Sinopec to overhaul convenience store assets

    SINOPEC Corp., owner of thousands of convenience stores across China, will set up a company to manage its retail assets as part of efforts to boost non-fuel sales at its petrol stations.

    Sinopec, Asia’s top oil refiner, launched its first convenience stores under the “Easy Joy” brand more than five years ago. The Hong Kong and Shanghai-listed company now has 23,000 such stores, with sales reaching 13.3 billion yuan (US$2.15 billion) in 2013, Sinopec said in a statement yesterday. The firm is also looking to reduce procurement costs for its convenience stores, according to the statement.

    Greenland plans backdoor listing in Shanghai

    GREENLAND Group is seeking to list in Shanghai via an asset swap with an affiliate as the State-backed property developer steps up investment in Asia and Europe.

    Shanghai Jinfeng Investment said Tuesday that Greenland will inject 65.5 billion yuan (US$10.60 billion) of assets into Jinfeng, which lists shares on the Shanghai Stock Exchange, in exchange for 11.3 billion new Jinfeng shares at 5.58 yuan each. After the deal, Jinfeng will hold 100 percent of Greenland.

    Hainan Airlines plans to add 27 jets

    HAINAN Airlines Co. will take delivery of 27 aircraft this year that will help increase the number of routes it flies to the United States and Europe, a company executive said yesterday.

    The deliveries will include four Boeing B787s and three Airbus A330s jets and will boost the airline’s total fleet to 158 aircraft by the end of the year. Hainan Airlines, which already flies to Chicago and Seattle, wants to further expand into North America and this year will start flying to Boston. The airline will also launch routes to Brussels, Berlin, and Moscow, the executive said, declining to be named.

    Hot-rolled coil futures launch set for March 21

    THE Shanghai Futures Exchange said Tuesday it will launch a hot-rolled coil futures contract March 21, offering another hedging tool for steel makers amid growing price volatility.

    The bourse will list 12 contracts from April 2014 to March 2015. Daily trade limits are set at 4 percent of the settlement price, while investors are required to put up a minimum 6 percent of the contract value. Each lot size is set at 10 tons. The launch of hot-rolled coil futures will help Chinese steel mills better manage their cash flows, with existing coke, iron ore and coking coal futures already allowing participants to hedge most of their raw material costs.