CNOOC leads oil sector spin-offs

摘要

CNOOC, China's largest producer of offshore oil and gas, is preparing to spin off and list its energy services unit, in a move that showcases the role of ECM in reforming state-owned conglomerates. CNOOC ENERGY TECHNOLOGY & SERVICES has begun preparations for an A-share IPO in China's domestic market and has hired CICC as its pre-listing tutor. This makes CNOOC EnerTech the first of at least three other potential listings involving China's oil giants. The first step towards flotation may come at a surprising time considering the impact of oil prices on company performance, but it will be 2018 by the time the IPO takes place.