China oil giant CNOOC soars in Shanghai debut, defying weak market

SHANGHAI :Chinese oil giant CNOOC Ltd surged as much as 44 per cent in its Shanghai debut on Thursday, after raising 28.08 billion yuan in China's 11th-biggest public stock offering.

China's largest offshore oil producer, CNOOC has said it would use the share sale proceeds to fund one gas and seven oilfield projects in China and overseas, and to replenish capital. A third of the roughly 100 companies newly listed this year in Shanghai and Shenzhen dropped below offer prices on debut, showed data from East Money Information. Some, including chipmaker Vanchip Tianjin Technology Co Ltd and electronics firm Rigol Technologies Co Ltd tumbled more than 30 per cent.

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China oil giant CNOOC soars 44% in its Shanghai debutSHANGHAI :Chinese oil giant CNOOC Ltd surged 44 per cent in its Shanghai debut on Thursday, after raising 28.08 billion yuan ($4.41 billion) in China's 11th-biggest public stock offering.The stock started trading on the Shanghai Stock Exchange at 12.96 yuan, 20 per cent higher than the offering price of 10.8
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »