China National Offshore Oil Corporation, or CNOOC, soared as much as 44 percent in its debut on the Shanghai Stock Exchange on Thursday.
After hitting the daily upper limit, trading was suspended amid enormous fluctuation. The stock pared its gains to end the session up 28 percent.
Investors jumped at the first opportunity to gain exposure to skyrocketing crude oil and natural gas prices, allowing the Chinese energy juggernaut to raise $4.41 billion and become the nation’s 11th-largest public stock offering. Traders have been looking for alternatives to China’s state-owned PetroChina and China Petroleum & Chemical Corp (Sinopec), which operate refining facilities and sell fuel.
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