Petrochina To Trade on Shanghai Bourse

Chinese oil giant PetroChina will begin trading on the Shanghai bourse on November 5 after raising nearly US$9 billion in the nation's largest ever initial public offering.

Three billion shares of the retail portion of the issue, which are not subject to lock-up periods, will start trading Monday, according to a statement with the Shanghai Stock Exchange.

PetroChina, already listed in Hong Kong and New York, raised 66.8 billion yuan (US$8.9 billion) in a share offer in October by selling four billion yuan-denominated A shares at 16.70 yuan each.

A strong debut for the firm has the potential to elevate PetroChina's worth over US oil giant ExxonMobil, the world's largest company by stock value with a market capitalisation of more than US$500 billion. -