Follow Canadian immigration and Canadian economic trends: Following the completion of the acquisition of Canadian oil and gas company Nexen in February this year, CNOOC has fulfilled its promise to list in Canada. CNOOC announced that the Toronto Stock Exchange approved the listing of the company's American Depositary Receipts (ADRs) on the TSX on September 18, Hong Kong time. CNOOC will now be listed in four locations: Mainland China, Hong Kong, the United States, and Canada.
ADRs are typically used for foreign-issued securities to be traded in the United States. ADRs issued on the TSX are traded in the same format, with the trading currency being the Canadian dollar. One CNOOC ADR is equivalent to 100 ordinary shares issued in Hong Kong.
In addition, according to the resolutions of the Alberta and Ontario Securities Commissions, CNOOC has been exempted from complying with various disclosure requirements stipulated by the Canadian National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities), allowing CNOOC to provide reports on the company's oil and gas operations in accordance with a series of “U.S. rules” as defined by the U.S. Securities and Exchange Commission and U.S. securities laws. This indicates that CNOOC's future disclosures regarding oil and gas activities will comply with U.S. rules rather than Canadian rules.
CNOOC management believes that after completing the acquisition of Nexen, Canada has become an important investment destination for CNOOC. The listing on the TSX demonstrates the company's ongoing commitment to transparency and good corporate governance in the countries where it operates.