China XJ Electric's parent to be sold at auction

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: Quote, Profile, Research, Stock Buzz), 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: Quote, Profile, Research, Stock Buzz).

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)