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CNOOC shares gush in Shanghai debut thanks to modest pricing

State oil company's stock quickly hits 44% maximum rise but skids in Hong Kong

CNOOC's strong open contrasts with weak starts in Shanghai for fellow state companies China Mobile and China Telecom.   © Reuters

HONG KONG -- Shares of Chinese state-owned oil company CNOOC rose by the maximum allowed 44% in early trading during its debut on the Shanghai Stock Exchange on Thursday.

Following its 28.08 billion yuan ($4.38 billion) stock sale at 10.80 yuan a share, CNOOC began trade 20% higher at 12.96 yuan. Within moments, shares hit 15.55 yuan, triggering a 30-minute exchange halt.

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