SNP - SNP STOCK NEWS

On March 26, 2023, Sinopec Corp. (SNP) reported its 2022 financial results, revealing a revenue of RMB 3.32 trillion, a 21.1% increase from 2021. Profit attributable to shareholders was RMB 66.153 billion, with basic earnings per share at RMB 0.547. The company completed a share buyback program, advocating for fair valuation. Despite achieving a record domestic oil and gas production and significant operational results, challenges arose from fluctuating oil prices and weak domestic demand. Shareholder returns included a total profit distribution of RMB 46.9 billion, with a dividend payout ratio of 71%, leading to dividend yields of 9.1% for A-shares and 12.3% for H-shares.

Recon Technology, Ltd. (NASDAQ: RCON) reported a 16.3% decline in total revenue to RMB45.6 million ($6.6 million) for the first six months of fiscal 2023, compared to RMB54.4 million in 2021. Net losses increased to RMB29.9 million ($4.3 million), down from net income of RMB111.4 million ($17.5 million) in the prior year. Despite a decrease in gross profit by 9.5% to RMB13.1 million ($1.9 million), the gross margin improved from 26.7% to 28.8%. The company aims to tap into new markets and technologies, particularly in the plastics recycling sector, leveraging recent funding of approximately $8 million for expansion and R&D efforts.

Recon Technology, Ltd. (NASDAQ: RCON) has successfully closed a registered direct offering, raising approximately $8 million through the sale of Class A ordinary shares and warrants. Net proceeds amount to around $7.1 million after expenses. These funds are earmarked for general corporate purposes, including research and development, marketing expansion, and potential acquisitions. Additionally, the exercise price for previously issued share purchase warrants has been reduced to $0.80. Maxim Group LLC acted as the sole placement agent for this offering.

On March 15, 2023, Recon Technology, Ltd. (NASDAQ: RCON) announced a securities purchase agreement with accredited investors to raise approximately $8 million through a registered direct offering. The agreement includes the sale of 10,002,500 Class A ordinary shares and warrants to purchase an equal number of shares. The pre-funded warrants will have an exercise price of $0.01 and the ordinary share warrants will be priced at $0.80, both exercisable immediately. The offering is set to close on or around March 17, 2023.

Recon Technology, Ltd (NASDAQ: RCON) announced plans to expand into the plastics chemical recycling industry, following its attendance at the 27th China Plastics Recycling Conference on February 28. This initiative aims to support a circular economy, addressing climate change and plastic pollution. The market potential for chemical recycling is vast, potentially worth hundreds of billions, making it a promising growth area. CEO Shenping Yin highlighted the increasing demand for recycled polymers and the necessity for sustainable practices. Recon's entry aligns with rising petroleum prices and aims to leverage its technical expertise for environmental benefit.

Sinopec Corp. reported a 22.6% increase in operating income to RMB 2.45 trillion for the nine months ending September 30, 2022. However, net profit decreased by 5.6% to RMB 57.284 billion, with basic earnings per share at RMB 0.473. Domestic crude oil production rose by 0.8% to 188 million barrels, and natural gas production increased by 4.1% to 913.81 billion cubic feet. The company faced challenges from high crude oil prices and a fluctuating market, leading to a 49.3% decline in cash flow from operating activities.

China Petroleum & Chemical Corporation (SNP) announced its decision to voluntarily delist its American depositary shares (ADSs) from the New York Stock Exchange (NYSE) on August 12, 2022. The board of directors cited the limited trading volume of ADSs and substantial administrative burdens as key reasons. The delisting application will be filed by August 29, 2022, with an expected effective date ten days later. Additionally, the company may seek to deregister its ADSs and underlying H Shares and terminate disclosure obligations in the future.

China Petroleum & Chemical Corporation (Sinopec) reported achieving a daily production capacity of 530,000 cubic meters of shale gas at its Xinye Well-1 in Chongqing as of June 30, 2022. This production confirms the 100 billion cubic meters of shale gas reserves in the Xinchang shale gas structure. Sinopec has established a shale gas resource belt in southeastern Sichuan, encompassing a total of 1.19305 trillion cubic meters of shale gas, significantly contributing to China's energy security. The company emphasizes innovation in deep shale gas exploration technologies.

China Petroleum & Chemical Corporation (SNP) has posted its 2021 annual report on Form 20-F, filed with the SEC, on its website. Shareholders can download the soft copy or request a hard copy that includes audited financial statements. The report details the company's financial performance for the fiscal year ending December 31, 2021. Interested parties can access the report via the provided link.