Sinopec IPO attracts demand of $5.63 billion

Fund managers have applauded the decision to bow to volatile global market conditions and price the 16.78 billion share offering for China Petroleum and Chemical Corp (Sinopec) just below the mid-point of the deal's indicative range. Confounding those who believed that Chinese officials would consider it a loss of face, the move also emphasises the government's determination to keep its huge privatisation programme rolling smoothly forwards.