Sinopec Shanghai Petrochemical suspended trading in Shanghai Wednesday without explanation, and followed that up with a similar suspension in Hong Kong more than an hour later. The Hong Kong suspension came after H-shares surged 13% following the Shanghai halt as investors speculated in anticipation of a buyout announcement. Parent company China Petroleum & Chemical, better known as Sinopec, also suspended trading. Sinopec denied plans to buy its subsidiary, but traders said buyout rumors have been going around since last year and were underscored by a report in the Shanghai-based Oriental Morning Post that Sinopec was willing to buy the units it does not already own in its plastics-producing subsidiary.
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