Chinese Oil Giant CNOOC Jumps 44% in First Mainland Trading

(Bloomberg) — CNOOC Ltd. jumped 44% in its first day of trading in Shanghai as Chinese mainland investors leaped at the chance for exposure to soaring oil and gas prices.

The company’s A-shares soared to 15.55 yuan ($2.43), rising by the daily limit, after pricing at 10.80 yuan. Trading was halted after the surge and will resume at 10 a.m. local time.

China’s biggest offshore driller is raising 28 billion yuan ($4.3 billion) with the issuance after it was delisted by the New York Stock Exchange following U.S. sanctions. The A-share debut was the largest in China and the fourth largest globally this year, according to data compiled by Bloomberg.