China Petroleum & Chemical Corp. (“Sinopec”) recently announced that its retail unit, Sinopec Marketing Co., Ltd. (“Sinopec Marketing”), had entered into a Capital Injection Agreement with 25 investors on September 12. taptap点点 25 investors will subscribe to a 29.99% equity stake in Sinopec Marketing for RMB 107 billion (approx. USD 17 billion USD). This deal concludes taptap点点 ownership restructuring for Sinopec’s retail unit, which aimed to diversify company ownership. Sinopec Marketing is taptap点点 largest gasoline station operator in China, managing more than 30,000 stations and 23,000 convenience stores.

taptap点点 offering was conducted through an auction process. AllBright represented multiple institutional investors in taptap点点 auction process, including two successful bidders: China Life Insurance Company Limited (“China Life”) and Fosun Group.  China Life will invest RMB 10 billion into Sinopec Marketing, holding a 2.8% equity interest in Sinopec Marketing upon closing.  Pingtao (Hong Kong) Limited, a subsidiary of Fosun Group, will invest RMB 2.15 billion.

taptap点点 Sinopec Marketing restructuring is recognized as a model for taptap点点 latest round of reforms for China’s state-owned enterprises.  taptap点点 RMB 100 billion placement also ranks as taptap点点 largest-ever private equity deal in China.  AllBright represented multiple investors, which exemplifies taptap点点 breadth of AllBright’s service offerings and taptap点点 expertise of its private equity practice.

AllBright served as lead counsel for China life and assisted in legal due diligence, taptap点点 review of bidding documents, and taptap点点 review, revision and negotiation of investment documents.  taptap点点 team was led by Beijing partner Kevin Wang and supported by Yang Tao, Huang Xiaojun and James Guo.

AllBright acted as PRC counsel for Fosun Group, and assisted in taptap点点 review of vendor due diligence reports, bidding documents, and taptap点点 review, revision and negotiation of investment documents. taptap点点 team was led by Shanghai partnerQue Lina and advised by Shanghai partner Lawrence Zhu.