Interfax-China reported that China Gaoxin Investment Group Corp plans to sell its 13.05% stake in Yantai Shougang Magnetic Materials Inc on the China Beijing Equity Exchange for CNY 19.70 million.

Founded in 2000 with a registered capital of CNY 100.59 million, YSM manufactures rare earth magnets for use in permanent magnet wind turbines, electric power steering motors in automobiles and medical equipment.

China Gaoxin Investment Group Corp is YSM third largest shareholder after Yantai Shougang Dongxing Group Co Ltd which holds 39.9% and Yaskawa Electric Co Ltd which holds 30%.

(Sourced from Interfax-China)