Biz Scene: Market

A-share IPO

China Oilfield Services Ltd plans to raise up to 6.74 billion yuan in a domestic A-share listing, the company said.

The drilling and equipment arm of CNOOC, China's top offshore oil producer, said in a statement that it set an indicative price range for its A-share initial public offering of between 12.88 yuan and 13.48 yuan per share, and the A-share offer size was set at 500 million shares.

XinAo profit up 40%

XinAo Gas Holdings Ltd, a piped-gas distributor in China in which the World Bank has a stake, said first-half net income rose 40 percent after the company expanded its operations.

Profit rose to 175.5 million yuan, or 0.178 yuan a share, from a restated 125.3 million yuan, or 0.136 yuan, a year earlier, XinAo Gas said in a Hong Kong stock exchange filing yesterday. Sales rose 59 percent to 2.3 billion yuan.

(China Daily 09/20/2007 page15)