Hony grabs CIMC stake ahead of company’s switch to Hong Kong exchange


Chinese private equity firm Hony Capital has 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 it is successful it will be the first Chinese firm to make the switch between the listings markets.

Hony’s purchase is good news for the firm, which has recently missed out on deals for Japanese electronic chip maker Renesas and the asset management arm of Franco-Belgian bank Dexia.

CIMC, which was founded in 1980, manufactures and supplies containers, trailers, tank equipment and airport facilities.

The company currently owns RMB 54.13bn of assets, has RMB51.77bn annual sales and employs 63,000 staff across China, North America, Europe, Asia and Australia.

Hony, the private equity arm of Legend Holdings, raised nearly $4bn from LPs for two separate investment funds in January this year.

The Chinese firm collected nearly $2.4bn for its fifth dollar-denominated fund and RMB10bn ($1.58bn) for its second renminbi-denominated investment vehicle.

Both funds are more than double the size of their respective predecessors.

Copyright © 2012 AltAssets