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Falling Knife of the Week: Sinopec Shanghai Petrochemical

Sinopec Shanghai Petrochemical Company Limited (SGX: K3DD), which is trading as an American Depository Receipt in the Singapore Exchange, fell 32.5% so far, to steal the spot for the “Falling Knife of the Week”.

Sinopec, located in Shanghai, is one of the largest refining-chemical integrated petrochemical companies in China. It also produces ethylene, fiber, resin and plastics.  

On 22nd of October, the company went ex-dividend where approximately US$ 0.72 of dividends, after tax and fees, was paid out. The company also went ex-entitlement on the same day, where 5 new shares of the company were given for every 10 shares held.

On 24th of October, Sinopec released an announcement to The Stock Exchange of Hong Kong Limited about the resolutions that were passed during a General Meeting that was held on the same day. The full details of the resolutions can be seen from the link above.

Sinopec is currently trading at US$25.62.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.