Reported Leica Sale to Chinese Investor HSG Falls Through as Kaufmann Keeps Control
Börsen-Zeitung reports that talks for Chinese investor HSG to buy into Leica Camera AG have ended, with majority owner Andreas Kaufmann declining to give up control while Blackstone remains stuck seeking an exit.
German financial newspaper Börsen-Zeitung reports that the long-running sale process for Leica Camera AG has been called off, with Chinese technology investor HSG no longer set to take a stake in the Wetzlar camera maker.
According to people familiar with the matter cited by the paper, talks broke down over conflicting strategic views and price. Majority shareholder Andreas Kaufmann, who holds about 55% of Leica, is said to have decided against selling, unwilling to surrender control. Private-equity firm Blackstone holds the remaining roughly 45% and has sought an exit since 2017; both Blackstone and Leica declined to comment, the report said.
HSG — the China-focused firm formerly known as Sequoia Capital China — had emerged earlier in 2026 as the leading bidder, primarily for Blackstone’s minority stake, with a possible path to Kaufmann’s majority as well. Coverage at the time put a potential valuation around €1 billion and floated a later IPO as one option for HSG.
The ownership stalemate prolongs Blackstone’s wait for a liquidity event and keeps Leica under Kaufmann’s majority for now. It also lands days after Leica , the first year-over-year decline after a multi-year run of records.