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Tencent among investors to restructure Sinopec Sales
Online Edition
CHINA’S largest Internet company Tencent said it has joined hands with one of the nation’s top insurers and an asset management company to invest 10 billion yuan (US$1.6 billion) for a 2.8 percent stake in Sinopec’s fuel-marketing arm.
Tencent hopes to combine the refiner’s offline resources with its online capabilities such as payment and membership systems.
PICC Tencent Munsun Energy Fund LP, co-launched by the three companies, is among a batch of 25 institutional investors that Sinopec Sales has attracted in a restructuring plan, the refinery said in a stock exchange filing over the weekend.
The refiner said earlier this year that external social and private capital would be introduced to Sinopec Sales with an aim to promote and optimize a modern enterprise system, improve its market-oriented operational system and management mechanism.
Sinopec Corp took in 107.1 billion yuan in exchange for 29.99 percent of stake in its sales unit, according to the statement.
The registered capital of Sinopec Sales is lifted to 28.6 billion yuan from an initial of 20 billion yuan.
China Life Insurance, Harvest Asset Management, Qianhai Golden Bridge Fund LP, and PICC Tencent Munsun Energy Fund LP were among the top investors, each contributing 10 billion yuan in the restructuring plan.
Tencent said in an email statement today that it aims to bring the three parties’ strength together to offer convenient and comprehensive services.
Sinopec currently operates nearly 30,000 filling stations and about 23,000 convenience stores. The deal is expected to deliver synergies between PICC’s operation network and Tencent’s massive online user base to boost user experience.
Earlier this year, Sinopec’s sales unit also reached a framework agreement to launch collaborations in areas such as payment, new business developments, mapping service and data management.
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