China CYTS Tours buys back Wuzhen stake from IDG
IDG Capital Partners has existed Tongxiang Wuzhen Tourism Development to the investee’s parent company, China CYTS Tours Holding, for $67.5 million. The PE firm bought about a 16% stake for $6.47 million in 2009, implying a 10.4x return on its investment.
According to a regulatory filing, CYTS Tours has brought back stakes from two entities operated by IDG Capital - Hao Tian Capital I and Hao Tian Capital II - allowing the parent company to bring its total...
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