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Hony Capital is a Chinese private equity firm, owned by Legend Holdings. Legend Holdings provided Hony, a pioneer in China's private equity industry, with its start-up capital. Hony has about US$7 billion under management. According to Hony, its core strategy is to invest in large state-owned enterprises and restructure them to increase profits. Hong also invests in overseas consumer brands in order to create value by expanding their presence in China.