March 15th, 2010 - U.S.-based financial holding company JPMorgan Chase & Co has raised its shareholding in China Petroleum & Chemical Corp. (Sinopec) to 9.01% from 8.97% on March 10, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx).
HKEx said in a statement that JPMorgan Chase has acquired 7.812 million H-shares in Sinopec for HK$47.887 million ($6.17 million). The average price of the share transaction was HK$6.13 apiece.
Sinopec has been attractive for some analysts based on effects of the gas price reform that positively effected Sinopec's profitability. Speculations that an asset injection may come from her parent company resurface from time to time, adding more upside for the stock.
H-shares of China Petroleum & Chemical Corp. (Sinopec) (NYSE:SNP) have been virtually unchanged since last Wednesday. - Chinavestor
HKEx said in a statement that JPMorgan Chase has acquired 7.812 million H-shares in Sinopec for HK$47.887 million ($6.17 million). The average price of the share transaction was HK$6.13 apiece.
Sinopec has been attractive for some analysts based on effects of the gas price reform that positively effected Sinopec's profitability. Speculations that an asset injection may come from her parent company resurface from time to time, adding more upside for the stock.
H-shares of China Petroleum & Chemical Corp. (Sinopec) (NYSE:SNP) have been virtually unchanged since last Wednesday. - Chinavestor
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