HK Stock Exchange blasts Cnooc

The Hong Kong stock exchange's listing committee criticized state-owned oil firm Cnooc for its selective disclosure of information and for lacking shareholder approval for certain transactions, the Wall Street Journal reported. Cnooc apologized for its misconduct and promised to take more care in its future presentation of information. Richard Williams, head of the listing committee, spoke of "an inner circle of privileged counter-parties" with better access to information than other shareholders. The exchange also criticized Cnooc for failing to obtain shareholder approval for its transactions with Cnooc Finance, its parent company, despite listing rules that require such approval prior to transactions.