South Beauty Group may sell stake

South Beauty Group, a Chinese high-end dining chain, may sell a 69 percent stake to private equity and investment advisory firm CVC Capital Partners Group for $300 million, China Business Journal reported Saturday.

Zhang Lan, the founder of South Beauty, will keep the remaining 31 percent, the report said.

Yang Yang, the public relations department director of South Beauty, said the speculation was not accurate and that the company has no comment, according to the report.

South Beauty has tried several times to get listed but failed. It is believed that CVC is capable of helping it go public in Hong Kong because Francis Leung, CVC's senior advisor, has significant experience in guiding Chinese mainland enterprises to get listed in Hong Kong, the report said.