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Sinopec Floats Shares in HK to Raise Funds
China Petroleum and Chemical Corporation (Sinopec Corp.) announced October 9 that it would raise capital publicly in Hong Kong in the following four days. It planned to issue 839.02 million H-shares with the ceiling price being HK$1.77 and a total of HK$1.2-1.5 billion.
It's reported that Sinopec Corp. issues 16.7805 billion shares in the whole world in order to raise a fund of no less than US$3 billion. The stocks issued in Hong Kong only account for 5 percent of all the shares.
Li Yizhong, chairman of Sinopec Corp. said at the promotion conference of capital raising that the business of the company includes oil refining, oil sale and petrifaction products manufacture. It is the fourth largest oil refining enterprises and the largest in Asia as well as the sixth largest petrifaction manufacture enterprise in the world. According to his anticipation, the net profit of the company will reach US$2.06 billion, doubling the growth rate of the same period of last year, and the capital recovery rate of this year is about 9.5 percent.
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