China Petroleum & Chemical Corp. or Sinopec (HKG:0386, SHA:600028) will inject 1.99 billion yuan in capital to non-wholly-owned subsidiary Sinopec Capital, according to a Monday filing with the Hong Kong bourse.
Of the total, more than 1.01 billion yuan will come from Sinopec Group and 975.1 million yuan will be contributed by the listed firm, the filing said.
Once the capital increase in Sinopec Capital is completed, the listed firm will retain its 49% stake while Sinopec Group will still control 51%, the filing said.
Proceeds will be used to establish Sinopec Capital's hydrogen energy fund, invest in the Central Enterprises Strategic Emerging Industries Development Fund, and fund electric vehicle and battery swapping investments, the filing said.
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