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在线翻译:
szdaily -> Business
Hony Capital seeks targets in State sector reform
     2014-April-15  08:53    Shenzhen Daily

    HONY Capital, the private equity firm backed by Legend Holdings, is likely to deploy more capital in China’s State-owned manufacturing and healthcare sectors as China seeks to further restructure its government-owned companies.

    “This is a fabulous opportunity,” said John Zhao, Hony Capital’s founder and chief executive, in a recent interview. “We’ve accumulated a lot of strengths, experience and scars.”

    Hony, one of China’s biggest private equity firms, has taken stakes in 31 State-owned firms, investing 14 billion yuan (US$2.25 billion) over the past decade. The total value of those companies has more than doubled on average, the company says.

    The Beijing-based investor has led restructuring of China Yaohua Glass Group, one of China’s biggest sheet glass manufacturers, construction equipment giant Zoomlion Heavy Industry Science & Technology Co. and Lianyungang Zhongfu Lianzhong Composites Group, a manufacturer of heavy-duty pipe, rotor blades for wind turbines, and industrial tanks.

    In January, China’s securities regulators approved Hony’s bid to take a 10 percent stake in Shanghai Chengtou Holding Co., a city-backed real estate and waste management company, for 1.8 billion yuan.

    China has promised sweeping changes to its State industry. Last month, the National People’s Congress, the country’s parliament, said it would “encourage non-public business” to invest in State businesses. That is creating new openings for private equity funds, both foreign and domestic.

    “We will see good firms separated from bad firms,” Zhao said.

    Sinopec, Asia’s biggest oil refiner, said in February it was selling up to 30 percent of its marketing arm in a multi-billion-dollar deal involving more than 30,000 petrol stations that is expected to close later this year.(SD-Agencies)

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