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SHA:600500

6 stories mentioning SHA:600500Updated just now

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Asia

Fitch Affirms Sinochem at A, Stable Outlook

Fitch Ratings affirmed Sinochem International's (SHA:600500) long-term foreign-currency issuer default rating and senior unsecured rating at A-, with a stable outlook, the ratings firm said Thursday.The new ratings reflected the state-owned firm's parent, Sinochem Holdings Corporation, which was rated with "Low" legal, "Medium" strategic, and "High" operational incentives to support Sinochem.The ratings firm decided to withdraw the ratings due to commercial reasons.

SHA:600500
Asia

Sinochem Sells 14% Pirelli Stake to Michael Strnad For 987 Million Euros

Sinochem (SHA:600500) sold its 14% stake in listed Italian tire maker Pirelli to Lumina Crown, an investment firm owned by Czech billionaire Michal Strnad, according to a release on Borsa Italia on Thursday.A total of 151,883,471 shares were sold for 6.50 euros apiece, bringing the value to 987 million euros.The Chinese state-owned company's stake in Pirellie fell to 20.1% from 34.1% following the deal.Sinochem's shares rose 4% in midday trade in Shanghai on Friday.

SHA:600500
Asia

Fitch Affirms Sinochem's A Rating, With Stable Outlook

Fitch Ratings affirmed Sinochem Corp.'s long-term issuer default and senior unsecured ratings at A, with a stable outlook.The ratings reflect the rating agency's assessment of "high" strategic and operational incentives from ultimate parent Sinochem Holdings, which is wholly owned by the Chinese central government, according to a Wednesday research note.Fitch also affirmed subsidiary Sinochem HK's long-term issuer default and senior unsecured ratings at A-.Sinochem Corp. is the parent of Sinochem International (SHA:600500).

SHA:600500
Asia

Market Chatter: Italy Curbs Sinochem's Role at Pirelli to Unlock US Market Access

Italy set golden power curbs on Sinochem (SHA:600500), limiting the Chinese chemical manufacturer to just three board seats in tiremaker Pirelli, Reuters reported Wednesday.Sinochem appointees are also disallowed from taking on chair or CEO roles, according to the report.Italy's industry minister Adolfo Urso said the move allows Milan-listed Pirelli to compete in the U.S., where rules are cutting the use of Chinese technologies in the auto sector, Reuters wrote.The ruling caps a governance war over Sinochem's influence, blocking Pirelli's U.S. expansion, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSESHA:600500
Asia

Market Chatter: Sinochem Warns of Legal Action Against Italy's Ownership, Board Membership Limits on Pirelli

Sinochem International (SHA:600500) said it could seek legal redress against Italy's curbs to limit the company's influence in tire manufacturer Pirelli, Reuters reported Monday, citing a statement issued by Sinochem unit Marco Polo International Italy.Limits issued by Prime Minister Giorgia Meloni's office curbs included cutting the number of Sinochem representatives in Pirelli's board to three from eight, as long as the Chinese company's stake remains above 9.99%."The company expresses its deep regret regarding this decision and reserves the ​right to pursue all necessary legal remedies to safeguard its legitimate shareholder rights and interests," Reuters quoted Sinochem as saying.Sinochem is the largest shareholder in Pirelli with 34%, while Camfin holds 26%, the report said.Pirelli and Camfin called for restrictions against Sinochem as its Chinese links could complicate the tire company's U.S. expansion, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SHA:600500
Asia

Italy Restricts Sinochem from Holding Board Positions in Bid to Solve Governance Crisis

The Italian Prime Minister's Office has imposed restrictions on Sinochem International (SHA:600500) in a bid to resolve the governance standoff at Pirelli, the tire manufacturer said Saturday.The restrictions form part of the Golden Power decree of Prime Minister Giorgia Meloni's office.They include a limit on the number of directors Sinochem could appoint to the board of the tire maker, as well as an appointment ban for Sinochem directors as chairman, vice chairman, or chief executive officer, Pirelli said.Meloni's office also restricted Sinochem directors from chairing board committees.The restrictions will remain in force as long as Sinochem retains its stake in Pirelli above 9.99%, the tire maker said.Sinochem holds a stake in Pirelli through Italian branch Marco Polo International.Pirelli and Camfin have called for restrictions on Sinochem as its Chinese origins prevent the tire maker's U.S. expansion, according to multiple media reports.

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