That left Carlyle with 17 percent of China Pacific Group for a total cost of over $800 million, said the people, who declined to be identified as they were not authorized to speak to the media. China Pacific went public in Shanghai at the end of 2007. Carlyle cannot exit from China Pacific's Shanghai listing due partly to foreign exchange controls, and China Pacific's Hong Kong listing was a key condition for the 2007 deal. However, Carlyle can't sell any of its shares before a Hong Kong IPO lock-up of one year. Analysts also reckon Carlyle would only sell part of its stake after that lock-up period, seeking to maintain its relationship with the insurer and, crucially, the Chinese government.