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BEIJING, Oct. 16 - China's largest oil producer China National Petroleum1 Corp (CNPC) will start initial public offering in late October and may return to the A-share market in November at the earliest, general manager Jiang Jiemin said Monday on the sidelines of the ongoing2 17th National Congress of the Communist Party of China.
He said that all relevant procedures have been wrapped up so far. The Shanghai Stock Exchange has approved the CNPC to issue no less than 4 billion shares and raise 37.77 billion yuan (US$5.04 billion). CNPC's listing plan came after a number of large State-owned companies such as the China Construction Bank and China Shenhua Group returned from the Hong Kong stock market to cash in on the bullish mainland bourse.
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