Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Group announced that it will sell its 100 percent stake in Jiangsu Province-based Chinese steel producer Jiangsu Valin-Xigang Special Steel Co., Ltd (Valin-Xigang Special Steel) for a price of RMB 2.3252793 billion ($0.37 billion) to Hunan-based Xingxiang Merger and Reorganization Equity Investment Fund and its executive partner Hunan-based Hunan State-owned Enterprise Merger and Reorganization Fund, with the former to own 99 percent of the company, and with the latter to own one percent.