China National Offshore Oil Corporation
China National Offshore Oil Corporation or CNOOC, is a state-owned enterprise based in Beijing, capital of China. 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, due to its government background but incorporated outside mainland China. , the company had a market capitalization of .