PE fund sells $129 million of shares in Zhongsheng

General Atlantic reduces its stake in Chinese auto retailer Zhongsheng for the third time since its IPO, while an existing shareholder sells $66 million of shares in Indonesian property developer Summarecon.

PE fund sells $129 million of shares in Zhongsheng
Mercedes-Benz is one of the brands sold by Zhongsheng in China (AFP)

General Atlantic last night sold a 3.5% stake in Chinese retailer Zhongsheng Group Holdings, raising HK$999.7 million $129 million. This was the third sale by the private equity fund since Zhongsheng listed in Hong Kong two years ago, but its first since January last year.

The company’s share price had gained 23% since March 21 on the back of strong 2011 earnings and was well on its way towards the previous peak of...

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