Chinese state-owned food conglomerate Cofco Group started gauging market demand for the spinoff of its meat processing business through an initial public offering in Hong Kong last week, paving the way for its private equity backers to monetise their shares.
These private equity firms bought about 45% of Cofco Meat through a consortium for about $270 million in 2014, valuing the company at $600 million at that time.
KKR and Baring were the two biggest buyers in the consortium, taking 20% and 9% stake respectively. Singaporean sovereign fund Temasek and Hong Kong-based Boyu Capital also bought 8.2%...
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