Sinopec typifies China’s state-owned industrial sector: it is huge, sprawling and needs cash. Should investors pay heed now that Sinopec is opening itself up to outside capital?
The company, Asia’s biggest oil refiner, reported annual revenues of $438bn in 2012 and operates an empire spanning convenience stores, property and hotels, in addition to chemicals, power plants and, of course, oil products.
But like most of China’s state-owned enterprises – hundreds of which have raised trillions of dollars through listing shares in Hong Kong and China since the market opened in 1990 – about threequarters of its equity is in state hands.
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