CVC cuts stake in Formula One "CVC Capital Partners is pleased to announce that several funds managed by Waddell & Reed Investment Management Company and Ivy Investment Management Company have today agreed to invest a further $500m in a private placement in Formula 1 at $9.1bn enterprise value, increasing their aggregate stake to 20.9%," the private equity group said. A raft of companies have postponed listing in Asia in recent months as worries about the global economy escalate, including upmarket jeweller Graff Diamonds, which pulled plans for a $1bn listing in Hong Kong. Car retailer China Yongda Automobiles Services also scrapped its proposed Hong Kong IPO last month, as did resources group China Nonferrous Mining.