Hony, CIFA and

Zoomlion: Creating
Value and Strategic
choices in Dynamic
Market
Group 19
 Group Members

Atindra Saha Abhishek Singh Jitesh Thakur

MBA06034 MBA06197 MBA06073
 Private Equity in China
 Since the late 1990s, China’s private equity (PE) industry has made steady progress. In the first half of 2000,
China’s PE industry accounted for 10.0% of the total value of domestic non-financial listed PE firms. This
was down by 1.2% from the same period in 1999 and up by 12.7% over the same period in 1998.
 In 2006, private equity activity in China experienced a rapid surge of growth. After peaking in 2006, a wave
of scandals hit China in the early to mid-2000s in a similar fashion to the Enron collapse in the United States.
 The market in 2008 was about 5.2 times bigger than in 2007. Although there is a lot of uncertainty about
China’s political future, growth in the PE industry is expected to continue at an equally rapid rate into the
next decade. To estimate PE capacity in China, PE industry sources, such as the PE Roundtable, published a
list of nearly 1,100 companies in the China PE sector. This estimate is in turn extrapolated to reflect an
industry-wide capacity of around 60,000 PE-backed businesses.
Hony – History and Investment - Abhishek
 In 2003, Hony raised its first investment fund, of $38 million, as a captive fund of
Legend Holdings, which was the fund’s sponsor and sole limited partner (LP).
Nature of Deal and Transaction - Atindra
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