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Sinopec to sell US$17.5b stake in unit
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SINOPEC Corp has agreed to sell a 107 billion yuan (US$17.5 billion) stake in its retail business Sinopec Sales to 25 investors, causing its shares to drop yesterday.
Sinopec will sell a combined 29.99 percent stake to the investors including Fosun International Ltd, China Life Insurance and Tencent Holdings Ltd, the company said in a Hong Kong stock exchange filing.
The sale of the stake will boost the registered capital of Sinopec Sales to 28.6 billion yuan from an initial of 20 billion yuan.
Tencent, China’s largest Internet company, joined insurer PLCC and asset management company Munsun to invest 10 billion yuan for a 2.8 percent stake in Sinopec Sales. Tencent hopes to combine Sinopec’s offline resources with its online capabilities such as payment and membership systems.
Sinopec shares fell 6.76 percent in Hong Kong and 0.71 percent in Shanghai yesterday.
During the signing of a business cooperation framework agreement with Tencent in August, Fu Chengyu, chairman of Sinopec, said the non-oil business of Sinopec Sales has huge potential and Sinopec aims to provide comprehensive and integrated services in the future.
“While still continuing to develop its refined oil product business, Sinopec Sales will leverage its existing platforms and expand into new businesses including convenience retailing, car services, financial services and environmental protection,” Fu said.
The deal came as China accelerates the reform of its state-owned enterprises.
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