AVCJ China Awards: Exit of the Year – China Pacific Insurance
“The transaction, the largest private equity investment in China to date, is a testimony to the maturing investment and regulatory environment in China and to the government’s commitment to financial reform,” X.D. Yang, managing director and co-head of The Carlyle Group’s Asian buyout group, said in 2005 when the firm invested in China Pacific Insurance.
The investee was insolvent and losing money at the time, like many institutions in China's beleaguered financial services sector. For foreign investors, there was the prospect of participating in a turnaround...
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