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China XJ Electric's parent to be sold at auction

Wed Mar 19, 2008 10:01pm EDT

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SHANGHAI, March 20 (Reuters) - The parent company of China's XJ Electric Co Ltd 000400.SZ, a maker of relays and power protection devices, will be sold at an auction with an initial asking price of 800 million yuan ($113 million), the official Shanghai Securities News reported on Thursday.

Ping An Insurance (601318.SS), China's second-largest life insurer, has a high probability of winning the stake, the paper quoted a source familiar with the situation as saying.

The company said in January that it was in talks with several potential buyers, including Ping An and China Life Insurance Co (601628.SS).

The auction will sell all of the shares of XJ Group Corp, which owns 30.2 percent of XJ Electric. ($1=7.066 Yuan) (Reporting by Edmund Klamann; editing by Ken Wills)



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