Hony Capital, one of China’s biggest private equity firms, is targeting investments in the government-controlled manufacturing and healthcare sectors, Reuters reported. “This is a fabulous opportunity,” said John Zhao, Hony Capital’s founder and chief executive, in a recent interview. “We’ve accumulated a lot of strengths, experience and scars.” Hony has taken stakes in 31 state-owned firms over the past decade. The total value of those companies has more than doubled on average, the company says. China has promised sweeping changes to its state industry. Last month, the National People’s Congress it would “encourage non-public business” to invest in state businesses.
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