CNOOC Limited (中国海洋石油有限公司) is China's largest producer of offshore crude oil and natural gas, noted as such in 2010.
[3] It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 since February 2001.
In order to float most of its assets in Hong Kong stock exchange, a special purpose vehicle was incorporated in Hong Kong as an intermediate holding company, in order to transfer the control of some subsidiaries to the company.
Thus, it was considered as a red chip company of the exchange,[1] due to its government background but incorporated outside mainland China.
All of the "Big Three" have vested the majority of revenue producing assets in listed Hong Kong subsidiaries.