China Petroleum & Chemical Corporation commences an Equity Buyback Plan for 2,551,343,860 shares, representing 10% of its issued share capital, under the authorization approved on May 18, 2022.

China Petroleum & Chemical Corporation (SEHK:386) commences share repurchases on September 21, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 18, 2022. As per the mandate, the company is authorized to repurchase up to 2,551,343,860 H shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company.

The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of PRC. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of April 15, 2022, the company had 25,513,438,600 H shares in issue.