China-focused private equity firm Hony Capital has divested its entire holding in Jiangsu Phoenix Publishing & Media (Phoenix). Hony acquired 150 million shares in Phoenix for RMB481 million (approximately US$77.8 million) in May 2008, and in May 2013, began the divestment process, selling 25 million shares of Phoenix for a total transaction value of roughly US$32.3 million to US$35.9 million. Hony completed the sale of its remaining holding of 125 million shares, the financial details of which were not disclosed, on 12 July 2013.