China's CNOOC soars in Shanghai debut, defying weak market

China's CNOOC soars in Shanghai debut, defying weak market

Shanghai, China. Photo by Freeman Zhou on Unsplash

Chinese oil giant CNOOC Ltd surged as much as 44% in its Shanghai debut on Thursday, after raising 28.08 billion yuan ($4.41 billion) in China’s 11th-biggest public stock offering.

The stock started trading on the Shanghai Stock Exchange at 12.96 yuan, 20% higher than the offering price of 10.8 yuan.

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