China National Offshore Oil Corporation Limited: Overseas IPO (A)

Shengjun Liu

科研成果: 其它稿件案例

摘要

In October 1999, with CNOOC Ltd.’s IPO only 55 hours away, the lead underwriter suggested cancelling the IPO due to under-subscription. After enormous IPO preparations, the failure was unacceptable to everyone at CNOOC. Management at the large Chinese SOE—which had grown out of the giant Chinese SOE CNOOC and had healthy net assets and few of the typical SOE burdens—decided to regroup shortly after the setback. As Chairman and CEO of CNOOC Ltd., Wei Liucheng had a reputation for conducting many reforms with Chinese characteristics, and going public was supposed to help CNOOC go further down this road. However, it seemed CNOOC Ltd. had been too optimistic about its strengths, and overseas investors generally worried about Chinese SOEs’ corporate governance. The under-subscription caused many people to reflect and debate on the reasons for the failure, especially pricing. Management of CNOOC desperately needed guidance before taking their next step.
源语言英语
页数23
出版状态已出版 - 1 1月 2000

案例编号

ACC-14-009

案例规范编号

ACC-14-009-CE

案例类型

Field

更新日期

2016-06-17

来源

China Europe International Business School

关键词

  • CNOOC
  • IPO(Initial public offering)
  • Petroleum Industry
  • Pricing
  • Road Show
  • State-Owned Enterprise (SOE)

案例学科表

  • 会计
  • 战略
  • 金融与财务

案例行业表

  • 采矿、采石、石油与天然气开采

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