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Stock Market
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2000-03-03 22:35:00-05
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PetroChina Co.Ltd moves ahead with Listing
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Company aims to offer IPO at end of March
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In spite of some opposition heard around Washington, China plans to move ahead with a road show for its initial public offering of stock in its state-owned PetroChina Co.Ltd. The offering would be the biggest ever for a Chinese company. China said it would go ahead with the road show following approval of its listing on the New York Stock Exchange on February 29. Pre-marketing moves have already been undertaken, when sponsoring firm, Goldman Sachs, delivered analysis reports to financial institutions. Road show sites will be in the United States, London, Hong Kong and Singapore. The company hopes to raise US$5billion, scaled back from an earlier projection of US$7 billion . Last week a group of human rights-oriented US congressman petitioned President Clinton to use his broad executive powers to block the listing.
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