On December 1, CNPC (Hong Kong) Limited (Stock code:0135), CNPC's red-chip subsidiary, was authorized to raise US$ 480 million (HK$ 3.72 billion) via new share offering. After the share offering, CNPC's share holds proportion decreased to 53.23% from 58.57%.

CNPC (Hong Kong) Limited sold 450 million shares at a price of HK$ 8.27. The net proceeds of the Subscription is approximately US$ 470 million (HK$3.643 billion), which are intended to be used to finance potential acquisition of downstream gas distribution assets, capital expenditures, as well as for general corporate purposes, including working capital.

Bank of America Merrill Lynch has been hired to arrange the deal.