Boyu, Hillhouse-Backed Autohome Privatization Deal Loses Out To Ping An Purchase

A management buyout deal backed by Boyu Capital and Hillhouse Capital was unable to reverse course of China's Autohome Inc.'s sale to Ping An Insurance Group.

Ping An said it had acquired a 47.7% stake of Autohome from its largest shareholder Telstra Corp. for US$1.6 billion to control the online Chinese automobile information platform.

At the same time, Autohome's chief executive James Zhi Qin and chief financial officer Nicholas Yik Kay Chong have left the company. Ping An has appointed a new CEO Lu Ming to lead the company in a public statement.

In April, Telstra Corp. said it would sell a 47.7% stake to China's Ping An Insurance Group for US$1.6 billion at a price of US$29.55 per share.

A day later, an investor consortium led by James Zhi Qin, Boyu Capital, Hillhouse Capital and Sequoia Capital China said they would like t...

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