Hong Kong-based broadband Internet provider Hong Kong Broadband Network (HKBN) has completed an initial public offering (IPO). The company debuted on the Hong Kong Stock Exchange on 12 March and raised HKD5.8 billion (approximately US$750 million). Global fund of funds manager AlpInvest Partners, private equity and investment advisory firm CVC Capital Partners and Government of Singapore sovereign wealth fund GIC partially exited and sold shares collectively worth approximately US$710 million, with CVC reducing its holding in the company from 70.7 to 14.4 percent, GIC reducing its holding from 11.3 to 9.9 percent and AlpInvest selling an undisclosed stake.