Word: petrochina
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Dates: during 2000-2009
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...Tian had an inkling the tide might be turning on Nov. 5. That's the day he sat in the private trading room that Shanghai Securities, his broker, makes available to their sophisticated clients and awaited the highly anticipated Shanghai-market debut of PetroChina, China's biggest oil-and-gas conglomerate. PetroChina was raising $8.9 billion, the largest initial public stock offering in China ever, and the buzz surrounding the listing was deafening. Tian thought the shares would quickly become overpriced, so he decided not to even try to buy. Indeed, PetroChina shares nearly tripled that first day, pegging...
...excitement didn't last. Since then, PetroChina shares have fallen by about 33%, resulting in significant losses for investors like Zhang Renfeng. A 63-year-old retiree, Zhang thought it was a no-brainer to buy into the big oil company. "All my friends were saying 'buy it,' so I thought, 'How could I lose?'" says the former schoolteacher, who sunk part of her life savings into stocks two years ago and often hangs out at a brokerage office near her home, watching the markets and playing cards with her friends. But her PetroChina play lost more than...
...work for a company that underwrites GENOCIDE?” The group’s efforts are directed at helping people understand the role UBS plays in genocide in Sudan, said Political Advocacy Chair Trevor J. Bakker ’10. UBS underwrote the initial public offering for PetroChina, a Chinese oil company. PetroChina’s parent company, China National Petroleum Corporation, develops projects that generate funds for the government of Sudan, which is accused of genocide in Darfur. While PetroChina and CNPC are technically separate entities, Bakker argues that there is enough evidence of asset flow and overlap...
...UBS’s privileged position gave it unique leverage over PetroChina, and a responsibility to exercise sound ethical judgment. Had UBS declined to underwrite PetroChina, PetroChina’s success on the Shanghai stock exchange would have hardly been guaranteed. Without the support of a western firm, PetroChina would have had to rely upon a Chinese investment bank, which would not have been able to provide the same level of financial expertise or resources...
...providing PetroChina with such vital services, UBS squandered a tremendous opportunity to use its leverage to engage PetroChina on its connection to Sudan. Prior to PetroChina’s IPO, an international petition, along with three Nobel laureates, and nongovernmental organizations in 15 countries, called on UBS to make its underwriting of PetroChina contingent upon a change in PetroChina’s behavior in Sudan. Since UBS refused to do so, the focus of the awareness campaign has shifted toward swaying students who are considering UBS as an employer...