TPG sells Ping An H-shares
On the back of last week’s report that TPG Capital's legacy fund Newbridge Asia sold out its 16.76% stake in Shenzhen Development Bank to Ping An Insurance, the group has sold over half of the H-shares it received as payment into the market for a total profit of $1.25 billion.
This makes it the largest placement in Asia this year. The sell-off represents close to 20 days' worth of trading volume, sold in just 2.5 hours. Long-only funds and hedge funds were the bulk of the buyers.
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