Tsinghua University PE unit acquires Hong Kong private jet business

Financial terms were not disclosed. This is Tsinghua Holdings' second acquisition in business aviation services space after it bought a controlling stake in Beijing Bear Jet Aviation last year.

Sino Jet was founded in 2011 by Jenny Lau, who will remain chairman and CEO of the company upon completion of the deal. It has a fleet of 15 private jets, including Gulfstreams and Bombardier aircraft.

Tsinghua Holdings Capital will utilize its human capital, technology, management and market resources to support Sino Jet's continued growth. On the regulatory side, it can also help overcome certain constraints on overseas-registered business aviation companies that want to apply for air routes in China.

The private equity fund expects to Beijing Bear and Sino Jet to share resources. Sino Jet is expected to support Beijing Bear Jet's expansion as the Hong Kong-based company has extensive overseas networks and high quality services.

There is still plenty of unmet demand in China's private jet industry, Tsinghua Holding Capital said in a statement. The number of private jets in the country is expected to rise to 1,100 in 2020 and 2,470 in 2030.

Tsinghua Holdings - the parent of Tsinghua Holdings Capital - is a state-owned company responsible for managing the majority of Tsinghua University's commercial assets. As of year-end 2012, Tsinghua Holdings had approximately RMB70.4 billion ($11.5 billion) in assets and a net income of RMB1.45 billion.

The private equity unit focuses on cross-border buyout opportunities in the pharmaceutical, cleantech, advanced technology and media sectors.

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• Topics
• Greater China
• Buyouts
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• China
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