RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
PetroChina attracts record subscription for IPO
Adjust font size:

PetroChina, the nation's largest oil producer, has attracted a record 3.3 trillion yuan in subscriptions for its A-share listing on the Shanghai Stock Exchange, the Beijing News reports.

 

The figure dwarfs that of China Shenhua Energy, the country's largest coal producer, which received a subscription of 2.67 trillion yuan in September.

 

The oil giant has set the price range of its Initial Public Offering (IPO) at 15 yuan to 16.7 yuan per share, which is still cheaper than its current Hong Kong share price of 19.20 HK dollars.

 

The fairly cheap price has created enthusiasm among investors who sold off other stocks for the subscription, which inevitably weighed on the equity market, according to analysts.

 

Chinese shares slumped nearly 5 percent on Thursday, the same day as subscriptions began.

 

Experts predicted PetroChina would finally issue the shares at the high end of the price range, a practice followed by recently returning red-chips such as China COSCO Holdings, China Construction Bank and Shenhua. In that case, the Hong Kong-listed company would raise a record-breaking 66.8 billion yuan from IPO due in November.

 

PetroChina is the first of the country's three petrochemical giants including Sinopec and the China National Offshore Oil Corp. (CNOOC) to get listed on overseas stock market.

 

PetroChina began trading in Hong Kong and its American Depository Receipts were listed on the New York Stock Exchange in 2000.

 

Citic Securities Co., UBS Securities Co. and China International Capital Corp. are the main underwriters of the issue.

 

(Xinhua News Agency October 29, 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- PetroChina may raise record US$8.9 bln from Shanghai listing
- PetroChina expects A-share listing in Shanghai on Nov. 5
- PetroChina to boost output
- PetroChina boosts exploration budget
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号