June 14 -- China Baoan Group’s (000009) wholly-owned subsidiary, Baoan Holdings, cut its holdings in Hubei Dinglong Chemical (300054) by 870,000 shares and cashed in 41.67 million yuan, reports Shanghai Securities News, citing a Dinglong filing. Baoan Holdings invested 14.23 million yuan in Dinglong, representing a 1,100-percent return rate.

Baoan Group affiliate, China Venture Capital, also holds 900,000 shares of Dinglong.

Baoan Holdings earned an investment return of 63.61 million yuan on Beijing Dinghan Technology (300011) in the first quarter while China Venture Capital also sold out its holdings in Dinghan Tech.

In May, Baoan Group started preparations for the ChiNext listing of its subsidiary, BTR New Energy Materials. The subsidiary has registered capital of 72 million yuan and earned net profits of 77.34 million yuan in 2010. Baoan Group holds a 51.91-percent stake in the subsidiary.

Source:CapitalVue