Cnooc says TSX listing is the latest sign of the state-owned company’s commitment to good corporate citizenship and generating value for shareholders.

Making its trading debut Wednesday on Canada’s flagship Toronto Stock Exchange, Chinese energy giant Cnooc Ltd. reassured Canadian investors and stock-market officials that good corporate-governance practice is a key priority.

At a heavily scripted event to kick off trading, Yang Hua, vice-chairman of the Chinese state-owned firm, stressed the listing is further evidence of the company’s focus on transparency.

The TSX listing “is another major step in (the company’s) ongoing commitment to embrace the best and most transparent corporate governance practices,” he said. Cnooc’s securities already trade on the New York and Hong Kong stock exchanges.

The Canadian government approved Cnooc’s $15.1 billion takeover of Calgary energy producer Nexen Inc. last December, but it also tightened rules to make it more difficult for state-owned enterprises, or SOEs, to complete future oil-sands deals. Canada fears foreign governments could end up owning too much of the country’s natural resources, potentially using the holdings as an instrument of foreign policy rather than operating them on a commercial basis.

Still, the Canadian listing is no guarantee investors interested in the stock will trade it on the Toronto Stock Exchange. Stocks typically generate the most volume on the company’s home exchange, which for Cnooc would be in Hong Kong. If its lackluster trading debut on the TSX is any indication, that trend may not change with Cnooc.

In Toronto, the company’s shares were unchanged on volume of 609 shares. In New York, the stock was up slightly on volume of 5,974 shares. By comparison, 40.2 million Cnooc shares changed hands in the latest Hong Kong session.

Source: http://blogs.wsj.com/canadarealtime/2013/09/18/chinas-cnooc-promises-transparency-as-shares-debut-in-canada/