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Chinese Oil Giant CNOOC to Raise $4.4bn in Shanghai Listing

Chinese oil giant CNOOC said on Monday it will raise 28.08 billion yuan ($4.4 billion) in a listing in Shanghai, after setting the price for what will be the mainland 11th-biggest public stock offering

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The company, which first imported LNG in 2006, has already built 10 tankers and also engaged in joint vessel design. Photo: Reuters.

 

Chinese oil giant CNOOC Ltd said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a share listing in Shanghai, after setting the price for what will be mainland China’s 11th-biggest public stock offering.

Fundraising will be expanded to 32.29 billion yuan if an over-allotment “greenshoe” option to buy and sell more shares, issued to investment banks underwriting the deal, is fully exercised, the company said in a sales prospectus.

CNOOC, China’s largest offshore oil producer, priced its Shanghai offering at 10.8 yuan ($1.69) per share, a 13% premium to its Hong Kong share price on Friday. It said it would use the share sale proceeds to fund one gas and seven oilfield projects in China and overseas, and to replenish capital.

The firm’s Hong Kong shares fell 3.3% in Hong Kong on Monday morning, more than the 2.5% drop in the benchmark Hang Seng index.

The Shanghai sale comes after CNOOC was delisted last year by the New York Stock Exchange after Washington added the firm to a trade blacklist citing suspected connections to the Chinese military.

State-backed rivals PetroChina and Sinopec are already listed in Shanghai.

It also comes as a number of Chinese companies have paused Shanghai listing plans citing disruption to business life in the city, under lockdown to fight China’s biggest coronavirus outbreak in two years.

CNOOC seeks to take advantage of soaring global oil prices as Russia’s war on Ukraine pushes up already high energy prices. CNOOC expects first-quarter profit to jump by 62% to 89% from a year earlier, after registering record profit, and output in 2021.

CNOOC priced its Shanghai offering, which will make the top 10 of China’s listing if the greenshoe option is fully exercised according to Refinitiv data, at 23.88 times earnings, or 1.05 times net assets.

 

• Reuters with additional editing by Jim Pollard

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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