Dempsey Hill Asia Fund (Dempsey Hill) recently reduced its stake in HK-listed Convenience Retail Asia Ltd. (Convenience Retail). According to a filing submitted to the Hong Kong Stock Exchange on September 8th, 2017, the fund sold 2,492,000 shares on the exchange at an average price of HKD 3.70 per share on September 6th (total consideration was ~US$1.2m). Following the sale, Dempsey Hill’s stake in the company decreased from 6.17% to 5.84% of the company’s shares outstanding.
Convenience Retail is a listed retailing member of the Fung Group (formerly the Li & Fung Group). The company operates approximately 600 retail stores under the Circle K and the Saint Honore Cake Shop brands in Hong Kong, Macau and the Pearl River Delta.
Dempsey Hill is a consumer and consumer-tech focused fund that invests across the Asia-Pacific region. It is managed by Dempsey Hill Capital Management.