CNEI secures 10.3x return on full exit from Liyuan Aluminum
China New Enterprise Investment (CNEI) has completed its exit from Jilin Liyuan Aluminum, one of the country’s leading aluminum extrusion product manufacturers, securing a 10.3x gross return.
The China-focused growth capital investor has sold its remaining holding in Shenzhen-listed Liyuan, taking gross proceeds from the share sales and dividends $77.2 million.
CNEI took a 16% stake in the company when it invested $7.5 million in July 2008 through China New Enterprise Investment Fund I, a $113 million vehicle that closed in 2007. Liyuan subsequently went public on the Shenzhen SME Board in 2010, with CNEI subject to a one-year lock-up period on its holding.
Last June, CNEI sold about 5% of its outstanding shares in Liyuan, securing a 9.4x gross return.
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