China Petroleum & Chemical Corporation plans to transfer 4% equity of Sinopec SSC (01033) to Petrochina Group for no consideration.

SINOPEC SSC (01033) announced that on September 20, 2024, it received a notification from its controlling shareholder, China Petroleum & Chemical Corporation (Petrochina Chemical Group Limited), to deepen the strategic cooperation between China Petroleum & Chemical Corporation and Petrochina Natural Gas Group Limited (Petrochina Group) and to optimize the company's equity structure. On September 20, 2024, China Petroleum & Chemical Corporation and Petrochina Group signed an agreement for the non-compensated transfer, intending to transfer approximately 759 million A shares (about 4.00% of the total share capital of the company, calculated based on the issued share capital of the company as of the date of this announcement) held by China Petroleum & Chemical Corporation to Petrochina Group through the non-compensated transfer of state-owned shares approved by the State-owned Assets Supervision and Administration Commission of the State Council. Prior to this transfer, China Petroleum & Chemical Corporation directly held 10,727,896,364 A shares of the company, accounting for approximately 56.52% of the company's issued share capital; Petrochina Group did not hold any shares of the company. After this transfer, China Petroleum & Chemical Corporation will directly hold 9,968,726,364 A shares of the company, accounting for approximately 52.52% of the company's issued share capital, while Petrochina Group will directly hold 759,170,000 A shares, accounting for approximately 4.00% of the company's issued share capital. This transfer will not result in any changes to the company's controlling shareholders or ultimate controlling parties.