June 14 -- Jiangsu Sihuan Bioengineering (000518) will sell its 50 percent stake in Beijing Shanhaijing Investment Holding for 50 million yuan, reports National Business Daily, citing a company filing.

Sihuan had spent 50 million yuan to purchase the stake last October through its wholly-owned subsidiary, Jiangyin Sihuan Investment.

Sihuan also filed that it will purchase a 26.85 percent stake in Xinjiang Aidi New Energy Technology for 90 million yuan.

It will hold a 70.97 percent stake in Aidi New Energy after the purchase.

At present, Aidi New Energy is building a 200,000-ton coal tar-clean fuel oil project with government support, which will be put into operation in June 2012.

The project is expected to bring in annual revenue of 1.1 billion yuan and net profit of 274 million yuan.