PetroChina share sale draws record orders

HONG KONG: Petrochina attracted record orders in its first offer of shares to be listed on the mainland, said two people with direct knowledge. Investors applied for 3.3 trillion yuan ($441 billion) of stock, asking not to be identified before an official announcement. Beijing-based PetroChina will sell 4 billion shares between 15 yuan and 16.7 yuan each, it said October 24. The share sale will be the biggest in the world this year if priced at the top end of the pricing range, raising $8.9 billion to fund refinery and oilfield expansion.

Chinese investors are rushing to buy into a stock market that has almost tripled in size this year. PetroChina shares rose 3.2% Monday to a record close of HK$19.62. The stock has surged 78% this year, more than the 58% advance in the city’s benchmark Hang Seng Index. Demand for PetroChina’s Shanghai shares exceeded the 2.66 trillion yuan China Shenhua
Energy attracted in what had been the nation’s most subscribed share offer.