Chinese private equity firm Hopu Investment Management has sold its 6 percent stake in China Mengniu Dairy to Danish dairy company Arla Foods for DKK1.7 billion (US$289 million). Hopu held its stake in Mengniu through a 30 percent stake in COFCO Dairy (which in turn held a 20 percent stake in Mengniu). COFCO Dairy was formed in 2009 when Hopu partnered with Chinese food company COFCO to invest HKD6.1 billion (US$790 million) in Mengniu.