(Yicai Global) July 17 -- Shoemaker Belle International Holdings Ltd. [HK:01880] is to vote today on its privatization scheme. If successful, Belle International Holdings will delist from Hong Kong Exchanges and Clearing Limited (HKEX) with a valuation of HK$53.13 billion (US$6.8 billion).

Although Belle International Holding's market cap before the privatization has shrunk some 60 percent from its peak, the privatization will still break the record at HKEX in terms of its scale.

Belle International has issued a statement on the HKEX, saying that a consortium led by Hillhouse Capital Group, CDH Investments, as well as Belle's executive directors Yu Wu and Sheng Fang, has proposed privatization to acquire all the issued shares of Belle at HK$6.3 per share. If the tender offer is accepted, Belle International Holding will delist its shares from HKEX.

Upon completion of the privatization acquisition, 56.81% of stake in Belle International Holding will be held by Hillhouse Capital Group, 12.06% by CDH Investments, and the remaining 31.13% by the management team, including Yu Wu and Sheng Fang, participating in the tender offer.

The founder and board chairman Deng Yao and CEO Sheng Baijiao, who jointly hold a 25.74% stake in Belle International, will fully withdraw from the company, with more than CNY10 billion of cash money.

Founded in 1991, Belle International is mainly engaged in the retail and wholesale of footwear and sports apparel and its market value once exceeded HK$150 billion. The company's performance has declined in recent years due to the rise of e-commerce platforms, aging brand, lagging design concept and other factors.