Sinopec Engineering launches Hong Kong IPO of up to $2.2 billion

The unit of Sinopec Group and China Galaxy Securities kick-start the city’s muted IPO market. Sinopec Engineering’s deal would be the biggest in Hong Kong this year.
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A catalytic cracking plant in Hainan
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<div style="text-align: left;"> A catalytic cracking plant in Hainan </div>

Sinopec Engineering Group has started the management roadshow and bookbuilding for its Hong Kong initial public offering, aiming to raise between HK$13 billion and HK$17.4 billion $1.7 billion to $2.2 billion.

Sinopec Engineering is a spinoff from state-owned oil and gas major China Petrochemical Corp Sinopec Group, and is the biggest oil refining, petrochemical and new coal chemical engineering company in China.

After months of little activity in the city’s IPO market on the back of volatile global markets, Sinopec Engineering and China Galaxy Securities, which is aiming to raise up to $1.4 billion, broke the silence and launched their respective IP...

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