Sinopec closes in on H-share privatization

China Petroleum & Chemical Corp (Sinopec) is on the verge of launching a buyout of subsidiary Sinopec Beijing Yanhua Petrochemical, marking the first H-share privatization deal, the South China Morning post reported, citing industry sources. The price mentioned was HK$3.46bn (US$443.6m), the amount reportedly needed to buy remaining shares Sinopec does not now own. If the deal goes ahead, it would be the third listed vehicle Sinopec has cut from the books in an effort to streamline operations and cut expenses. Currently Sinopec has four H-share and eight A-share listed companies on its books.