Sinopec raises $3.1 billion from private H-share placement

China Petroleum Chemical Corp, commonly referred to as Sinopec, has raised HK$24.04 billion $3.1 billion from a private placement of new H-shares.

The deal, which is the largest equity transaction in Asia this year, was completed late last night after a wall-crossing exercise that, according to a source, had been going on for a couple of weeks.

There were some rumours in the market in the early evening about a large deal in the works, but when nothing had hit the market by 8pm, it was assumed that it would probably come on a different day.

Instead, the deal went somewhat below the...