China is kicking off a potentially significant experiment in injecting some entrepreneurial juice into its state-owned firms. State-owned China Petroleum & Chemical Corp. , known as Sinopec, last week started the process of vetting would-be investors in a new unit that operates more than 30,000 gasoline stations and 23,000 convenience stores in some of the richest areas of the country. Some 37 companies and consortia—including Chinese Internet power Tencent Holdings Ltd. —have expressed interest, according to people familiar with the deal. Sinopec is selling as much as a 30% stake in the unit, Sinopec Sales Co., which is valued by the company at $56 billion. Some of the potential investors, such as Tencent, are also signing up for business partnerships with the unit, according to an announcement by Sinopec. Those partners will get priority consideration for investment spots, Sinopec’s chairman, Fu Chengyu , said in an interview. The Chinese […]