Hony Capital exits electric bike battery maker Chaowei Power


Chinese private equity investor Hony Capital has sold its 14 per cent stake in electric bicycle battery maker Chaowei Power.

Hony invested in Chaowei ahead of its initial public offering on the Hong Kong Stock Exchange in July 2010.

The firm sold 150 million shares at a discount of between 5.7 per cent and 9.2 per cent to the previous day’s closing price, according to Dow Jones, or between HK$3.85 and HK$4.00 per share.

When Hony’s stake was converted into shares before the IPO they were priced at HK$2.10 per share.

Last month Hony picked up a 5.16 per cent stake in state-owned China International Marine Containers.

The listed company is in the process of moving from the Chinese B-share market to the better known Hong Kong Stock Exchange.

If successful, it will be the first Chinese company to make the switch between the listings markets.

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