China-focused private equity firm CITIC Private Equity and water treatment company Beijing Enterprises Water Group have agreed to acquire a majority stake in Hong Kong-listed cigarette package maker Jin Cai Holdings for approximately HKD3.75 billion (approximately US$484 million). The transaction will be structured through CITIC Private Equity Funds II and CPE China Fund II. Jin Cai Holdings plans to issue new and convertible shares at a discount of 44 percent to the last trading price. Upon full conversion of the preferred shares, the two investors will in aggregate hold around 77 percent of the enlarged issued share capital of Jin Cai.