The Signing Ceremony for Sinochem Energy’s Capital Increase Strategic Partnership Project Was Held in Beijing

Source:Sinochem Energy     Author:Sinochem Energy     Date:2019-12-27     

On December 27, 2019, the Signing Ceremony for Sinochem Energy’s Capital Increase Strategic Partnership Project was held in Chemsunny World Trade Center in Beijing. Ms. Bai Yingzi (Chief Accountant of The State-owned Assets Supervision and Administration Commission of the State Council (SASAC)), Mr. Frank Ning (Secretary of the Leading Party Members’ Group of Sinochem Group and Chairman of Sinochem Group), Mr. Yang Hua (General Manager of Sinochem Group and Chairman of Sinochem Energy), representatives of strategic investors Mr. Liao Lin (Vice President of ICBC) and Mr. Zhan Dongsheng (Vice President of Agricultural Bank of China) attended the ceremony and delivered speeches. The signing ceremony was presided over by Mr. Jiang Zhenghong, Deputy General Manager of Sinochem Group and President of Sinochem Energy.

At the ceremony, Sinochem Group signed the Capital Increase Agreement of Sinochem Energy Co., Ltd. with five strategic investors, including ABC Financial Asset Investment Co., Ltd., ICBC Financial Asset Investment Co., Ltd., Beijing Chengtong ICBC Equity Investment Fund (Limited Partnership), Qingdao Zhongxin Dinghui Equity Investment Partnership (Limited Partnership) and CITIC Securities. According to the agreement, Sinochem Energy released 20% shares and attracted five investors with a total investment of RMB 11.555 billion. The project has also become the largest project of “top 100 enterprises by sales volume and top 100 enterprises by growth potential” in the reform of state-owned enterprises.

In her speech, Ms. Bai Yingzi pointed out that Sinochem Energy has successfully attracted five strategic investment institutions and raised RMB 11.555 billion, indicating that Sinochem Group and Sinochem Energy will embrace a new stage of reform and development. The leaders of Sinochem Group and Sinochem Energy should get a deeper understanding of their major responsibilities and missions, further enhance the “Four Consciousnesses” (namely the consciousness of maintaining political integrity, the consciousness of thinking in a big picture, the consciousness of upholding the leadership core, and the consciousness of keeping in alignment), and the “Four Self-confidences” (namely firm self-confidence in the socialist road with Chinese characteristics, theoretical self-confidence, self-confidence in China’s own system, and cultural self-confidence), and implement “Two Maintenances” (namely resolutely maintaining the core status of General Secretary Xi Jinping in the Party Central Committee and the Party and resolutely maintaining the authority and unified leadership of the Party Central Committee). Meanwhile, they should resolutely implement the decisions and deployment of the CPC Central Committee and the State Council, explore innovation and spare no effort to promote work efficiency in various aspects. In summary, firstly, they should focus on industry and help the country build a modern economic system; secondly, they should unswervingly pursue innovation and lead the development of world’s energy and chemical industry; thirdly, they should unswervingly speed up reform and constantly deepen the reform of state-owned enterprises.

Mr. Frank Ning pointed out that, from the perspective of national development, Sinochem Energy should further promote the system reform, stimulate vitality, power and creativity according to market needs, make good use of capital investment, and create added value. From the perspective of capital market, Sinochem Energy should get closer to the market and integrate into the market, and strive to bring more benefits and value to the society and the market. From the perspective of internal cooperation, Sinochem Group will continue to support Sinochem Energy to explore innovative system and mechanism, and support the development of Sinochem Energy according to laws and regulations to the maximum extent.

Mr. Yang Hua stated that, Sinochem Energy has completed the joint-stock reform, been selected into the list of “top 100 enterprises by sales volume and top 100 enterprises by growth potential” in the reform of state-owned enterprises, and successfully attracted five strategic investors, which fully proves that the development strategy of Sinochem Energy conforms to the trend of energy industry, the reform of state-owned enterprises and the investment direction of capital market. Sinochem Energy is confident and capable of making contributions to the healthy development of the national energy industry, actively exploring the deep reform of state-owned enterprises, and safeguarding the core interests of shareholders.

Mr. Liao Lin said that, one the one hand, Sinochem Energy’s partnership with strategic investor ICBC will further strengthen its brand reputation in the capital market and deepen the strategic cooperative relationship between bank and enterprise; on the other hand, it can effectively improve its corporate governance structure, realize diversified equity, activate the state-owned economy, and improve the level of corporate governance, thereby laying a solid foundation for the long-term and healthy development of the enterprise. With the joint efforts of Sinochem Group, ICBC and Sinochem Energy, and adhering to the vision of “Technology Reshapes Energy” and the concept of “In Science We Trust”, Sinochem Energy will become an innovative petrochemical enterprise driven by science and technology very soon.

Mr. Zhan Dongsheng believed that, Sinochem Energy is a leading energy company with whole industry chain in China’s petrochemical industry. By investing in Sinochem Energy, investors can optimize their financial structure, reduce asset-liability ratio and further improve corporate governance level. Meanwhile, they can also promote resource integration, optimize asset quality, stimulate development momentum, promote industrial upgrading, and accelerate the listing process of the company in the capital market, thereby achieving win-win results. Agricultural Bank of China will continue to provide all-round financial services for Sinochem Group, and deeply integrate industrial capital and financial capital to help Sinochem Group become a technology-driven innovative enterprise and a world-class comprehensive chemical enterprise.

Mr. Jiang Zhenghong said that, Sinochem Energy will take the capital increase strategic partnership project as an opportunity to fully implement the reform of state-owned enterprises, ensure and add value to state-owned capital, and resolutely implement the strategies and resolutions of the board of shareholders and the board of directors. All the employees of Sinochem Energy will also make concerted efforts to actively promote the phase II and phase III construction of Sinochem Quanzhou Petrochemical and other major strategic projects.

Taking Sinochem Energy as the main participant, the capital increase strategic partnership project introduces five institutions with strategic synergy effect, injects capital into industrial development, and adds new vitality, which is conducive to further promoting industrial upgrading and achieving innovative development.

The ceremony was also attended by Mr. Li Qing (Deputy Secretary of the Leading Party Members’ Group of Sinochem Group and Director), Mr. Yang Lin (Chief Accountant), three Deputy Managers of Sinochem Group including Ms. Chen Dechun, Mr. Yang Shihao and Mr. Zhong Ren, Mr. Li Congrui (President of China Jinmao), Mr. Zhang Xuegong (Director of Strategy Implementation Department of Sinochem Group), Mr. Zhang Baohong (Secretary of the Board of Directors of Sinochem Group), Mr. Yang Xingqiang (Deputy Secretary of the Party Committee and General Manager of CHEMCHINA), Mr. Wang Dazhuang (Chairman of ChemChina Petrochemical Co., Ltd.), and representatives from China Beijing Equity Exchange (CBEX), BOC International and other intermediary organizations.  


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