Understanding the Market | SINOPEC KANTONS fell over 2%, Rizhao Shihua was listed on the OFAC SDN list
SINOPEC KANTONS fell over 2%, as of the time of writing, down 2.68% to HKD 4, with a trading volume of HKD 23.5594 million. In terms of news, SINOPEC KANTONS announced last night that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added Rizhao Shihua Oil Terminal Co., Ltd. (Rizhao Shihua, in which the company holds a 50% stake) to the Specially Designated Nationals List (SDN List). Rizhao Shihua primarily operates oil terminals and related facilities. In the fiscal year 2024, the investment income generated by Rizhao Shihua accounted for approximately 12% of the group's profit before tax, while the group's profit before tax for the fiscal year 2024 is approximately HKD 1.287 billion. The announcement indicated that, based on the company's preliminary assessment, the related business of Rizhao Shihua may be restricted after being added to the SDN list, which could subsequently impact the overall performance of the group. Other business operations of the group remain normal
According to the Zhitong Finance APP, SINOPEC KANTONS (00934) fell more than 2%, down 2.68% to HKD 4 as of the time of writing, with a transaction volume of HKD 23.5594 million.
In terms of news, SINOPEC KANTONS announced last night that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has placed Rizhao Shihua Oil Terminal Co., Ltd. (Rizhao Shihua, in which the company holds a 50% stake) on the Specially Designated Nationals List (SDN List). Rizhao Shihua primarily operates oil terminals and related facilities. The investment income generated by Rizhao Shihua for the company in the fiscal year 2024 accounts for approximately 12% of the group's profit before income tax, while the group's profit before income tax for the fiscal year 2024 is approximately HKD 1.287 billion.
The announcement stated that, based on the company's preliminary assessment, the related business of Rizhao Shihua may be restricted after being placed on the SDN list, which could subsequently impact the overall performance of the group. Other business operations of the group remain normal
