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When the interests are highly aligned, they can hit it off. Pen & Fun & Pavilion www.biquge.info

On the morning of 5 May, Liu Chengwei briefed the secretary of the leading party group of the China National Offshore Oil Corporation and other members of the party group on the situation of the late-night secret visit by Tang Xueqian, Zhang Ke, Ye Jianbin and others, and the party group of the National Offshore Oil Corporation was able to unanimously agree to cooperate with Kumho and the Jiangnan provincial party committee and government through a brief discussion.

At a time when the outlook was bleak, Kumho's financial investment plan totaling US$400 million was like a send-off in the snow, and Liu Chengwei, deputy secretary of the party group of CNOOC, felt that it had saved his life.

CNOOC stands in its own political position or interest position, and also resists Mitsui & Co. reaching out to the East China Sea demarcation oil and gas field. In front of us, the grasp of the success of listing and financing has been greatly improved, and we have more confidence to resist.

CNOOC wants to enter the refined oil market, is to grab food from Sinopec and PetroChina, since the Jiangnan Provincial Government is willing to cooperate, CNOOC is willing to go to the roadblock to rob and buy Jinshan Petroleum, accept Jinshan Petroleum's gas station assets and refinery assets, CNOOC has a foundation in the refined oil market, although it is very weak, but it can also invest in the construction of a larger-scale petroleum refining base in Dongshan Port Industrial Zone, and invest in the construction of more gas stations in Jiangnan Province. It is even possible to support private capital to invest in the construction of gas stations first, as long as the monopoly layout of PetroChina and Sinopec can be opened first.

When Liu Chengwei and Ye Jianbin flew to Hong Kong to discuss the financial investment agreement, on the one hand, the CNOOC Corporation instructed the East China Branch of the base company to conduct substantive negotiations with the Xinting local government on the investment agreement of the production support base project, and on the other hand, Zhang Chengyu, vice premier of the CNOOC Corporation, flew to Jinshan to negotiate with the Jiangnan Provincial Government about the investment and construction of a large-scale refining and chemical industry base in Dongshan Port and the acquisition of the refining and refining and refined oil sales business assets of the local government in Jiangnan Province. The Planning and Development Commission adjusted the integration plan for the petroleum industry in Jiangnan Province, and when Mitsui & Co.'s proposal was still being discussed below the ministerial level, CNOOC also resolutely voiced a voice of resistance.

CNOOC's posture suddenly hardened, which surprised Ikesa Hidezo, but everything was temporarily hidden under the water, and Ikesa Hidezo couldn't find what the problem was.

"Can you know what's wrong?" Sitting cross-legged on a tatami mat, Ikesa looked at his friend Yuzo Miyamoto, the secretary of the RB embassy in China, and asked him.

"Mitsui's intelligence unit didn't gather useful information?" Yuzo Miyamoto, who had just been promoted from the position of first secretary of the embassy to the position of secretary this year, enjoyed his life in China and Beijing, and was accustomed to conversing with Hidezo Ikesa in Chinese, knew that the Mitsui Economic Research Institute was extremely powerful in gathering intelligence on the Asian economy and industry through the many branches of Mitsui & Co.

"CNOOC's oil and gas exploration and exploitation business in the Xijiang River in the South China Sea and Xinyi in the Bohai Bay requires a large amount of investment, and according to the information submitted by the research institute, CNOOC's overseas listing and financing plan is not going well," Ikesa Hidezo really couldn't understand how the officials of Chinese state-owned enterprises who were accustomed to protecting themselves could be so tough, he gave his friend a cup of tea and asked, "They clearly rejected our Mitsui's investment at this time, aren't they afraid that they will be attacked by political enemies for this reason in the frustration of their overseas listing plan?" I don't have the ability to go public overseas and raise funds, but I still have the ability to ......pick and choose from the cooperative funds that come to my door," Ikesa Hidezo's last sentence mimicked the tone of an imaginary Chinese official questioning a political opponent.

"As far as I know, CNOOC and its long-term partner Phillips Petroleum are also in trouble with the Xinyi oilfield exploration project, and if they lose the support of Phillips Oil, CNOOC will be in a more difficult situation - their attitude is a bit strange." Yuzo Miyamoto said.

