Exits
VC-backed China dating-app gains 26% on US trading debut
Chinese VC-backed mobile dating app Momo gained 26% on its first day of trading on NASDAQ following a $216 million IPO.
Mandarin Capital exits Dagong Europe to Chinese JV partner
Mandarin Capital Partners has sold its 40% stake in a European credit ratings agency to joint venture partner Dagong Global Credit Rating. China-based Dagong is now the sole owner of the asset.
General Atlantic-backed Xiabu Xiabu targets $146m HK IPO
Xiabu Xiabu, a Chinese hotpot chain backed by General Atlantic, is seeking to raise up to HK$1.13 billion ($146 million) through a Hong Kong IPO.
Founder of China’s Momo hit with misconduct accusations ahead of IPO
Tang Yan, CEO and founder of Chinese VC-backed mobile dating app Momo - which is about to list in the US - has been accused of misconduct while employed by NetEase, his former place of work.
AVCJ Awards: Exit of the Year - Mid Cap: United Cinemas
United Cinemas was struggling in the face of macro headwinds and low consumer confidence, but Advantage Partners’ saw the bigger picture and delivered blockbuster returns
AVCJ Awards: Exit of the Year - IPO: Alibaba Group
Alibaba Group’s IPO validated Silver Lake’s faith in the business. Ken Hao, a managing partner at the PE firm, expects the company to go from strength to strength, both in and outside China
AVCJ Awards: Operational Value Add & Exit of the Year - Large Cap: Oriental Brewery
Affinity Equity Partners and KKR made Oriental Brewery the market leader in Korea’s beer industry, then exited via Asia’s largest-ever trade sale. For this and other activities, Affinity was also named Firm of the Year
Carlyle, Unison to exit Japan semiconductor firm Covalent
The Carlyle Group and Unison Capital are to exit their stake in Covalent Materials, a Japanese semiconductor materials manufacturer, to US ceramics group CoorsTek.
Hony makes partial exit from Zoomlion via buyback
Zoomlion Heavy Industry Science & Technology, China’s biggest construction equipment marker, has agreed to buy back a 2.19% stake in itself from Hony Capital for RMB843 million ($136 million).
Carlyle buys into India's Newgen for a second time
The Carlyle Group has acquired a 54.85% stake in India-based publishing and technical services provider Newgen KnowledgeWorks for $32.8 million via a secondary transaction. This is the second time it has invested in the company.
EQT sells Chinese bakery chain to Swire Foods
EQT has sold its 65% stake in Chongqing New Qinyuan Bakery, a retail bakery chain based in southwest China, to Swire Foods, a subsidiary of Swire Pacific.
Fosun-owned Hainan Mining to list in Shanghai
Hainan Mining, an iron ore miner owned by Chinese conglomerate Fosun International, is set to raise RMB1.9 billion ($308 million) through an IPO in Shanghai.
PE investors to part exit as India's Sadbhav Infra files for IPO
Sadbhav Infrastructure Project (SIP), an Indian road and highways project developer, is looking to raise at least INR6 billion ($97 million) through an IPO, providing a partial exit for PE backers Xander and Norwest Venture Partners.
Quadrant-backed Estia drops on Australia trading debut
Estia Health, an Australian aged care provider backed by Quadrant Private Equity, saw its stock open at a 13% discount to the IPO price on the first day of trading in Sydney.
Capital Today, DST, Hillhouse raise $619m through JD.com share sale
Capital Today, DST Advisors and Hillhouse Capital Management have raised $618.9 million by selling a portion of their shares in JD.com, the Chinese online retailer that went public earlier this year.
TPG to exit stake in Japanese toy maker
TPG will exit Japanese toymaker Tomy through a buyback by the company. Tomy has agreed to acquire the private equity firm’s entire equity holding and also redeem its convertible bond holdings.
VC-backed Chinese dating app set for $267m US IPO
Momo, a Chinese location-based social-networking app with several VC backers, will raise up to $266.8 million through a US IPO. The company has also agreed to sell shares to Alibaba Group and 58.com through a separate private placement.
TPG exits China Grand Auto to Haitong-led group for $697m
TPG Capital will sell its stake in China Grand Automotive Services (CGA), the country’s leading car dealer, to an investor group led by Haitong International Securities Group for HK$5.4 billion ($697 million).
CHAMP PE-owned oOh! Media targets $141m Australia IPO
Australian outdoor advertising company oOh! Media, which is owned by CHAMP Private Equity, plans to raise A$166 million ($141 million) through an IPO.
Revived vacuum retailer Godfreys set for Australia IPO
Australian vacuum and cleaning products retailer Godfreys Group, which was acquired by Unitas Capital and Pacific Equity Partners (PEP) and then taken over by creditors after running into trouble, is preparing to go public following a turnaround.
PE investors set for another JD.com windfall
Capital Today, DST Advisors and Hillhouse Capital Management will sell more shares in Chinese e-commerce giant JD.com through a follow-on offering.
PE-backed Manpasand Beverages files for India IPO
Manpasand Beverages, the PE-backed drinks maker behind Mango Sip, is looking to raise as much as INR4 billion (INR64.6 million) through an India IPO.
India exits: Cashing out
Exits have been the bane of Indian private equity, with many GPs struggling to monetize investments made before the global financial crisis. Optimism has returned to the country; so have exits. But will it last?
Korean court favors Lone Star in $159m KEB tax case
Lone Star Funds is closing in on a KRW177.2 billion ($159 million) payout from the South Korea tax authorities after a court said the PE firm should be refunded taxes levied on its sale of a stake in Korea Exchange Bank (KEB).