November 7 -- Shanghai Haibo (RCode:600708;), a company mainly involved in the taxi business, said wholly-owned subsidiary, Shandong Zhabei District Motor Transport Yard, will sell the entire equity of a sub-subsidiary, Shanghai Linyang Investment Management, for 125 million yuan, reports 163.com, citing a company filing.

Shanghai Haibo said the purpose of the stake sale was to obtain investment returns, and to help in the development of the company's main business.

Linyang Investment has a registered capital of 10 million yuan and is engaged in investment management, logistics management, and the sales of household appliances, cultural products, daily commodities, hardware and electrical appliances, building materials, clothing, machinery, rubber products, steel, textiles, and wood.