"It's not just strange, it's simply abnormal, how many Chinese officials are hard-hearted, but they all gather in CNOOC?" Ikesa Hidezo's tone was somewhat disdainful and sarcastic, he had more contact with Chinese officials in Beijing, and knew that many Chinese officials would take a moderate stance of self-preservation even if they were not too greedy, and complained to Yuzo Miyamoto, "As far as Mitsui & Co. itself is concerned, there is no special desire for the demarcation oil and gas field, and if it can participate in the development, it will participate in the development, and if it cannot participate in the development, it will also delay the development of CNOOC to the greatest extent, and I also talked to the person in charge of the China office of the oil exploration and exploitation company on the phone. Let the firm find out what went wrong as soon as possible. ”

"I think that preventing CNOOC's overseas listing and financing can effectively delay the extension and development of China's oil industry to the sea, and can also have a series of chain reactions that are beneficial to RB," said Yuzo Miyamoto. ”

"Hong Kong is a special administrative region of China, and CNOOC is going to be listed on the Hong Kong Stock Exchange this time, how can we exert influence," Pondashi Hidezo did not want to discuss any big reasons with Yuzo Miyamoto, and directly asked some more pragmatic questions, "suppressing crude oil futures, or letting the Institute of Economic Research release an unfavorable analysis report on CNOOC......"

"These are some of the things we can do," said Yuzo Miyamoto, "Hong Kong, as the financial center of Asia, is more prepared to be the financial and economic center of tens of millions of Chinese businessmen around the world, especially in Southeast Asia, and this group of Chinese businessmen is the most widely distributed in Southeast Asian countries." Generally speaking, Southeast Asian countries have little influence on overseas capital markets, but for the reasons I have mentioned above, the influence of Southeast Asian countries on Hong Kong's capital markets is not small......"

"Oh, I see, that's a good idea," Ikesa Hidezo nodded, and said with a smile, "But these are not the only ones who want to prevent CNOOC from going public overseas......... It's just that some people don't jump out and make waves, but we have to help push it. ”

China cannot help but have disputes with RB over the delimitation of the East China Sea, and there are also fierce contradictions with Southeast Asian countries such as the Philippines, Indonesia, Malaysia, and Vietnam over the delimitation of the South China Sea. The Philippines, Indonesia, Malaysia, Vietnam and other countries will naturally not see the rapid extension of China's oil industry into the ocean, and it is in the common interest to prevent CNOOC from going public overseas.

According to the usual practice, the international investment banks involved in the issuance and investment of stocks in the Hong Kong securities market will issue analysis reports on companies that are about to be listed on the Hong Kong securities market for investors' reference, which will serve as an important reference for investors to participate in the stock issuance.

In the first half of May, a number of investments in the Hong Kong securities market successively issued unfavorable reports on CNOOC, and some financial media in Southeast Asian countries and even Singapore and Hong Kong have made negative reports on CNOOC.

"What a headache!" Zhang Ke sat in Zhai Danqing's office, his hands pillowed behind his head, leaning back on the sofa, and the teak low table was placed on the negative reports of the two Hong Kong media on CNOOC, although Hong Kong has returned to the motherland for more than two years, the Hong Kong media still like to publish negative reports on the mainland, although such a public opinion supervision function will be better, but things still feel a headache when it comes to their heads, and these negative reports are not simple, there are also black hands behind the manipulation, "It seems that Xinwu can't go," Zhang Ke tilted his head back, looked at Zhai Danqing standing behind the sofa, took her hand to shake her warm and lubricated hand, and said, "I knew that things wouldn't be so simple...... It's not that simple. ”

According to Hong Kong's Fajin, CNOOC Limited and the listed underwriters are not allowed to publicly release listing information through the media before the listing hearing, and although CNOOC's senior management is not too honest, they only lack experience in dealing with such situations, and some lead the lead underwriters by the nose.

As a financial investor, Kumho Corporation has placed the largest shadow order for CNOOC's Hong Kong listing, and whether CNOOC can successfully list is also related to the development of the petroleum refining industry in Jiangnan Province.

Two days later, the National Tourism Administration in Xinwu to hold a meeting on summarizing and promoting the planning and development of Xinwu's tourism industry, a number of tourist cities across the country sent representatives to participate, which is the affirmation of the development of the tourism industry in Xinwu in the past two years, Zhang Ke originally planned to take the weekend to return to Xinwu, nominally to celebrate his father's achievements, in fact, he can relax. At this time, even if you go back to Xinwu, you can't relax, it's better to stay in Jianye, and if there is any situation, you have to fly to Hong Kong in person.

There was no one else in the office, and looking at the direction of the door of the room, Zhai Danqing also wanted to be intimate with Zhang Ke, standing behind the sofa, holding Zhang Ke's slightly prickly chin, letting the back of his head against his soft lower abdomen, looking down at Zhang Ke's eyes, his eyes were very bright, and his eyes were deep and charming.

"You have a lot of confidence in CNOOC," Zhai Danqing said with a smile......

