Milestones
1988
July 12 -- The Fifth Anniversary of China Petrochemical Corporation & Opening Ceremony of China Petrochemical Corporation Finance Company was held.
1992
June -- The Company was renamed to Sinopec Finance Company with a registered capital of RMB300 million (including USD30 million).
1993
March -- The Company was reorganized to a limited liability company controlled by China Petrochemical Corporation and participated by 39 companies affiliated to it. The Company was renamed to Sinopec Finance Co., Ltd., with its registered capital increasing from RMB300 million to RMB500 million (including USD30 million).
1996
June -- The Company saw its total assets exceeding RMB10 billion.
1997
July -- The registered capital rose from RMB500 million to RMB1.5 billion (where foreign exchange capital increased to USD60 million).
1998
November -- The Company was separated from the Finance Department of Sinopec Group and then developed as a specialized company affiliated to Sinopec Group.
2000
September -- The Company gained access to the national interbank bond market and the national interbank funding market.
2001
Total assets of the Company topped RMB50 billion.
November -- The increase of RMB1 billion in capital fund led to RMB2.5 billion (including USD60 million) of registered capital of the Company.
2005
November -- The contribution made by Sinopec Group grew from RMB850.33 million to RMB1.5445 billion, with the ratio of investment up from 34.01% to 61.78%; the contribution made by Sinopec Corp. rose from RMB800 million to RMB955.5 million, with the ratio of investment up from 32.00% to 38.22%.
2006
June -- The Company increased its registered capital from RMB2.5 billion to RMB6 billion (including USD60 million). Specifically, Sinopec Group contributed RMB3.06 billion (including USD30.6 million), accounting for 51%; Sinopec Corp. contributed RMB2.94 billion (including USD29.4 million), accounting for 49%.
2007
Total assets of the Company topped RMB100 billion.
January -- Information connection within the Company, between the Company and enterprises opening accounts, and between the Company and banks was established. The system for centralized capital management of Sinopec Group was put into trial operation.
May -- The Company became the first pilot entity of foreign exchange receipt and payment business of non-banking financial institution.
June -- The Company became the spot foreign exchange transaction member of the interbank foreign exchange market of the China Foreign Exchange Trade System.
September -- The Company issued RMB4 billion worth 3-year "financial bonds of finance company" on the national interbank bond market as the first pilot entity in the industry.
December -- The Company saw the successive start of business of 9 subsidiaries in Shandong, Zhengzhou, Xinjiang, Nanjing, Shanghai, Guangzhou, Wuhan, Chengdu and Tianjin.
2009
September -- The Company increased its registered capital from RMB6 billion (including USD60 million) to RMB8 billion (including USD60 million). Specifically, Sinopec Group contributed RMB4.08 billion, accounting for 51%; Sinopec Corp. contributed RMB3.92 billion, accounting for 49%.
2010
July -- The centralized capital management system was officially put into operation. Sinopec Group completely built up its domestic "capital pool" with SFC as the platform, the information system for centralized capital management as the carrier, receipt and payment and full capital budget as key control means, and general and subsidiary accounts as the form of realization.
December -- "Sinopec Group Centralized Capital Management Project" won the first prize of the 17th national innovation achievements in modernized corporate management.
2011
October -- The Company saw its registered capital increasing from RMB8 billion to RMB10 billion (including USD60 million). Specifically, Sinopec Group contributed RMB5.1 billion, accounting for 51%; Sinopec Corp. contributed RMB4.9 billion, accounting for 49%.
2016
December -- The Company became one of the first pilot entities on the bill trading platform system of the Shanghai Commercial Paper Exchange.
December -- The Company witnessed the successful release and trial operation of the phase I project of Sinopec e-commerce unified payment platform jointly researched and developed with joint-stock bank, Sinopec EPEC and PCITC.
2017
February -- The Company increased its registered capital from RMB10 billion to RMB18 billion (including USD60 million). Specifically, Sinopec Group contributed RMB9.18 billion, accounting for 51%; Sinopec Corp. contributed RMB8.82 billion, accounting for 49%.
2018
January -- The Company’s direct linking system of commercial paper trading has been launched and received acceptance by accepted by the Shanghai Commercial Paper Exchange.
December -- With the approval of the General Administration of Customs, the Company carried out the first customs guarantee business in Zhanjiang Customs Area.
December -- The new leading group of the company was established.
2019
December -- The Company issued the first LNG import customs duty guarantee, which realized the smooth customs clearance of the group's first LNG ship.
December -- As the first pilot company in the financial company industry, the Company launched the “CP-Pay” product of the Shanghai Commercial Paper Exchange.
December -- The company carried out its first refactoring business.
2020
May -- The online clearing of the Company’s Electronic Commercial Draft System was put into operation.
August -- The Company completed the first “CP-Pay” business on Petrochemical e-trading platform.
September -- The Company has been approved by Beijing Banking and Insurance Regulatory Bureau for the establishment of general derivatives trading business.
2021
In June, SFC was approved by the State Administration of Foreign Exchange to conduct RMB-foreign exchange derivative business.
In December, SFC successfully issued China’s first letter of guarantee for general security of customs duty payment.
2022
In August, SFC was granted the award of “Best Non-bank Member in RMB-Foreign Exchange” in the interbank foreign exchange market in 2021 by the China Foreign Exchange Trade System.
In August, SFC gained Grade A in the 2021 Annual Financial Statistics Work Assessment released by the Operations Office of the People’s Bank of China.
2023
In February, SFC was awarded the title of “Outstanding Comprehensive Business Institution” for 2022 by the Shanghai Commercial Paper Exchange Corporation Ltd.
In September, SFC won second place of the team in the sector of Capital Finance Support and Others at the 2023 Risk Control and Internal Control Competition launched by Sinopec Group.