·TPG withdraws from the sale of Guanghui Auto Service to Haitong Securities, etc.
According to documents and people familiar with the matter reported to the regulator, Texas Pacific Group (TPG) will withdraw from the entire investment in Guanghui Auto Service Co., Ltd. and sell the equity to Haitong Securities and a third-party investor.
According to documents submitted to the Hong Kong Stock Exchange, a division of Haitong Securities agreed to purchase TGP's shareholding in Guanghui Auto for nearly HK$2.1 billion. Another undisclosed third-party investor will buy the remaining shares of Guanghui Auto held by TPG.
According to Reuters, the total selling price of the entire equity is approximately HK$5.4 billion.
Headquartered in Shanghai, Guanghui Automobile is the largest car dealer in China.
TPG is an American company and one of the most active foreign-invested companies in the Chinese market. Since 2007, it has invested in Guanghui Auto. The company did not disclose details of its investment, but Reuters previously reported that its stake in Guanghui Auto once reached 40%.
The company had considered listing on the Hong Kong stock market, but last month it finally denied the idea.
TPG declined to comment. Haitong Securities and Guanghui Auto were not immediately contacted for comment.
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