Why would a sane individual invest in a Chinese state-owned enterprise? Consider Cnooc, China’s largest offshore oil company. This year, it made the largest ever bid by a Chinese oil and gas group with its $15bn offer for Canada’s Nexen. The deal awaits approval but the price is a 60 per cent premium to Nexen’s undisturbed share price. Investors might be forgiven for thinking that Cnooc cares more about an agenda to secure energy than shareholders.
神智正常的人爲什麼要投資於中國國有企業？以中國最大的海上石油企業中海油(Cnooc)爲例，今年該公司出價150億美元收購加拿大的尼克森公司(Nexen)，這是中國油氣企業史上規模最大的收購企圖。這宗交易仍有待審批，但中海油的出價相對於訊息公佈前尼克森的股價有60%的溢價。投資者也許認爲，中海油更關心的是中國獲取能源的議程，而非股東利益。
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