Chinese petrochemical corporation Sinopec, which announced plans to restructure its oil business in February, plans to hold an IPO of Sinopec Sales. According to the president of Sinopec, Ma Yunshen, the sales division is currently considering the most appropriate time to apply for the placement of its shares. Previously, the company announced plans to raise about $10 billion during IPO, and now it has lowered the goal of raising funds to $5 billion or $6 billion. Sinopec reported an increase in net profit in 2018 by 22.04% to 62 billion 386 million yuan. Its operating profit was 2 trillion 881 billion yuan, an increase of 22.09% over the year.