Oil giant explores Hong Kong IPO

Investors push SOE to monetize investment in 'crown jewel' retail gas station network

China Petroleum & Chemical Corp, the world's biggest oil refiner, is reviving a long-mooted initial public offering of its retail business that could raise as much as $10 billion, people familiar with the matter said.

The mainland's State-owned oil company, known as Sinopec, has asked banks to submit proposals by this month for roles to manage a potential Hong Kong listing next year, according to the people, who asked not to be identified as the information is private. Sinopec shares jumped 4.3 percent to HK$5.86 (75 cents) at 10:55 am on Wednesday in Hong Kong, headed for the biggest gain since April.