The conglomerate is said to be adjusting its portfolio and recent asset sales had nothing to do with liquidity.
The state-owned oil giant is paring back its presence in Africa. Sinopec's Cameroon operation would be its only remaining project in Africa.
The fund counts sovereign wealth funds including China Investment Corp, Singapore state investor Temasek and Japan's Mitsui as investors.
This is part of the Sinochem conglomerate's efforts to respond to Beijing's push for a slimmer state sector.
A stake of that size would be worth $4.5 billion at current market prices.
IPOs & Markets
Good Doctor’s plans to list come as Hong Kong has hosted a series of 'hot' tech stocks whose first-day gains have been among the best in the world t
Yixin's debut is the latest in a string of technology share offerings in HK generating strong investor demand.
The deal, which includes shareholder loans, gives Cardinal's business in mainland China and Hong Kong an enterprise value of $1.2 billion.
New investors include U.S. hedge fund Lone Pine Capital, CITIC Capital and Scottish fund manager Baillie Gifford.
It would be the largest listing of a Chinese company in the US since Alibaba’s record $2b float in 2014.
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