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Sinopec to Head for Wall Street
Following the successful listing of PetroChina and China Unicom in Hong Kong and American stock markets in the first half of this year, Chinese state owned enterprises start to rush for overseas listings. The Sinopec Corporation has formally submitted its listing application to U.S. Securities and Exchange Commission (SEC) in Sept 11 for going public in New York Stock Exchange. Sources said Sinopec would forge its worldwide flotation plan by ADR to raise approximately US$3 billion. The company also schedules to issue H shares in Hong Kong, issue price of which is set at HK$1.35 per share.
Sinopec has begun a series of roadshows centering around its listing in Hong Kong since Sept 25. It is revealed the company planned a global floatation from Oct 9 to 12 and would be formally listed in U.S. and Hong Kong in Oct 18 and 19 respectively.
China International Finance Co., Ltd., and Morgan Stanley Dean Witter will be the underwriters of the company. (Panorama)
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