China-focused private equity firm Hony Capital has fully exited its investment in China-based generic drugs manufacturer CSPC Pharmaceutical Group for HKD9.8 billion (approximately US$1.3 billion). Through three affiliates, Hony sold 1.37 billion shares, representing a 23.2 percent stake, in CSPC to third parties at HKD7.15 (approximately US$0.92) apiece. The transaction was structured through Hony Capital Fund III.