China Oilfield Closes 12.5 Percent Higher on its Debut

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Last updated at: (Beijing Time) Thursday, November 21, 2002

China Oilfield Closes 12.5 Percent Higher on its Debut

China Oilfield Services Ltd Wednesday closed sharply higher against its IPO price in heavy trade on its debut on the Stock Exchange of Hong Kong.

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China Oilfield Services Ltd Wednesday closed sharply higher against its IPO price in heavy trade on its debut on the Stock Exchange of Hong Kong.

The stock closed at 1.89 HK dollars against its IPO price of 1.68 HK dollars on volume of 561 million shares and a turnover of 1.04 billion HK dollars (133 million US dollars).

China Oilfield raised around 2.23 billion HK dollars by selling1.33 billion H-shares at 1.68 HK dollars. The company said its public offer of H-shares was 18.7 times subscribed and its institutional tranche "significantly" oversubscribed.

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