Chinese oil giant CNOOC – ExxonMobil’s partner in Guyana’s lucrative Stabroek Block – surged 44% in its Shanghai debut on Thursday, after raising 28.08 billion yuan (US$4.41 billion) in a public stock offering
Reuters said that the shares began trading on the Shanghai Stock Exchange at 12.96 yuan, 20% higher than the offering price of 10.8 yuan.
Trading in the oil giant was suspended after hitting the upper limit of the daily allowable band for new listings, citing unusual fluctuation, while Hong Kong-listed shares of CNOOC rose as much as 4.3% before retreating.
