TPG Unloads Large Portion of CICC Shares
Posted on 04/02/2019
Private equity giant TPG Capital sold the majority of its interest in China International Capital Corporation (CICC) for HK$2.38 billion (US$ 303 million). TPG sold 75% of its CICC shares for HK$ 18.58 per share.
TPG had capital invested in nearly a decade in CICC. TPG held onto its stake in the Chinese bank longer than the typical private equity investment. China International Capital Corporation Limited is China’s first joint-venture investment bank. In 2018, CICC recorded total revenue and other income of RMB 18.54 billion; and profit of RMB 3.49 billion; with a weighted average return on net assets of 8.8%.
In 2018, KKR & Co. sold its entire shares in CICC. GIC Private Limited has been slowly sell off blocks of CICC shares.