"It's not that I have confidence in CNOOC," Zhang Ke smiled faintly, feeling the softness and warmth of Zhai Danqing's lower abdomen with his head resting, "I have confidence in China's monopoly policy on the oil and energy industry and China's economic growth in the next ten years-"

"Knock knock......" Cui Guoheng knocked on the door outside the office, the door was not closed, he heard Zhang Ke talking inside, pushed the door open and came in, and asked with a smile, "I also want to ask: why does Ke Shao have such strong confidence in the monopoly policy of the petroleum and energy industry?" ”

Zhai Danqing moved to the side as if nothing had happened, as if he was talking to Zhang Ke in a normal manner.

Unable to hold Zhai Danqing's warm and soft little hands, Zhang Ke could only put his hand on the armrest of the sofa, asked Cui Guoheng to sit down, and said: "From a legal point of view, the state wants to directly control the lifeline of the industrial economy in its hands, which is the natural advantage of state-owned enterprises to monopolize the operation in the field of basic industries - not to mention this aspect for the time being, there are still many people who think that these are things that need to be reformed. Purely from the national interest consideration, monopoly, especially the monopoly of direct administrative intervention in the field of petroleum and energy industry is actually a double-edged sword, we see that monopoly enterprises are prone to breed corruption and bureaucracy, resulting in low production efficiency, shameless plundering of the market, but on the other hand, the domestic dependence on overseas crude oil imports is increasing, and the international crude oil market is the world of oil giants, behind these oil giants all represent national interests. If the central leadership can stay sober, it will know that in the international crude oil market, there must also be oil giants representing China's national interests to charge forward. At this time, the so-called domestic giants of PetroChina, Sinopec and CNOOC have not yet gone to the international crude oil market to charge the strength, and the time is very urgent, what should I do? The central government is also financially tight, and cannot provide it with unlimited huge financial subsidies, so the only solution for the moment is to grit its teeth and insist on the monopoly of petroleum and energy, so that these three enterprises can monopolize the market and suck blood...... Compared with the oil industry, I believe that the coal industry, which has sufficient resources, has the potential to be open to private capital. ”

Cui Guoheng sighed slightly, and couldn't understand what Zhang Ke was still doing in Colonel Dong all day long, maybe he was enjoying life.

"Although it has been decided to make a financial investment in CNOOC, the center still has to give a report out of due diligence - although the scale of CNOOC is much smaller than that of PetroChina and Sinopec, CNOOC's monopoly and the status of the third largest monopoly oil company in the Chinese market should ensure that this financial investment will be reliably profitable." Cui Guoheng said.

Zhang Ke said with a smile: "Under the protection of state monopoly, the huge oil consumption market with a population of 1.3 billion people is divided among the three companies, and if they can't make money, the top leaders of the three companies will be stupid to a considerable extent -- in addition, many state-owned enterprises like to engage in behind-the-scenes transactions in Shanghai and Shenzhen, but they are very clean and well-behaved in front of foreign friends, and the State Economic and Trade Commission and CNOOC have put Liu Chengwei in charge of the listed company, which is also to improve the perception of overseas investors on China's petroleum industry. ”

"It is true that your understanding of domestic industrial policy is profound, and the biggest selling point of CNOOC's Hong Kong IPO is its monopoly on offshore oil energy," Cui Guoheng said when he saw the Hong Kong newspaper Ming Pao on the teak dwarf. ”

Zhang Ke nodded, admitting that he also had a headache about it.

The negative media reports do not mean that the Chinese government's monopoly and monopoly policy on the oil industry is extremely evil, and the central government officially lifted the restrictions on the entry of private capital and foreign capital into the sale of refined oil products in early 99 years, and in places such as Guangzhou, where the first pilot projects were carried out, the scale of Hong Kong-funded and privately-owned gas stations has already surpassed that of Sinopec, which controls the southern market, and these media and investment banks have boldly predicted that the Chinese government will further relax its restrictions on the crude oil exploitation and refining industry. This will have a devastating impact on one of CNOOC's most important intangible assets, namely CNOOC's monopoly on CNOOC.

On the one hand, CNOOC is desperately trying to explain to investors that the monopoly of offshore oil and energy is the greatest wealth of listed companies, but on the other hand, the media and investment banks have judged that CNOOC's monopoly on offshore oil and energy will be impacted, and that in the future, PetroChina and Sinopec's monopoly on petroleum and energy will also be impacted -- in '99, the private capital that has just entered the field of refined oil sales believes that the state will gradually relax restrictions on the oil industry. The domestic media is also fanning the flames to report on this, but CNOOC blindly emphasizes the monopoly franchise, which is a bit of a sense of inward-being in the eyes of investors, and the doubts are deeper.

In addition, even in the field of crude oil extraction and refining, it is not that there is no opening at all.

