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Hony Capital disputes rumors of going public

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-09-14 13:01

John Zhao, president of Hony Capital [chinadaily.com.cn]

Hony Capital, the investment arm of Legend Holdings, disputed rumors that it was going public, though its parent company has set itself a target to get listed on the Hong Kong Stock Exchange.

"Legend Holdings is looking to get listed in the future. But for Hony Capital, there is no need to do so," John Zhao, president of Hony Capital, said in an exclusive interview with China Daily on the sidelines of the "Summer Davos" forum in China’s northern city of Dalian.

Earlier, the Oriental Morning Post reported that Legend would have to wait until all of its subsidiaries are listed before it could do so.

"It’s not the necessary process. For Hony Capital, our target is to become a prestigious value-added service provider. Going public is not our goal," Zhao added.

Founded in 2003, Hony Capital is among China’s leading domestic private equity firms, with over $2.8 billion in assets under management across five funds.

Zhao shared his views on investing in the financial service industry during “the future of financial service” session at Summer Davos.

"In the financial service industry, we target to invest in promising companies in the sectors of guarantee, insurance, securities, as well as futures firms and leasing companies, and most of them closely serve small and medium-sized companies," said Zhao.

According to Zhao, Hony Capital is also seeking investment opportunities in domestic industries, especially among the State-owned companies, that are fragmented and likely to be consolidated.

"Hony is looking at new investments in the pharmaceutical, media, and retail sectors in China, which are highly fragmented industries," Zhao added.

(For more biz stories, please visit Industries)