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在线翻译:
szdaily -> Markets
Sinopec Marketing to list shares in HK
     2015-January-13  08:53    Shenzhen Daily

    CHINA Petroleum & Chemical Corp. is planning to raise billions of dollars from an initial public offering (IPO) in Hong Kong this year of its gas station and convenience store unit, sources familiar with the situation said yesterday.

    The State-owned oil giant, also known as Sinopec Corp., could raise more than US$5 billion by carving out its 30,000 gas stations and 23,000 convenience stores dotted across China in an IPO, which could be one of Asia’s biggest this year.

    Sinopec Marketing Co., the gas station and convenience store business, received approval from the government last month for a sale of around 30 percent of the company, Sinopec said in December, but gave no further details on the timetable of the listing. It plans to pick bankers for the IPO after the Lunar New Year holidays, which are from Feb. 19 to Feb. 21.

    A person close to Sinopec said yesterday the retail unit’s board would decide the best strategy for the listing, but didn’t elaborate.

    Sinopec’s gas station and convenience store business made headlines last year for being one of the handful of State-owned enterprises to be reformed. In September, Sinopec agreed to sell around 30 percent of its closely held retail business to a range of outside investors, including non-State-owned e-commerce firm Tencent Holdings Ltd., for around 107 billion yuan (US$17 billion), valuing the retail unit at US$57 billion. It said then that such a sale would help it boost returns and efficiency and revitalize its gas station business.

    With a fundraising size of at least US$5 billion, Sinopec Marketing’s IPO could be one of the biggest in Asia this year, beating potential deals by State-owned firms like debt clearing agency China Huarong Asset Management Co., which could raise around US$3 billion in a Hong Kong listing, and reinsurance firm China Reinsurance (Group) Corp., which plans to raise around US$2 billion in the city this year. (SD-Agencies)

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