Sinopec has 100% holding Sinopec Mitsubishi Chemical

The Anti-Monopoly Bureau reported on July 14 that the acquisition of Sinopec Mitsubishi Chemical Polycarbonate (Beijing) Co., Ltd. by China Petroleum & Chemical Corporation entered the public notice period from July 14, 2021 to July 23, 2021. The public notice shows that Sinopec has acquired a 50% stake in Sinopec Mitsubishi Chemical Polycarbonate (Beijing) Co., Ltd. (hereinafter referred to as "Sinopec Mitsubishi Chemical"). After this transaction, Sinopec Mitsubishi Chemical became a wholly-owned subsidiary of Sinopec.

Sinopec Mitsubishi Chemical (SMP) has 180,000 tons/year bisphenol A production capacity and 60,000 tons/year PC. Prior to this transaction, China Petroleum & Chemical Corporation and Japan Polycarbonate Resin Investment Co., Ltd. each held 50% of Sinopec Mitsubishi's shares.

Japan Polycarbonate Resin Investment Corporation (PCRIJ) is an investment company jointly established by Mitsubishi Chemical Corporation (MCC) and Mitsubishi Engineering Plastics Corporation (MEP). Among them, the shareholding ratio of Mitsubishi Chemical Co., Ltd. is 89.84%, and the shareholding ratio of Mitsubishi Engineering Plastics Co., Ltd. is 10.16%. Therefore, PCRIJ's transfer of SMP50% equity to Sinopec also means that Mitsubishi Chemicals withdraws from Sinopec Mitsubishi Chemical.
Mitsubishi Chemical said that the transfer of equity is part of the portfolio reform of the Mitsubishi Chemical Holding Group's mid-term management plan.