China-focused private equity firm Hony Capital has acquired a 20 percent stake in China-based farm machinery manufacturer Chery Heavy Industry for RMB696 million (approximately US$113 million). The investment is part of a US$340 million joint acquisition with Hony's portfolio company Zoomlion Heavy Industry Science and Technology, a China-based construction equipment maker. Together Hony and Zoomlion bought a combined 80 percent stake in Chery. This acquisition supports Zoomlion’s intention to diversify its core business from manufacturing construction machinery to farming equipment.