Chinese oil champion Sinopec is selling a $17.4bn stake in its retail unit to a large group of mostly domestic investors as the country tries to reform its sprawling state-owned enterprises.
中国石油行业冠军企业中石化(Sinopec)将向以国内买家为主的一大群投资者出售其零售部门的174亿美元股份。目前中国正试图改革其庞大的国有企业。
The 29.99 per cent stake sale – to investors including tech group Tencent, private conglomerate Fosun and China Life Insurance – was considered a precedent-setting deal in China’s efforts to realise value in its SOEs .
在中国实现其国有企业价值的努力中，此次29.99%股权出售被视为一笔开创先例的交易；投资者包括科技集团腾讯(Tencent)、民营企业集团复星(Fosun)和中国人寿(China Life Insurance)。

But the deal, announced yesterday, is far from the opening of the oil sector to outside forces that reformers had sought. Sinopec has ceded no control of its lucrative business while raising funds from a sprawling club of state-owned enterprises, leading private groups, pension funds and other domestic investors.
但是，昨日宣布的这笔交易远远不是改革派此前寻求的开放石油行业举措。中石化在保留对其利润丰厚的业务的控制的同时，还从一个庞大的俱乐部（成员包括国有企业、领先民营集团、养老基金等国内投资者）筹集到了资金。
The list of investors includes Haier, a white goods maker; Hopu, a private equity group; Bank of China and ICBC, the giant state-owned banks; CICC, an investment bank; and Cinda Asset Management, the state-controlled “bad bank” asset manager.
投资者包括白色家电制造商海尔(Haier)；私人股本集团厚朴基金(Hopu)；大型国有银行中国银行(Bank of China)和中国工商银行(ICBC)；投资银行中金公司(CICC)；以及国有控股的“坏银行”信达资产管理公司(Cinda Asset Management)。
RRJ, a fund owned by Malaysian dealmaker Richard Ong, stands out as the only non-Chinese direct investor.
马来西亚交易撮合者王忠信(Richard Ong)旗下的RRJ基金，令人瞩目地作为唯一的境外投资者跻身于投资者名单。
About two years ago China said outside capital would be allowed to invest in strategic state sectors – an announcement welcomed by some as opening the door to more private investment in closely held industries.
大约两年前，中国表示外部资本将获准投资于国有战略行业；一些人欢迎这份声明，视其为打开封闭型行业的大门、接受民间投资之举。
Sinopec has billed this sale as a prime example of that reform. In August it said it was in discussions with 37 bidders for the stake in the business, which operates 30,000 petrol stations and holds 60 per cent of the domestic market for oil products. It also owns 23,000 convenience stores under the Easy Joy brand.
中石化将此次股份出售誉为此类改革的一个范例。该集团在8月表示，正与37家投标人讨论出售股份事宜。中石化零售部门经营3万个加油站，在国内成品油市场占据60%的份额，它还拥有2.3万家易捷(Easy Joy)便利店。
Stake sizes range from 2.8 per cent of the total group to a 0.1 per cent holding. The price values the unit’s equity at about $59bn. Last year the business produced Rmb25.1bn ($4.1bn) in profit from operating income of Rmb1.5tn.
这些投资者买下的股份占中石化销售公司的0.1%至2.8%不等。交易价格意味着该业务部门的权益约为590亿美元。去年，该业务部门的营业利润达到1.5万亿元人民币，利润达到251亿元人民币（合41亿美元）利润。
In June Fu Chengyu, Sinopec chairman, said successful bidders would be determined by factors including offer price, domicile, complementary strengths, standing and reputation, and level of conflicts of interest with Sinopec.
中石化董事长傅成玉今年6月表示，有一系列因素决定投标成功与否，包括出价、注册地、互补优势、地位和声誉，以及与中石化之间的利益冲突水平。
The company is one of China’s three dominant state-owned oil groups. Reformers have argued that their stranglehold on the oil sector raises costs for consumers, crowds out potentially more competitive groups, and allows them to hijack policy to support their interests.
中石化是中国三大国有石油集团之一。主张改革的人士认为，这些集团霸占石油部门，提高了消费者的成本，排挤了潜在更具竞争力的企业，并且让它们出于自身利益绑架政策。