On 3 August 2011, funds advised by CVC Asia Pacific Limited ("CVC") completed the sale of a 29.9% stake in Hung Hing Printing Group Limited (‘Hung Hing') to Rengo Co., Ltd. ("Rengo") of Japan. Immediately following the sale, CVC will retain a 7.6% stake in Hung Hing.

Funds advised by CVC subscribed to new shares issued by Hung Hing in July 2008, representing 35.0% of Hung Hing's then enlarged share capital, and became its largest shareholder. After such share subscription, CVC's stake in Hung Hing subsequently increased to 37.5% as CVC acquired additional shares in Hung Hing from the market and Hung Hing undertook a share buyback programme.

Founded in 1950 and headquartered in Hong Kong, Hung Hing is one of the largest total solution printing & packaging provider in China, engaged in the printing & production of consumer product packaging, children's and conventional books, corrugated boxes and paper trading. Its five manufacturing operations in China cover the Pearl River Delta and Yangtze River Delta. Hung Hing's strong and diversified base of domestic and export customers include recognised brand names in toys and consumer goods as well as leading publishers from around the world. Hung Hing has been listed on the Hong Kong Stock Exchange since 1992.

Matthew Yum, Chairman of Hung Hing, said, "We have appreciated CVC's support over the past 3 years and we look forward to continuing to work on our long-term growth and development with Rengo as a major shareholder."

William Ho, Partner of CVC, commented, "Hung Hing's management has performed extremely well during our investment period. With the support of Rengo, there is no doubt Hung Hing will scale new heights. We would like to wish the company all the best and every success in its future development. "

CVC was advised by J.P. Morgan and Clifford Chance. Rengo was advised by Nomura, Ashurst and Oh-Ebashi.