Shares in Sinochem International rose by their 10 per cent maximum daily limit on Thursday after the company’s parent, China’s largest chemical group, won approval to merge with its main domestic rival.
The State-owned Assets Supervision and Administration Commission, or Sasac, overseer of China’s central government-backed industrial groups, said on Wednesday it would create a new holding company to absorb Sinochem Group and China National Chemical Corp, also known as ChemChina.
The move, which has been in discussion for years and will create an industrial powerhouse with annual sales of more than Rmb1tn ($152bn), is the latest effort by Beijing to create state-backed champions to challenge international leaders.
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