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    1288   CNE100000Q43

AGRICULTURAL BANK OF CHINA LIMITED

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Sinochem unit gets $1.65 billion investment from state firms

12/28/2019 | 03:41am EDT
A logo of Sinochem is seen outside an office building of Sinochem in Beijing

Sinochem Energy, a unit of China's Sinochem Group, has agreed to sell a 20% stake to five state-owned firms for 11.56 billion yuan ($1.65 billion), Xinhua news agency reported.

The strategic investors included financial investment arms of Agricultural Bank of China and Industrial Bank of China (ICBC), and Citic Securities Investment Co, the official news agency said late on Friday.

Sinochem Energy operates the group's oil and petroleum products trading, refining, storage and logistics, as well as distribution and retail businesses, but not its struggling upstream business that includes overseas oil and gas production.

China National Chemical Corp, or ChemChina, has also approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganization of its agrichemicals business ahead of a public float, sources have said.

The fundraising efforts and eventual stock market listing are designed to cut ChemChina's debts ahead of a long-awaited mega-merger with state-owned peer Sinochem.

Frank Ning Gao Ning, the chairman of both companies, has encouraged individual business units to tap capital markets ahead of any tie-up, which has been in the works since 2016.

(Reporting by Kevin Yao and Sophie Yu; Editing by Jacqueline Wong)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED -1.10% 2.7 End-of-day quote.-4.93%
AT HOME GROUP INC. -0.16% 36.745 Delayed Quote.138.03%
BANK OF CHINA LIMITED 0.00% 2.82 End-of-day quote.6.42%
BYD COMPANY LIMITED 4.22% 232.4 End-of-day quote.14.37%
CHINA JINMAO HOLDINGS GROUP LIMITED -1.85% 2.65 End-of-day quote.-25.77%
CITIC LIMITED -0.48% 8.38 End-of-day quote.52.64%
CITIC SECURITIES COMPANY LIMITED 0.45% 24.65 End-of-day quote.-16.16%
FAR EAST HORIZON LIMITED 2.75% 8.21 End-of-day quote.2.75%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 0.00% 5.05 End-of-day quote.0.40%
INDUSTRIAL BANK CO., LTD. -3.08% 20.16 End-of-day quote.-3.40%
LONDON BRENT OIL 1.74% 74.9 Delayed Quote.41.20%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.11% 6.4632 Delayed Quote.-0.60%
WTI 2.44% 73.553 Delayed Quote.48.21%
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Financials
Sales 2021 702 B 108 B 108 B
Net income 2021 221 B 34 088 M 34 088 M
Net Debt 2021 - - -
P/E ratio 2021 4,36x
Yield 2021 7,15%
Capitalization 1 246 B 161 B 193 B
Capi. / Sales 2021 1,78x
Capi. / Sales 2022 1,63x
Nbr of Employees 459 000
Free-Float 63,0%
Chart AGRICULTURAL BANK OF CHINA LIMITED
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Agricultural Bank of China Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends AGRICULTURAL BANK OF CHINA LIMITED
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 25
Average target price 3,32 CNY
Last Close Price 2,69 CNY
Spread / Highest target 51,7%
Spread / Average Target 23,4%
Spread / Lowest Target 1,12%
EPS Revisions
Managers and Directors
NameTitle
Qing Song Zhang Vice Chairman & President
Jing Dong Wang Chairman-Supervisory Board
Shu Gu Chairman
Xing Xiao Independent Non-Executive Director
Xin Xin Wang Independent Non-Executive Director