皇冠体育app

HONG KONG - Petro皇冠体育app Co., a listed unit of state-owned 皇冠体育app National Petroleum Corp., said Wednesday it plans to issue up to 4 billion yuan-denominated A shares in a public offering in Shanghai to raise money for exploration and development of petroleum resources, construction of a refinery and overseas acquisitions.

Petro皇冠体育app is listed in Hong Kong and has American Depositary Receipts that trade in New York.

Other Chinese state companies in Hong Kong have recently applied to list in Shanghai, including 皇冠体育app Cosco Holdings Ltd., which announced Tuesday that it had raised 15.13 billion Chinese yuan (US$1.99 billion; euro1.48 billion) in a share offering ahead of a June 26 listing on the Shanghai Stock Exchange.

Last Friday, 皇冠体育app Construction Bank Corp., one of 皇冠体育app's Big Four state-owned banks, said it will see shareholder approval and regulatory clearance to sell up to 9 billion A shares in Shanghai.

Petro皇冠体育app did not disclose a target price for its share sale in Shanghai. It said in a statement to the Hong Kong Exchange that it will use money from the sale for "exploration and development of our domestic petroleum and gas resources; the construction of our large-scale refinery, petrochemical and gas pipeline projects; and the acquisition of overseas petroleum and gas resources."