Shares in China National Offshore Oil Corporation jumped as much as 44 per cent on their Shanghai debut as the oil and gas producer completed the country’s biggest stock market listing of the year after being forced to delist in the US over national security concerns.
Cnooc raised Rmb28.02bn ($436bn) after being delisted from the New York Stock Exchange in October, following a Trump administration executive order banning US investment in companies deemed to be part of China’s “military-industrial complex”.
On Thursday, the company’s shares reached a high of Rmb15.55, compared with an offering price of Rmb10.8, and trading was briefly suspended after they rose by the maximum amount. The stock closed 28 per cent higher.
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