Sinopec Wins Cabinet Approval for IPO of Retail Unit
- China’s biggest refiner clears final regulatory hurdle
- Firm aims to complete $5 billion-plus Hong Kong IPO this year
Light trails from passing traffic are seen in front of at a Sinopec gas station in Hong Kong.
Photographer: Vivek Prakash/BloombergSinopec, China’s top oil refiner, won approval from the country’s cabinet for a long-awaited initial public offering of the retail unit that runs its vast chain of gas stations and convenience stores, people with knowledge of the matter said.
The green light from the State Council clears the final Chinese regulatory hurdle for the deal and means the IPO arrangers can move forward with detailed work on the listing, according to the people. Sinopec aims to sell shares of the business in Hong Kong this year, though it hasn’t set a definitive timetable for when preparations will start, the people said, asking not to be identified because the information is private.