Three private equity-backed, China-based companies—AAG Energy Holdings, Red Star Macalline Group and Vital Mobile Holdings—have completed initial public offerings (IPOs) on the Hong Kong Stock Exchange. Coalbed methane producer AAG backed by private equity firms Warburg Pincus, Baring Private Equity Asia and Chengwei  Ventures, and CDB-CITIC Capital Investment, a joint venture of China Development Bank and CITIC Capital, raised HKD2.3 billion (approximately US$295 million) in an IPO on 23 June. CDB-CITIC sold a 2.9 percent stake in the company, returning HKD286 million (approximately US$37 million); the other private equity shareholders did not dispose of any shares. Red Star Macalline, a furniture retailer backed by Warburg, raised HKD7.2 billion (approximately US$931 million) in an IPO on 26 June. Warburg did not dispose of any shares. Vital Mobile, a smartphone producer backed by Warburg, raised HKD527 million (approximately US$68 million) in an IPO on 26 June, returning HKD21 million (approximately US$2.7 million) to Warburg.