Leadership Changes - The leadership of China Petroleum and Chemical Corporation (Sinopec) has undergone a significant change with the appointment of Hou Qijun as the new Chairman and Party Secretary, replacing Ma Yongsheng [1][3] - Ma Yongsheng, who is approaching retirement age, has served as Sinopec's Chairman since November 2021 and is recognized as an expert in petroleum geology [3][4] Background of New Chairman - Hou Qijun, born in November 1966, has over 20 years of experience in the oil industry and has held various positions within the China National Petroleum Corporation (CNPC) before his appointment at Sinopec [1][3] - His career includes roles such as Vice General Manager and General Manager at CNPC, and he has been involved in the establishment of the National Oil and Gas Pipeline Group [3][4] Company Performance - Sinopec is the largest supplier of refined oil and petrochemical products in China and ranks fifth in the 2024 Fortune Global 500 list [5] - In the first quarter of 2025, Sinopec reported a revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, and a net profit of 13.26 billion yuan, down 27.6% from the previous year [5] - The company's stock price closed at 5.66 yuan on June 27, 2023, with a market capitalization of 686.2 billion yuan [6]
中石化换帅