CVC Capital Partners ("CVC") today announced that funds advised by CVC have finalised the sale of part of their stake in Jintian Pharmaceutical Group Ltd ("Jintian"), a leading pharmaceutical retailer and distributor in Northeast China, which is listed on the Hong Kong Stock Exchange.
Funds advised by CVC have sold 185,500,000 shares at the price of HK$3.29 per share, and retain a stake of 6.9% in the business.
CVC funds made an initial investment in Jintian in October 2011, acquiring a 24.2% stake. The company successfully completed its listing on the Hong Kong Stock Exchange in December 2013.
Francis Leung, Managing Partner and Chairman of Greater China for CVC, commented: "We are pleased that CVC funds invested and remain invested in Jintian. The recent sale of part of the CVC funds' investment in the business is in line with our usual process of managing CVC fund investments and has realised a solid return for our investors. CVC will continue to support the management of Jintian in executing its strategic objectives."