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Overseas Investors Eye Chinese Oil Giant
China National Offshore Oil Corp. (CNOOC) Ltd. has become the country's fastest-growing stock among all Chinese firms listed overseas, boasting a 30 percent growth in stock value since its February-28 listing in Hong Kong and New York exchanges, sources with CNOOC said.

Qiu Zilei, CNOOC's chief financial officer, said that now the market value of the company has reached some 60 billion HK dollars, almost quadrupling the 16 billion HK dollars before the oil giant' s Hong Kong listing.

Qiu said that CNOOC's stock value skyrocketed by some 3.3 billion Hong Kong dollars on July 31 after the stock dark horse entered the benchmark Hang Seng Index (HSI) on the same day, some five months after its listing. The stock inclusion in Hang Seng Index normally requires a listing period of 24 months.

In addition, CNOOC also witnessed great success in the New York Exchange, being considered by American stock analysts as one of the three best performing stocks and included in the benchmark MSCI index of the New York Exchange in March.

Qiu said that CNOOC's superb management and a series of latest deposit discoveries help to rivet foreign investors' confidence in the company.

(Xinhua News Agency 09/04/2001)

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