One of China’s big state-owned oil companies, Cnooc Ltd. , plans to raise more than $5 billion from a domestic share sale as it faces a possible delisting of its U.S. securities.
The planned issuance—like a recent megadeal by China Telecom Corp. —shows that China’s corporate champions are able to access large pools of capital back home if needed, blunting the impact of being exiled from American markets.
