Star sold 607 million shares at HK$2.73 each according to a filing with the Hong Kong Stock Exchange, a 2.5 per cent discount to the HK$2.80 closing price on Friday.
Reuters reported that the exit was part of 21st Century Fox owner Rupert Murdoch’s slow exit from China, following the sale of controlling stake in three mainland TV channels to domestic buyout firms in 2010.
The deal is TPG’s second piece of major activity in the country in less than a month, following its exit of leasing company UT Capital Group to Haitong Securities for $715m.
The company includes a financial leasing services unit and a heavy truck leasing business.
UT, which was acquired by TPG in 2008, posted profits of RMB198.8m ($32.5m) on revenues of RMB670.7m in the first half of 2013.
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