DECEMBER 27 -- Aoyang Group, the controlling shareholder of Jiangsu Aoyang Technology (002172) and Jiangsu Aucksun (002245), plans to cut its shareholdings in the two companies by 5-10 percent over the next six months, reports China Business News, citing company filings.

According to filings by the two companies, the stake disposals will help to fund Aoyang Group's development needs.

Aoyang Group will still remain as the controlling shareholder after the stake sales, with stakes of not less than 30 percent in each of the companies.

Aoyang Group currently has 250 million shares, or a 44.96 percent stake, in Aoyang Technology. It owns 180 million shares, or a 49.59 percent shareholding, in Jiangsu Aucksun.

Aoyang Group, a private company engaged in the textiles, logistics, real estate, cultural and finance sectors, has a registered capital of 450 million yuan and total assets of 7.68 billion yuan. It recorded revenue of 14.06 billion yuan in 2010.