Arisaig Partners (Arisaig) recently trimmed their stake in HK-listed Hop Hing Group Holdings Ltd. (Hop Hing). According to a filing submitted to the Hong Kong Stock Exchange on October 23rd, 2017, the firm sold 23,264,000 shares on the exchange at an average price of HKD 0.2227 per share on October 19th (the total consideration was ~US$664k). Following the sale of shares, Arisaig’s stake in Hop Hing decreased from 9.10% to 8.87% of the company’s shares outstanding.

Hop Hing operates a chain of quick service restaurants under the Yoshinoya, Dairy Queen, Uncle Fong, and Chatting names in the northern regions of the People’s Republic of China. As of June 30, 2017, the company operated a total of 481 stores.

Arisaig is an independent investment management firm founded in 1996. They focus on dominant consumer sector businesses in emerging markets. Their flagship, long-only Arisaig Asia Consumer Fund has ~US$3bn in assets under management and has compounded capital at a low-teens rate of return since inception.