Red chip Stone Electronic Technology will swap part of its HK$14.75 million in long-overdue accounts receivable for Sina.com shares with its parent. The computer and electronic products distributor said its subsidiary, Beta-One Enterprise, would sell its HK$14.75 million guaranteed accounts receivable to its parent, Stone Group, for HK$12.17 million. The transaction will be settled by HK$7.98 million worth of Chinese Internet portal Sina.com stock and HK$4.18 million of 25 per cent of securities investment firm Soaring High Investments. The deal was the result of the Stone Group's pledge to Beta-One in January 1999 that it would guarantee settlement of Beta-One's HK$14.75 million accounts receivable. 'Since the guaranteed accounts receivable have already been overdue for payment for nearly seven years . . . Beta-One is able to benefit by exchanging a major portion of such poor-quality assets of long-overdue accounts receivable with good-quality tradable securities, ie Sina shares,' said Stone Electronic chairman Duan Yongji. Beta-One, in which Stone Electronics owns an 80 per cent stake, is engaged in trading telecommunications-related products and electronic parts. Soaring High's key assets are the 1.39 million Sina.com shares. Through the transaction, Stone Electronic would own an additional 2.13 per cent of Sina.com's share capital. The deal would increase Stone Electronic's stake in Sina.com to 10.13 per cent. Shares in Stone Electronic yesterday fell four HK cents, or 4.49 per cent to finish at 85 HK cents.