Business

Chinese oil giant Cnooc debuts in Shanghai

The Chinese company Cnooc Ltd. surged on its trading debut in Shanghai, after the country’s largest offshore crude oil and natural gas producer raised about $4.4 billion in one of the biggest share sales this year .

The listing comes months after Cnooc’s launch on the New York Stock Exchange and follows similar deals by two of China’s biggest telecom operators that were also thrown off US stock markets. In total, the three state-backed companies have raised about $20 billion from local Chinese investors, showing that they still have access to plentiful funding.


Wj

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