Sinopec Gains Strong Backing from Parent Company

China Petroleum & Chemical (HK:0386) has released an update.

China Petroleum & Chemical Corporation, also known as Sinopec, has seen a significant vote of confidence from its controlling shareholder, China Petrochemical Corporation, with an increase in share ownership exceeding RMB 1.18 billion. This strategic move, involving the purchase of both A shares and H shares, signals strong belief in the company’s development prospects. The parent company plans to continue its investment, reinforcing its commitment to Sinopec’s growth.

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