Asia-Pacific-focused private equity investor Morgan Stanley Private Equity Asia (MSPEA) has partially exited Hong Kong-based financial advisor AMTD to China-based investment firms China Minsheng International and LR Capital Group. With Minsheng and LR Capital’s entry, MSPEA reduced its holding in AMTD to 9.9 percent, returning a reported US$94.2 million including dividends. MSPEA originally acquired a majority stake in the company in October 2014. The partial sale reportedly generated a 4.5x return multiple.