China Petroleum To Inject RMB 4.205 Billion Into Kunlun Capital

China Petroleum said it will inject RMB 4.205 billion into Kunlun Capital, while its controlling shareholder, China National Petroleum Group, will contribute RMB 7.395 billion, according to ETNet. After the capital increase, China Petroleum's stake in Kunlun Capital will rise from 29% to 32.16%, keeping it as the second-largest shareholder. China National Petroleum Group's holding will increase from 51% to 56.56%. China Petroleum said Kunlun Capital's business includes private equity investment, investment management and asset management. The company reported a profit of RMB 136 million last year. China Petroleum said its participation in the capital increase will be funded by internal cash and will support innovation and green low-carbon strategies, business transformation and the development of emerging and future industries. The proceeds will mainly be used for Kunlun Capital's private equity investment funds and external equity investment business. Kunlun Capital will not become a controlling or consolidated subsidiary after the transaction.