Summary at 9:00 on May 28, from the stock market opened half an hour, Kingdream a paper issued suspension notice, said Sinopec Group because the actual control of people planning to major issues and prepare Kingdream, the opening from the suspension. According to market news, Jiang Diamond shares may become Sinopec...
At 9 o'clock on the morning of May 28, half an hour before the opening of the stock market, Jiang Diamond Co., Ltd. issued a paper suspension notice, saying that due to the actual controller Sinopec Group is preparing to plan major issues with Jiang Diamond shares, the market will be suspended.

According to market news, Jiang Diamond shares may become the platform for the overall listing of Sinopec's petroleum machinery assets.

A person from Jiangyan Co., Ltd. told the 21st Century Business Herald that it had received a notice from Sinopec Group at around 8 pm the previous day to communicate with the exchange to suspend the suspension, but the company did not receive any additional information.

The reporter noted that a major background for the suspension of Jiang Diamond shares is that Sinopec is specializing in the restructuring of its assets.

The internal specialization of Sinopec, which is brewing and is advancing in August 2011, will be carried out in accordance with the principle of “reorganization of unlisted similar assets”. According to the restructuring plan of Sinopec Chairman Fu Chengyu of Sinopec, Sinopec will own three listed financing platforms of Sinopec, refining and petroleum engineering. At present, only the petroleum engineering sector has not yet been listed, so the outside world has been paying close attention to this.

The reporter learned that Sinopec's professional restructuring in the petroleum engineering sector has been steadily advancing, and Jiangdeng will become part of the specialized restructuring of the petroleum engineering sector.

On December 28, 2012, Sinopec Petroleum Engineering Technology Service Co., Ltd. ("Petroleum Engineering") was unveiled in Beijing. As a wholly-owned subsidiary of Sinopec Group, it is the only integrated contractor and technical service provider of Sinopec engaged in petroleum engineering business and participating in global competition. The petroleum engineering management department of Sinopec Group Company and Shengli Oilfield, Zhongyuan Oilfield and Jianghan Oilfield The petroleum engineering business, assets and personnel of eight oilfield companies such as North China Petroleum Bureau and East China Petroleum Bureau, as well as four petroleum engineering construction units including the International Petroleum Engineering Company and Shanghai Offshore Oil Corporation, were integrated and reorganized.

Subsequently, Sinopec Petroleum Engineering Machinery Co., Ltd. (hereinafter referred to as “Engineering Machinery Company”), a wholly-owned subsidiary of Petroleum Engineering, was officially unveiled on January 19, 2013.

Jianghan Oilfield official website news, Jianghan Petroleum Administration (hereinafter referred to as "Jianghan Bureau") party secretary Wang Chunjiang said at the opening ceremony, the implementation of petroleum engineering specialization is the Group's deepening reform, transformation of development methods, improve development quality and efficiency Initiative. The unveiling of the construction machinery company marked a significant progress in the professional restructuring of the oil field.

The 21st Century Business Herald noted that on May 14 last year, Jiang Diamond Co., Ltd. issued a noticeable announcement that the controlling shareholder may change. According to Sinopec's "Guiding Opinions on the Implementation of Specialization and Reorganization of Petroleum Engineering of China Petrochemical Corporation" and other related documents, a 67.5% stake in Jiang Diamond Co., Ltd. held by Jianghan Bureau, a total of 270,270,000 shares will be transferred to Sinopec Petroleum Engineering Machinery Co., Ltd. The company, the controlling shareholder of the company will be changed from Jianghan Bureau to engineering machinery company, and the actual controller of the company is still China Petrochemical Corporation.

The announcement stated that changes in the controlling shareholder will not affect the daily production and operation of the company.

However, until now, the two sides have not signed the equity transfer agreement, the controlling shareholder of Jiang Diamond is still Jianghan Bureau, but it is sooner or later for the construction machinery company to take over the Jiang Diamond shares.

According to the recruitment information of several well-known polytechnics in Wuhan, the construction machinery company's subsidiaries include Jianghan Petroleum Drill Bit Co., Ltd. (ie Jiang Diamond Co., Ltd., listed company), Third Machinery Plant, Fourth Machinery Plant, Shashi Steel Pipe Plant, Siji Saiwa Oil Drilling Equipment Co., Ltd. (Sino-US joint venture company) and Petroleum Machinery Research Institute. The shares of Jiang Diamond and Siji Saiwa were originally held by Jianghan Bureau. The other units mentioned above are also within the scope of the planned restructuring of the petroleum machinery company.

According to Sinopec's development orientation of Jianghan Bureau's machinery manufacturing industry, Jianghan Bureau will propose to the listed company to use the listed company platform of Jiang Diamond Co., Ltd. to inject its high-quality assets of the machinery manufacturing industry into Jiangdui shares through additional issuance or other suitable means. , Jiangyan shares will be built into Sinopec oil drilling and mining machinery manufacturing base.

As a result, Jiang Diamond's goal of becoming a Sinopec oil drilling and production machinery manufacturing base has not changed. However, the future role of Jianghan Bureau will be completed by the construction machinery company.

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