Stocks News
- CNOOC plans more domestic listings
Date: 9-Jan-2007 Sources: (Shenzhen Daily)
CHINA National Offshore Oil Corp. (CNOOC) is hoping to list more of its units on the domestic A-share market, the Shanghai Securities News reported, citing a top official with the company.
CNOOC now has just one unit listed in Shanghai, Offshore Oil Engineering Co.. It has three units listed in Hong Kong, CNOOC Ltd., China Oilfield Services Ltd. and China BlueChemical Ltd.
Fu Chengyu, group president and chairman of CNOOC Ltd., said that as CNOOC Ltd. is a Hong Kong-registered red-chip company, it can't list on the mainland under current rules, the paper reported Saturday.
However, the report cited Fu as saying CNOOC is in communication with the China Securities Regulatory Commission and hopes to bring about change to the rules.
Fu said CNOOC's other two Hong Kong-listed companies don't face any barriers to listing domestically, the paper reported.
The paper also cited China National Petroleum Corp. (CNPC) general manager Jiang Jiemin as saying his firm is also planning to list domestically.
PetroChina Co. is CNPC's listed unit.
China's authorities have been encouraging the country's large-capitalized firms to return to the mainland's equity markets.
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