China Life Insurance (02628) said it proposes to participate in the capital introduction of Sinopec Marketing Company Limited.
It is intended that after the reorganization, social and private capital will be introduced to Sinopec Marketing through a capital increase of Sinopec Marketing.
Sinopec Marketing is a wholly-owned subsidiary of China Petroleum & Chemical Corporation (Sinopec) (00386). In April 2014, Sinopec Corp., taking Sinopec Marketing as the platform, commenced the reorganization of its marketing business, and injected its relevant businesses and assets into Sinopec Marketing. Upon completion of the reorganization, Sinopec Marketing has become a limited liability company held by a sole legal person and remains owned as to 100% by Sinopec Corp.
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