(Yicai Global) Sept. 22 -- The owner of one of the main developers of Shanghai's Caohejing Hi-Tech Park intends to bring in a strategic investor to gain up to CNY3 billion (USD423.1 million).

As big as a 15.6 percent stake in Caohejing Development Zone High Technology Park Development will be offered via a public tender, Lingang Holdings, the controlling shareholder, said in a statement recently.

After the transfer, Lingang will hold at least 84.38 percent of the equity of the industrial park developer in the eastern city. The price is based on a third-party appraisal that valued Caohejing Development at CNY16.2 billion (USD2.3 billion) late last year.

Lingang, an affiliate of Lingang Economic Development Group, is a state-controlled listed firm specializing in developing industrial parks, as well as research and development buildings.

The move aims to further enhance Lingang's ability to allocate its resources while optimizing Caohejing Development’s shareholding structure, according to the statement. The investment will promote the construction of projects in Caohejing Hi-Tech Park. After the transaction, Lingang will actively make use of the strategic investor's advantages in resources to stimulate the unit's development, it added.

Caohejing Development logged a net profit of CNY678 million (USD95.6 million) last year with a revenue of CNY2 billion. As of Dec. 31, 2021, the firm's net assets reached CNY4.8 billion and its total assets tallied CNY13.5 billion.

Editor: Emmi Laine, Xiao Yi