Global investment firm KKR has sold its remaining stake in China-based milk producer China Modern Dairy Holdings for approximately US$80 million. KKR and private equity firm CDH Investments previously made partial exits when Modern Dairy went public in Hong Kong in 2010, raising HKD3.5 billion (approximately US$451 million). In 2013, China-based dairy product manufacturer China Mengniu International acquired 26.9 percent of the business from KKR and CDH for HKD3.18 billion (approximately US$410 million). They were left with a 3.5 percent and 1.5 percent stake in the company, respectively, having generated a reported 2.9x return on their investment.