China Petroleum & Chemical Corp. (Sinopec) (00386.HK, 600028.CN) is considering acquiring third-party payment service provider Yufu Payment Co. Ltd., the 21st Century Business Herald reported Thursday, citing unnamed Sinopec management personnel. Yufu is one of the only six firms authorized by the central bank to provide online payment services as well as issue pre-paid gift cards nationwide. Talks are still in the preliminary stage, one of the sources was quoted as saying. Meanwhile, China Galaxy Investment Management Co. Ltd. (000806.CN), another state-owned firm, may invest about 70 million yuan (US$11.24 million) in a Beijing-based internet finance platform, the report said.
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