China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec will reduce its shareholding in China Merchants Energy Shipping (SHA:601872) by about 80.7 million shares, according to a Saturday filing with the Shanghai bourse.
The reduction will be equivalent to not more than 1% of China Merchants' share capital, the filing said.
Sinopec is the company's second-largest shareholder.