Ping An Venture Capital Slashes Stake In TCL

Date:2011-11-04houhaizhen  Text Size:

November 4 -- TCL Corporation (000100.SZ) said its second-largest shareholder, Shenzhen Ping An Venture Capital, sold 424 million shares, or a five percent stake, in the company during the August 3-November 3 period, reports National Business Daily, citing a company filing.

After the stake sale, Ping An Venture Capital will hold 58.76 million shares, or a 0.69 percent stake, in TCL.

Ping An Venture Capital is estimated to cash in almost one billion yuan from the stake sale.

Ping An Venture Capital is wholly-owned by Ping An Trust and has a registered capital of four billion yuan. It invests in all types of industries and provides enterprise management consulting and economic information consulting services.

The venture capital company currently holds a five percent stake in Jinke Property Group (000656).

Ping An Venture Capital spent 834 million yuan when it subscribed to TCL’s additional share offering in 2010. The investment returns from its stake in TCL is about 25-35 percent.

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