This teaching note accompanies HBS case CCJB-HBS-820040, Hony Capital and Jushi Group. John Zhao, CEO of Hony Capital, a China-based private equity (PE) firm with more than $12 billion under management, is considering his firm's investment in Jushi Group, the world's largest fiberglass manufacturer. The transaction has a number of unusual qualities: it is in the unlisted subsidiary of a publicly listed China-based company; Jushi's majority shareholder is a government-related entity; the investment supports Jushi's establishment of a plant in the United States; and finally, there is no stipulated agreement about an exit's timing or method.