December 19 -- Zhongyuan Union Stem Cell Bioengineering (600645.SH), a company developing bioscience and stem cell engineering projects, plans to sell the entire 100 percent stake of Tianjin Heep Hong Medical Bio-engineering Technology, to Tianjin Qingze Investment Consulting for 12 million yuan, reports yicai.com, citing a company filing.

The stake sale was expected to add to the 2011 net profit of Zhongyuan Union Stem Cell Bioengineering by 5.2 million yuan.

Established in 2004, Tianjin Heep Hong Medical Bio-engineering Technology is engaged in the technology development and technology transfer of bio-engineering, genetic engineering and bio-medical technologies.

Tianjin Heep Hong Medical Bio-engineering Technology had an audited net asset value of 9.145 million yuan, and an assessed net asset value of 12 million yuan, as of October 31, 2011.

According to the company, the stake sale will help to focus its resources in the development of its stem cell business, and will boost working capital.