Haiwen & Partners has advised Sinopec on its RMB12 billion (USD16.67 billion) A-share private placement, led by domestic capital markets partners Li Liping, Gao Wei and Xu Min and Hong Kong capital markets partner Philip Chan.
Sinopec – the world’s largest oil refining, gas and petrochemical conglomerate – issued 2.39 billion A shares to its controlling shareholder, Sinopec Group, raising RMB12 billion. The proceeds will support the supply of high-purity hydrogen for natural gas and fuel cells, promote the manufacturing of value-added materials, and drive the growth of the new energy and materials industries.
In September 2023, the SSE enquired with Sinopec about the necessity of the fundraising, financing scale and benefit measurement. The transaction took place three months later. During this period, Sinopec Group also announced its intention to increase its holdings of Sinopec’s A shares and H shares by up to RMB2 billion within a year.
