CDH exits Beijing Digital Telecom
CDH Investments has made a full exit from Hong Kong-listed Beijing Digital Telecom (BDT), one of China’s largest mobile retail chains, raising HK$366.93 million ($47 million).
According to a regulatory filing, a CDH vehicle sold 71 million H-shares in BDT at HK$5.15 apiece. The GP invested RMB87 million ($14 million) through CDH China Growth Fund II in 2007, picking up a 14.25% stake in the company. Meanwhile, 3i Group acquired a 17.42% interest for RMB107 million.
BDT raised HK$883 million through a Hong Kong IPO in 2014, after pricing at the bottom end of the IPO range. Post-offering, CDH and 3i's interests were diluted to 10.69% and 13.06% respectively.
BDT generates most of its income from sales of mobile devices and commissions from contracted call service subscriptions and pre-paid SIM cards sold by China Mobile, China Unicom and China Telecom. Total revenue reached RMB14.36 billion in 2014, compared to RMB12.81 billion in 2013. Net profit increased from RMB266 million in 2013 to RMB318 million in 2014.
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