Baoneng Investment Raises $26.5 Million in Another Asset Sale

What’s new: A unit of cash-strapped Baoneng Investment Group Co. Ltd. raised 194 million yuan ($26.5 million) in a court auction of shares of Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., which is also majority-owned by Baoneng.

The transaction involved 6 million Jonjee Hi-Tech shares owned by Baoneng’s Zhongshan Runtian. Before the sale, Zhongshan held a 9.42% stake in Jonjee. The 6 million shares accounted for less than 1% of Jonjee’s total shareholding.