HK Stock Market Move | CHINA BLUECHEM(03983) rose more than 5% recently, and has entrusted CNOOC Oil Refining & Chemical Co., Ltd. to manage the daily production and operation of Fudaoshan Chemical Works.

CHINA BLUECHEM (03983) rose by more than 5%, up 4.67% as of the time of this report, reaching HK$3.14, with a turnover of HK$55.0264 million. On the news front, CHINA BLUECHEM announced that on February 28, 2026, the company, China National Offshore Oil Corporation Refining and Chemical, and Rich Island Chemical signed a management agreement, under which CNCCC will manage the daily production and operation of Rich Island Chemical. The term of the management agreement is from March 1, 2026, to February 28, 2029. Given that CNCCC's wholly-owned subsidiary, Oriental Petrochemical, is the main raw material supplier for Rich Island Chemical, they have industrial synergy advantages and are in a more favorable position for reducing costs and increasing efficiency for Rich Island Chemical. In addition, Oriental Petrochemical has advanced, mature, and extensive capabilities and experience in the production and operation of chemical products such as acrylonitrile. In order to further promote the optimization of resource allocation and management, as well as to improve the operating efficiency of Rich Island Chemical, all parties have agreed to conclude this transaction.