The day before yesterday, Hong Kong's Ming Pao devoted a full-page report on the entry of private capital into the crude oil exploitation and refining industry in Xining.

As early as 94 years, China National Petroleum and Natural Gas Corporation (PetroChina) signed a regional resource development agreement with the Xining government because of the extremely low efficiency of crude oil exploitation in Xining (no money), and handed over some oil fields to the local governments of cities and counties to organize development. As a result, more than 1,000 private oil extraction and refining enterprises have flocked to the Xining area (private oil extraction is very profitable and the environmental damage is also great), and it has become a pillar industry in Xining.

Although this is only a very small part of the domestic oil exploitation field, and has not been officially recognized by the State Council, it is also considered to have opened a small opening in crude oil exploitation and refined oil refining, and in early '99 the central government officially lifted the restrictions on private capital entering the sale of refined oil products, and many people take it for granted that the control over crude oil exploitation and refined oil refining will be further liberalized.

This kind of policy expectation is extremely detrimental to CNOOC's overseas listing.

Zhang Ke's impression of CNOOC is vague in his memory, he only remembers that CNOOC's first Hong Kong listing and financing suffered a heavy setback, and he does not know much about the details, but through his detailed and in-depth investigation and research on the domestic oil industry during this time, and then compared with the vague impression, it is not difficult to deduce the performance that happened in the past life, but there is no content in his memory.

Whether it was the black hand behind the scenes, or the real media public opinion, it was this policy expectation, coupled with various factors such as the failure of Hong Kong's capital market to recover and the sharp decline in crude oil prices at that time, that ultimately led to the abort of CNOOC's first overseas listing plan. It was precisely the failure of CNOOC's overseas listing plan that directly prompted the central government to make a decision to resolutely ban the private oil extraction industry in Xining, blocking the entry of private capital into the field of oil exploitation, and causing a sensation in Xining Petroleum at that time -- the central government's oil monopoly policy was determined to help PetroChina and Sinopec resolve the biggest obstacle to their overseas listings. It's a pity that PetroChina and Sinopec are very spineless, and it can also be said that the failure of CNOOC has greatly stimulated, CNOOC set the price-earnings ratio at about 9 times for the first overseas listing in 99 years, and PetroChina in 00 years to ensure the success of overseas listing, the price-earnings ratio fell by half (4.6 times). With PetroChina's later profitability, the overseas listing in 00 was almost stuffing fat into the mouths of overseas investors, including the overseas listing of domestic financial assets in the future, all of which were guilty of this serious hypochondriasis.

The impact of CNOOC's failure to go public is so great that Zhang Ke can see it clearly, but others can't predict it, at least in the early report of the Economic Research Center, it only analyzes the negative impact of China's offshore oil industry. Once the listing fails, the development of the demarcation oil and gas fields is destined to be delayed, and the development of China's offshore oil industry has been delayed for at least two to three years, which is also unfavorable to the economic development of Jiangnan Province.

Zhang Ke thought for a while and asked Zhai Danqing: "Is there any need for us to go to Hong Kong, I want to talk to Liu Chengwei, Brother Ye and Mr. Sun......

Zhai Danqing hesitated for a moment and said, "Then I'll accompany you to Hong Kong." She is still a little afraid of meeting Tang Jing, and she is always a thief.

Zhang Ke asked Cui Guoheng: "Does Dean Cui have time to take a trip?" ”

"I don't have much use in going to Hong Kong, so it's better to stay in Jianye and write two articles." Cui Guoheng said.

Zhang Ke shook his head and smiled, and said: "At this time, defending the state monopoly will be bricked." ”

"I'm thinking that the central government may be a little shaken at this time," Cui Guoheng said with a deep groan, and then laughed self-deprecatingly, "It is nothing to wear the same pants as the giants of PetroChina, Sinopec, and CNOOC, and take some bricks." ”

Zhang Ke is right to think about it, first of all, we must turn over the domestic public opinion, and we can't tear down the platform ourselves, and we also need the central government to once again make a stand on the monopoly policy of the petroleum and energy industry, so as to resolve the doubts of overseas investors to the greatest extent.

Cui Guoheng left the office, Zhai Danqing walked over and closed the office door, sat on the armrest of the sofa, and said with a smile: "It was CNOOC that was listed overseas, and the lead underwriter was someone else, but it turned out that we Kumho made the greatest effort behind the scenes." ”

However, if it is only for the sake of maximizing profits, Kumho should beat the water dogs and cause an even greater setback to CNOOC's overseas listing plan and lay out the overall situation, but if it participates in PetroChina's overseas securities market stock issuance plan next year, the income will increase several times -- but if you can't see that China is strong, no matter how many assets Kumho has, what good will it be? There is also a lack of adequate security and potential for further development.