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Middle Kingdom listing offshore

Middle Kingdom listing offshore

(China) - Chinese companies raised US$2.768 billion through offshore listings in 2001 according to State statistics. No comparative figure for 2000 has been provided, but widespread estimates suggest Chinese companies raised US$35 billion predominantly in Hong Kong and New York last year.

Red chips, State-backed companies incorporated in Hong Kong, collected US$1.92 billion in 2001 through IPOs, including a US$1.43 billion raising by CNOOC 0883, the country's biggest offshore oil and gas producer.

The State Economic and Trade Commission is looking to prepare 30 to 50 large State companies for offshore listings over the next 5 years.
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