In 2014, China Petrochemical Corporation decided to launch reform and reorganization of the oil sales sector, which was at the forefront of the market, by introducing social and private capital to implement the mixed ownership, to promote the innovation and development of the oil sales sector, and to enhance the overall value of Sinopec.

Sinopec Chemical Commercial Holding Co., Ltd. is the largest refined oil sales company in China, involving 31 provinces and municipalities, 305 prefecture-level cities, 1,122 districts or county-level branches, 400-plus oil depots and more than 30,000 gas stations. The project was jointly undertaken by Zhonghe Appraisal Co., Ltd., China Alliance Appraisal Co., Ltd. and CEA, which was responsible for the appraisal of provinces and municipalities (Shandong, Shanghai, Jiangsu, Zhejiang, Anhui, Hubei, Hunan, Shaanxi, Inner Mongolia and Ningxia). The appraisal involved assets worth RMB 134 billion, 13,250 gas stations, 696 subsidiaries, and its workload accounted for nearly half of the whole. The difficulties of the project include: widely distributed assets, weak corporate infrastructure, heavy accounts checking workload, heavy workload of premises checking and tight schedule.

Through careful organization, CEA assigned adequate professionals and valuers, established a double architecture of provincial center groups and live groups, carried out the fixed assets check, set up large sheets, used macro programming to make pricings fast and accurately, and did well in aggregation and statistical work. As a result, the Company overcame these problems and submitted appraisal results on time with high quality.

On September 12, 2014, Sinopec Chemical Commercial Holding Co., Ltd. (SCCHC) signed the Capital Increase Agreement of Sinopec Chemical Commercial Holding Co., Ltd. with 25 domestic and overseas investors. They subscribed 29.99% stake in SCCHC after the capital increase at a cash of totaling RMB 107.094 billion (including the equivalent of US dollars), marking the completion of reorganization and fundraising of oil sales business, and laying a foundation for SCCHC’s next reorganization reform.