CNOOC Makes Strong Debut in HK Exchange

CNOOC Makes Strong Debut in HK Exchange

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China's offshore oil giant CNOOC made a storming trading debut at the Hong Kong Stock Exchange Wednesday, following strong demand for CNOOC stock overnight in New York.

The stocks closed the morning session at 6.70 Hong Kong dollars (86 US cents), up from an issue price of 5.95 dollars.

In New York, CNOOC stocks were closed at US$16.12, 0.72 US cents from its issue price.

Wei Liucheng, chairman and CEO of the CNOOC Ltd., expressed satisfaction with the company's debut performance and pledged to maintain CNOOC's low-cost, high-growth momentum.

CNOOC raised some 11.5 billion HK dollars (US$1.47 billion) by selling 1.64 billion American Depositary Shares. Each ADS is comprised of 20 Hong Kong shares.

The international offer of CNOOC shares was about five times subscribed and the Hong Kong retail offer, comprising about five percent of the total, was about 3.17 times subscribed, sources close to CNOOC said.

CNOOC, which had undergone reorganization in 1999, is now the only offshore oil explorer in China. As China's second largest natural gas company and third largest petroleum company, CNOOC covers all China's offshore areas for production.