The Carlyle Group has sold HK Carlyle Sinorgchem Industry Company, an investment holding company controlling  a 40 percent stake in Jiangsu Sinorgchem, a China-based producer of rubber chemical additives, for an estimated RMB1.85 billion (US$290 million) to Chinese industrial conglomerate Sinochem International. The sale was part of Sinochem International’s acquisition of a 61 percent stake in Jiangsu Sinorgchem for RMB2.82 billion (US$444 million). Carlyle acquired its stake in Jiangsu Sinorgchem for US$87 million in 2008 and achieved an approximate 2.35x return on its investment.