China-focused private equity firm Hony Capital has partially exited its investment in China-based generic drugs manufacturer CSPC Pharmaceutical Group. Hony’s affiliate Joyful Horizon sold 600 million shares in CSPC to third parties and 105.9 million shares to an entity owned by the company’s chairman at HKD6.25 (approximately US$0.81) a piece, generating HKD4.4 billion (approximately US$569 million) and representing a total sale of about a 12 percent stake. In October 2013, Hony sold a 13 percent stake for US$260 million, following a US$155 million exit in April 2013. Hony’s original investment was structured through Hony Capital Fund III.