View from China: IPO - CNOOCÆs second but more realistic try

That the IPO of CNOOC Ltd [883], the Hong Kong-incorporated subsidiary of China’s third largest state-owned oil giant China National Offshore Oil Corp, has got off the ground 17 months after its first attempt failed, isn’t simply because it’s always easier the second time around, but has more to do with the company settling with its bankers a more realistic valuation befitting of current market sentiment.