The world's most populous country is having the worst possible time selling its companies to international investors.
Last year, China National Offshore Oil Corporation CNOOC pulled its $2.5 billion IPO just 36 hours before launch. This month, PetroChina only just managed to launch its downsized $3 billion IPO to international investors despite more than 50% of the issue being placed with strategic investors such as BP Amoco and various Hong Kong property tycoons. PetroChina was also priced right at the bottom of the indicative price range.
CNOOC and PetroChina tried different IPO strategies - CNOOC went for a relatively high valuation and failed to sell the deal. PetroChina went...
