China-focused private equity firm Hony Capital has reduced its holding in Shanghai Stock Exchange-listed publishing company Jiangsu Phoenix Publishing & Media. Hony sold 25 million shares of Phoenix at a price range of RMB8 to RMB8.89(approximately US$1.29 to US$1.44) per share, for a total transaction value of roughly US$32.3 million to US$35.9 million. Hony originally invested RMB481 million (approximately US$77.8 million) in Phoenix in 2008 for a 10 percent stake. Following the share sale, Hony holds a 4.91 percent equity stake in the company.