SinoCast Daily Business Beat via Comtex reported that Xining Special Steel Co Ltd announced on December 22 that in a bid to focus on main business, it intends to sell 20 million shares in Bank of Qinghai at CNY 1.68 per share or total CNY 33.6 million to Jiangsu Xinsu Chemical Fiber Co Ltd.

The shares accounts for 1.07% of total capital stock in Bank of Qinghai. As at September 30 2011, Bank of Qinghai total assets came to CNY 26.27 billion and its net assets hit CNY 3.13 billion with registered capital being CNY 1.86 billion. The bank gained CNY 6.53 billion operating revenues and CNY 339 million net profits in January to September period.

The company also announced since its wholly owned mining company's assets are not centralized, it plans to cancel the subsidiary and build three new wholly owned subsidiaries in Huangzhong, Dulan and Golmud to succeed the mining assets and industry management.

(Sourced from SinoCast Daily Business Beat via Comtex)