Carlyle exits CPIC through $796 million block trade

On the back of sharp gains in Chinese insurance stocks during the past week, Carlyle Group last night sold its remaining shares in China Pacific Insurance Group Co, raising HK$6.17 billion $796 million.

The sale Carlyle’s fifth in Hong Kong-listed CPIC during the past three years had been widely expected ever since the private equity firm’s latest lockup expired in October and became almost inevitable after CPIC’s share price rallied 11.3% in the past five sessions. The stock broke HK$30 for the first time in 17 months last Wednesday and yesterday closed just 1.1% below the fresh 52-week high of HK$31.35 that it set on...