Ping An unit buys XJ Electric parent for $136 mln

SHANGHAI, March 21 (Reuters) - A unit of China's Ping An Insurance (601318.SS: Quote, Profile, Research, Stock Buzz) has bought the parent of XJ Electric Co Ltd 000400.SZ, a maker of relays and power protection devices, at auction for 960 million yuan ($136 million), the official Shanghai Securities News reported on Friday.

Ping An Trust & Investment, a subsidiary of China's second-largest life insurer, won the auction for all of the shares of XJ Group Corp, which owns 30.2 percent of XJ Electric, the paper said.

The auction had set an initial asking price of 800 million yuan.

XJ Electric said in January that talks on a possible purchase were under way with several potential buyers, including Ping An and China Life Insurance Co (601628.SS: Quote, Profile, Research, Stock Buzz). ($1=7.050 Yuan) (Reporting by Edmund Klamann; editing by Ken Wills)