics and flavouring products businesses, is backed by Goldman Sachs, Singapore’s sovereign wealth fund Temasek and private equity firms New Horizons and CDG Singapore.

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