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 SHANGHAI, People's Republic of China, Nov. 2 /PRNewswire/ -- Shanghai Petrochemical Company Limited (NYSE: SHI) announced today that the Company has received approval for listing its new "A" shares on the Shanghai Securities Exchange ("SSE"). In August of this year, the Company announced an offering in the People's Republic of China ("PRC") of 550,000,000 "A" shares, consisting of 150,000,000 legal person "A" shares, 250,000,000 individual "A" shares and 150,000,000 employee "A" shares, as shown below. Beginning November 8, 1993, 75,000,000 of the new "A" shares, representing 30 percent of the individual "A" shares, will be listed for trading on the SSE. Other individual "A" shares will be listed for trading on the SSE in the future.
 In addition to the 4,000,000,000 state "A" shares issued on June 29, 1993, the Company had, as of October 28, 1993, 550,000,000 new "A" shares issued to PRC nationals and 1,680,000,000 foreign "H" shares all issued after June 30, 1993. KPMG Peat Marwick Huazhen, Certified Public Accountants registered in the PRC, has issued a report dated October 28, 1993 to certify that the proceeds in respect of the issue of the 1,680,000,000 foreign "H" shares and the 550,000,000 "A" shares have been duly received.
 The Company's total registered share capital was RMB 6,230,000,000 as of October 28, 1993 and is divided as follows:
 Class of shares Number of Shares Approx. pct. of
 share capital
 State "A" share 4,000,000,000 64.2 pct
 Legal person "A" share 150,000,000 2.4 pct
 Domestic public "A" share
 Individual 250,000,000 4.0 pct
 Employee 150,000,000 2.4 pct
 Foreign "H" share
 (including ADRs) 1,680,000,000 27.0 pct
 According to the accounts of the Company for the six months ended June 30, 1993, which have been audited by KPMG Peat Marwick Huazhen, as of June 30, 1993, the Company's total assets were RMB 12,721,841,000 and shareholder's funds were RMB 4,373,893,000. For the six months ended June 30, 1993, the Company's profit before taxation was RMB 675,271,000 and profit after taxation was RMB 573,893,000.
 Shanghai Petrochemical Company Limited is the largest petrochemical company and the ninth largest industrial enterprise in China. Located in Jinshanwei in the southwest of Shanghai, the Company is a highly integrated petrochemical complex which processes crude oil into a broad range of synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company's 'H' shares are listed on The Stock Exchange of Hong Kong Limited and in the form of American Depositary Receipts on the New York Stock Exchange. The depositary for the ADR program is The Bank of New York. Each ADR represents 100 class 'H' ordinary shares.
 -0- 11/2/93
 /CONTACT: Mr. Wu Yixin of Shanghai Petrochemical, (011-8621) 794-3143, or Corey Cutler of Dewe Rogerson Inc., 212-688-6840/

CO: Shanghai Petrochemical Company Limited ST: IN: CHM SU:

LG -- NY023 -- 9530 11/02/93 09:27 EST
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Publication:PR Newswire
Date:Nov 2, 1993

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