Farallon Capital Management (Farallon) recently trimmed their stake in HK-listed Hongkong Chinese Limited (Hongkong Chinese). According to a filing submitted to the Hong Kong Stock Exchange on December 22nd, 2017, the firm sold 114,373,650 shares on the exchange at an average price of HKD 1.30 per share on December 19th (total consideration was ~US$19m). Following the sale, Farallon’s stake in Hongkong Chinese decreased from 9.97% to 4.25% of the company’s shares outstanding. The shares were acquired by a wholly-owned subsidiary of Lippo Limited, which is the controlling shareholder of Hongkong Chinese.
Hongkong Chinese is an investment holding company. Its subsidiaries, associates and joint ventures are principally engaged in property investment, property development, hotel operation, healthcare services, project management and other financial services. It is a member of the Lippo Group.
Farallon is a global institutional asset management firm founded in 1986 by Tom Steyer. They manage capital for both institutions (endowments, pension plans etc.) and high net worth individuals across five core strategies: credit, long/short equity, merger arbitrage, real estate and direct investments. The firm has made a wide range of listed, direct and special situations investments in Asia over the years including in Bank Central Asia (Indonesia), BTS (Thailand), Indiabulls (India), Fu Shou Yuan (HK) and Go-Jek (Indonesia).