CNEI Exits IAT Automobile Technology for US$28 Million (Asia)

Source: China New Enterprise Investment

China-focused growth capital fund manager China New Enterprise Investment (CNEI) has exited its 13 percent stake in China-based automotive and engine design service provider IAT Automobile Technology through block trades on China’s National Equities Exchange & Quotations for US$28 million. CNEI, which originally invested in IAT Automobile in 2009, reportedly generated a 2.8x gross return multiple of invested capital.