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Eric Ng

China Petroleum & Chemical (Sinopec)'s offer of a minimum of 840 million new A shares to mainland retail investors has been 160.4 times oversubscribed.

It attracted an investment interest of more than 500 billion yuan (HK$468.5 billion), according to a company announcement yesterday.

The final tally of the Internet subscription-only fund-raising exercise showed retail investors had pledged to subscribe to 134.75 billion shares at 4.22 yuan each, for a total of 568.64 billion yuan - a record in the A-share initial public offering market.

Lead underwriter China International Capital has allocated an additional 700 million new shares to retail investors under a 'plough-back' mechanism, for a total of 1.54 billion shares.

For every 87.5 shares subscribed, a retail investor has been allocated one share.

Under the plough-back mechanism, shares allocated to institutional investors have been reduced to 690 million shares from 1.39 billion shares.

Strategic investors have been allocated 570 million shares, or 20.4 per cent of the offer, the same as previously expected.

The institutional and strategic investors tranche of 1.98 billion shares has been 29 times oversubscribed.

The National Social Security Fund - set up to help finance China's under-funded social security system - is expected to be allocated about 280 million shares, or 10 per cent of the entire offer. Nine other strategic investors, all Sinopec business partners, are expected to be allocated about 290 million shares.

Separately, Reuters in Beijing yesterday quoted an unnamed official as saying Sinopec National Star Petroleum - a unit of Sinopec's parent to be injected into Sinopec later this year - recorded revenue of 4.3 billion yuan in the first half of this year, up 20 per cent year on year.



Sinopec sets record to attract $468.5b