ARC Capital Holdings sells stake in Huiyin Household Appliances
ARC Capital Holdings has sold its holding in China's Huiyin Household Appliances following financial strains in the market, the investment company announced Thursday.
ARC Capital Holdings has sold its holding in China's Huiyin Household Appliances following financial strains in the market, the investment company announced Thursday.
ARC received HK$65.1m for the disposal of Huiyin, which is publicly traded on the Hong Kong Stock Exchange.
The company began selling its shares in the market through multiple tranches in August 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm - which invests in retail and consumer sectors in China - had injected $42.3m in Huiyin in November 2007.
However the company decided to let go of its stake on the back of poor performance in the electronics retailing industry in 2011 as China's government ceased the Rural Appliances Rebate Program and e-commerce marginalised traditional retailing platforms.
"As a result, Huiyin's financial performance suffered along with many of its peers," the company said in a statement.
ARC resigned its directorship on Huiyin's board on June 30th, 2012, before selling its shares.
Proceeds of the sale will be distributed to shareholders in the near future, the company added.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Pension schemes pledge to ‘back British’ with £25 billion private markets investment
For pension savers, the commitment to invest in private assets could mean higher returns
-
Half of UK homeowners will need to tap housing wealth to pay for retirement
Unlocking property wealth could inject £21 billion each year into UK economy by 2040, according to new research