CNOOC expects listing nod this year
By Wang Yu (China Daily)Updated: 2007-03-22 08:50
China's top offshore oil company CNOOC is confident that once technical difficulties are overcome, it's possible for the red-chip firm to float A shares this year.
"There're only certain particular technical obstacles, such as foreign exchange management, to our initial public offering (IPO) plan in the A-share market. They are not fundamental policy difficulties.
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Fan Fuchun, vice-chairman of the China Securities Regulatory Commission (CSRC), said China Mobile may list in the A-share market this year with an IPO, rather than Chinese depository receipts (CDRs). If successful, China Mobile will become the first overseas-incorporated company to list on the Shanghai bourse.
Fu hinted CNOOC is as important as China Mobile in terms of the CSRC's agenda for red chips. "If China Mobile can float shares within this year, we suppose we deserve the same privilege," Fu said.
The arrival of red chips - mostly national conglomerates incorporated and listed in Hong Kong - in mainland bourses is expected to help regulate and perfect the A-share market as they are used to stringent listing rules overseas and enjoy good profit margins.
"Also, with more companies such as China Mobile and CNOOC coming to Shanghai bourse, the proportion of quality and well-performing firms will pick up," Fu added.
As China's leading offshore oil and gas producer, CNOOC is working harder to maintain sustainable development to meet the country's soaring energy demand.
Fu said his firm is to step up China's first offshore wind power project in
Bohai Bay area soon to boost renewable energy development and maintain
sustainable energy growth.
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