PetroChina to offer shares in Shanghai

PetroChina put itself on course to become the largest state-owned enterprise to list on the Shanghai market, announcing on Wednesday that it would issue 4 billion A-shares. Based on the oil and gas group's most recent Hong Kong share price, the listing could raise around US$5.7 billion, the Financial Times reported. Industrial and Commercial Bank of China's US$6.1 billion IPO is still the highest ever on the mainland. Beijing has been trying to persuade large Chinese companies that are listed overseas to come back home and help bring stability to the domestic market. The latest returnee, shipping group Cosco Holdings, attracted subscriptions worth US$214 billion for its US$2 billion IPO. China Construction Bank has also said it will list in Shanghai this year and China Mobile is expected to follow suit.