Deals
Sinopec Said to Revive Up to $10 Billion IPO of Retail Unit
- Oil giant considering listing unit in Hong Kong next year
- Sinopec asks banks to pitch for IPO roles by this month
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China Petroleum & Chemical Corp., the world’s biggest oil refiner, is reviving a long-mooted initial public offering of its retail business that could raise as much as $10 billion, people familiar with the matter said.
The state-owned oil company, known as Sinopec, has asked banks to submit proposals by this month for roles to manage a potential Hong Kong listing next year, according to the people, who asked not to be identified as the information is private. Sinopec shares jumped 4.3 percent to HK$5.86 at 10:55 a.m. Wednesday in Hong Kong, headed for the biggest gain since April.