CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

China’s CNOOC seeks $5.4bn from Shanghai listing

By Debabrata Das

07:00, 27 September 2021

CNOOC's logo on its headquarters in Beijing
CNOOC’s Beijing headquarters – Photo: Shutterstock

Chinese state-owned oil and gas exploration and production major CNOOC plans to raise up to CNY35bn ($5.41bn) from its new share issue on the Shanghai Stock Exchange.

CNOOC will issue not more than 2.6 billion shares and expects to raise CNY35bn, the Hong Kong-listed company said in a filing on Sunday 26 September. The shares represent 5.82% of its share capital.

The company added that it plans to use the funds for developing key projects in Guyana and the South China Sea. It will also use a share of the funds for working capital requirements.

CNOOC on US banned list

“The company has conducted sufficient market research and feasibility study on the proposed use of proceeds, which conforms to the company’s development strategy, has good economic and social benefits and is in line with the company’s existing scale of operation, financial condition, technical skills and management capabilities,” the filing from CNOOC said.


0.67 Price
+0.930% 1D Chg, %
Long position overnight fee -0.0066%
Short position overnight fee -0.0016%
Overnight fee time 21:00 (UTC)
Spread 0.00006


1.26 Price
+1.000% 1D Chg, %
Long position overnight fee -0.0061%
Short position overnight fee -0.0021%
Overnight fee time 21:00 (UTC)
Spread 0.00013


1.08 Price
+0.810% 1D Chg, %
Long position overnight fee -0.0094%
Short position overnight fee 0.0012%
Overnight fee time 21:00 (UTC)
Spread 0.00006


138.93 Price
-0.880% 1D Chg, %
Long position overnight fee 0.0104%
Short position overnight fee -0.0186%
Overnight fee time 21:00 (UTC)
Spread 0.010

If the funds raised exceed the amount required by the projects then the Chinese state-owned enterprise will use the surplus amount for its other oil exploration and production activities.

CNOOC has been forced to look at the domestic market to raise funds since US sanctions prevent several major investors to invest in the company. Earlier this year, China Telecom also raised funds from the Shanghai Stock Exchange for similar reasons. 

Shares up in Hong Kong

During afternoon trading on Monday 27 September in Hong Kong, CNOOC’s shares were up 4.83% at HKD8.46.

Read more:  China Telecom soars on debut in Shanghai

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 535.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading